Friday, April 25, 2014
SOUTH PORTLAND — An Australian travel company has signed up to use WEX Inc.'s virtual payment card as the credit card-processing company continues to build its presence in that market.
The value of WEX's contract with Creative Holidays was not disclosed.
Virtual cards are single-use cards with a unique number for a specific transaction. The payment process helps minimize fraud risk, allows companies to more easily track payments, eliminates physical paperwork and reduces bank fees, WEX said.
Creative Holidays is part of The Travel Corp., which has travel businesses such as tour companies, boutique river cruising and luxury hotels in 60 countries.
The WEX virtual card will be offered through WEX subsidiary Wright Express Australia. WEX, previously known as Wright Express, acquired Wright Express Australia in 2010.
Creative Holidays will use the virtual card as a secure payment system for accommodation suppliers.
"Adopting a single-use virtual card solution benefits our accommodation partners by ensuring guaranteed and faster settlements in multiple currencies, and by making it easier for them to match reservations against payment," said Creative Holidays Managing Director Paul McGrath.
WEX previously said that it aims to expand in the Asia-Pacific market. It has said it wants to become the leading provider of virtual card solutions to the Australian travel sector by 2015, topping current leader eNett.
WEX primarily processes credit card purchases of fuel and vehicle maintenance, but it has been expanding into the market for virtual credit cards in the travel and health care industries.
Jessica Hall can be contacted at 791-6316 or at firstname.lastname@example.org