January 25, 2013 07:53 AM GMT

TTE Preview: Multicom enters the virtual payment arena with new tech

A new payment facility called MultiCommerce is being introduced by travel software firm Multicom in a bid to save agents money.

The online card payment processing facility is fully integrated with the company’s FindandBook system. Multicom is among the exhibitors at next month's Travel Technology Europe trade show in London's Earl's Court exhibition centre. Registrations are free.

It claims to provide agents with a secure and reliable yet cheaper option when handling consumer payments. By selecting the optimal card type for a booking MultiCommerce virtual cards will save agents up to 4.5%, according to the company.

In some cases where flat fees are applied as high as 7% of the total transaction value by avoiding credit card charges. MultiCommerce payment processing will offer better deals than are currently being offered by many competitors on the market,  Multicom claims.

It also offers “innovative ways” to save on supplier payments in multiple currencies and provides detailed information allowing firms to effectively manage cash flow.

3-D secure virtual cards will provide agents with benefits to both protect their business and reduce overheads, while removing the need to share a card around the office.

They are expected to also eliminate fraud checks by banks due to excessive or unusual use of a credit or debit card, leading to lost margin and failed bookings. A card per booking facility will also make it easier for agents to track amendments and supplier refunds through a comprehensive reporting system.

The new facility will be backed by a management information system, which is currently under development to enable users to monitor and track both spend and margins. Multicom managing director John Howell said MultiCommerce will be available at unspecified “attractive, competitive rates”.

“We are confident agents will welcome the opportunity to improve booking transaction security, reduce the scope for fraud and make significant efficiency savings to their bottom line,” he said.