After two years of stasis, the pent-up demand to cross international borders again has breathed new life into the travel industry. The UNWTO reported that global international tourist arrivals more than doubled (+130%) in January 2022 compared to 2021, amounting to 18 million more visitors worldwide.
This has contributed to the rise in cross-border business payments. The frequency of this has meant the increase of cash transactions between everyone involved, from customers and business owners to suppliers and agents.
Like any business looking to grow and evolve, this section of your business would benefit from a solid and stable foundation.
This is where Tranglo Business comes in – a payment service which incorporates a single connection to its entire payments network. This would include 2,200 banks and wallets and 140,000 cash points – making it the widest payout network in Southeast Asia and Asia Pacific. Tranglo Business also removes the complexities that come with regulatory and compliance requirements, such as different money laws and customer screening obligations in different regions.
Payment journey of a travel agent
Consumers are looking for hotels, flights, car rentals, holiday experiences, insurance and a multitude of other services related to travel. If made through a travel agent, this would require:
- the agent to reach out to their rolodex of suppliers
- securing the booking with a payment
- getting the payment authorised
- having the supplier confirm the booking
- confirming the booking with the consumer
As a travel agent making bookings on behalf of a customer, and ensuring all the important details are thought and taken care of, the travel agent would need to devote a significant amount of time and resources to this task. Here are some of the possibilities that can impact the payment journey (for the consumer) and booking process (for the travel agent):
- Change in the original booking price stated
- Change in the foreign exchange rate
- The product or service is no longer available
- The possibility of a fraud or scam
In any of these scenarios, the integration of a straightforward payment system and process would circumvent any missed transactions or deals – completing the payment journey for the consumer, and finalising the booking process for the travel agent.
With that, here is an FAQ guide for travel agents looking for an all-in-one cross-border payments solution.
Why should I choose Tranglo Business as my cross-border payment service?
Tranglo Business offers a lower fee in foreign exchange transfers compared to credit cards, as well as other front-facing money transfer platforms and traditional financial institutions. There are also no hidden charges on transactions. It will simply be the amount + Tranglo’s fee, and that is it.
It’s faster than traditional cross-border banking routes as it is a cash-to-cash transaction.
It is simple: signup is free and there is no commitment required to use this service.
What are my options if I sign up with Tranglo long-term? Will that help with business transactions?
There is a flat-fee model which you can opt for should you decide to use Tranglo Business long-term. This model is suitable for businesses that send large amounts of cross-border transactions.
The usual cross-border payment model would be a markup model, where it will be a percentage of the transaction amount as a fee. For example, if you send a large amount, it will be a percentage of that, so the bigger the amount you send, the more expensive it will be.
Other platforms may also require a commitment from you, including track records.
Can I customise my use of Tranglo Business? Specifically, if my business transactions require flexibility, can I do so?
Yes. If you would need to send multiple small amounts, a flat fee would accumulate to be more than expensive in total. There are avenues where it is possible to arrange a model, such as consumer market pricing, based on your cross-border payment needs, whether it is bulk or batch payouts.
Does Tranglo Business provide the collection and disbursement of funds?
Yes, Tranglo Business does provide the collection and disbursement of funds*. For travel agents, this would mean collecting from travellers or clients, and disbursing the funds to suppliers such as hotels, tourides, entrance fees into attractions and others. This provides a seamless payment journey where bookings and payments have been confirmed.
Are there any other benefits/offers/promotions?
Tranglo Business will put together smart reports that you can access when you need to do your bookkeeping or reconciliations. These reports even contain data that would give you access to market trends, assisting in targeting the right market.
Other benefits would include volume discounts, which can be explored due to the nature of the transactions.
* Collection service is currently available for companies based in Singapore and Malaysia. More to follow.
