Virtual Card Overview & How to Extract the Virtual Card Reconciliation Report in Travelit
- Duration: 7 Minutes
- Publisher: Tourvest Travel Services Learning & Development.
- Ensure to watch the full video below and acknowledge the quiz below
- Note: Updates to manuals occur as needed to align with significant system advancements.
Virtual Card Overview
A Virtual Credit Card (VCC) on Travelit is a digital card that provides a secure and flexible payment method for travel-related transactions. These cards generate a unique, temporary number for each transaction, reducing the risk of fraud and simplifying payment reconciliation for travel agencies. VCCs allow users to set limits and expiration dates, ensuring control over expenses.
VCC security features
Travelit creates a VCC based on a standard set of business rules:
- Single-use card (can only be swiped once)
- Fixed value: the supplier must swipe the card for the exact amount specified
- Set an expiry date (expires 7 days from issue)
- Valid only within the “travel category” of merchants
VCC benefits
- Eliminates credit card fraud
- Card charge-back to reverse incorrect payments
- Enhanced third-level data on card statements
- Reduces bill back and other payment costs
- Improves payment to Suppliers
How to extract a Virtual Card Reconciliation Report
The Virtual Credit Card (VCC) functions as a normal credit card payment (unique card number, expiry date
and CVV) which is issued per payment type.
With enhanced third-level data and customer booking data on card statements, card reconciliation is automated and provides a 100% match.
The Virtual Card Reconciliation Report can be extracted from Travelit by following a series of steps, including logging in, selecting the Reporting General widget, and then choosing the Report Virtual Card Reconciliation option.
When extracting the report, it is essential to specify the account name and date range for the report to match with the credit card statement.
After selecting the criteria and clicking View Report, the Virtual Card Reconciliation Report will appear at the bottom of the screen. It can then be exported in Excel format.