GE Money Adapts vPayment e-Settlement Tool for the European Meetings and Conference Payment Solutions Market
December 14 2007
GE Money recently announced the launch of vPayment for the European meetings and conference payment solutions market. This innovative e-settlement tool is designed to help companies increase control and streamline reconciliation in the meetings and conference booking process. This new application of the procurement tool is designed to simplify the payments process, increase productivity and provide enhanced security.
"vPayment is a supplier-friendly payment method offering the controls of a cheque, the float of a purchasing card, and the efficiency of electronic funds transfer," said Ian Reid, Managing Director of Corporate Payment Services-Europe, GE Money.
vPayment streamlines meetings and conference bookings, while protecting against the inefficincies of the current "bill-back" process. By automatically generating a value-capped GE - Corporate Payment Services (GE Money) MasterCard® account number for each transaction, vPayment ensures that only the agreed transaction amount can be authorised. With the automatic capture of a unique transaction identifier, virtually every transaction can be reconciled back to the booking system in a hand's free manner.
vPayment's controlled authorisation levels and totally electronic operation support two key initiatives: the drive against fraud, and the drive for ecologically friendly products. By replacing cheque payment with a paper-less, plastic-free solution, vPayment also supports corporate initiatives to minimise environmental impact.
The solution can be configured to automatically work within a company's chosen meetings management software. Alternatively, if companies manage selection and booking manually, an online solution is available to generate the account numbers on demand. The on-demand option can be run alongside a fully integrated solution for one-off purchases from non-standard suppliers that are not sourced through a conferencing system.
All solutions work at any travel supplier, venue, or other merchant that already accepts card payments, without any additional system or process requirements.
vPayment launched in the European market in 2007. "While it is a broad-based business tool, vPayment can be deployed for meetings spend very quickly," Reid said. "The first clients to utilise vPayment in Europe have focused on hotel bookings, so meetings spend is a logical extension."
Issued by Geoff Beeson, GE Money (Geoff.Beeson@ge.com)