International tourism has mostly recovered. The UNWTO reported that 1.3 billion tourists crossed borders between January and September 2023, a 35% increase over the corresponding period in 2022. On track for full recovery since the pandemic low, tourist spending continued to climb, recording USD 1.4 trillion in 2023 against USD 1 trillion in 2022.
This has contributed to the rise in cross-border business payments as transactions increase between online travel agents, their associated platforms, and their customers and suppliers.
Challenges with traditional payment rails
Like any business looking to grow and evolve, online travel agents would benefit from the ability to send and receive funds quickly and cost-effectively. However, cross-border business payments via traditional and retail service providers can take days.
A longer settlement cycle also levies high fees on your business, slashing margins and putting pressure on your team to seek extra liquidity. Compounding this problem is the fact that traditional service providers often run on legacy infrastructure without the level of transparency in funds movement that modern businesses need.
Why choose Tranglo Business to send and receive travel payments?
Tranglo Business, our proprietary solution powered by a single-API technology, connects your business to the entire Tranglo network of over 80 countries and all major currencies. By leveraging a real-time gross settlement and currency exchange system, it adjusts to your payment and collection habits over time.
As a result, Tranglo Business offers a lower fee for foreign exchange transfers compared to credit cards, front-facing money transfer platforms and traditional financial institutions.
It’s also faster than traditional cross-border banking routes as it is a cash-to-cash transaction. Our on-demand rail-switching technology helps you monitor your wallet balance and maximise your FX savings by smartly assessing various factors before selecting the optimum payment rail.
It is simple. For starters, signup is free and API integration is intuitive and user-friendly. If you sign up for a longer term, you can even opt for a flat-fee model. This pricing is unaffected by the amount of a transaction, benefiting businesses like online travel agencies that need to disburse large sums to suppliers such as hotels, attractions and others.
For more information on Tranglo Business and how we can help you make better cross-border payments, contact us.
