rcamilo, Author at ��Vlog.

Bleisure Travel Doesn’t Have To Make Expenses Complicated

rcamilo — Mon, 01 Apr 2019 09:00:00 +0000

According to the 2019 Travel Trends and Expectations Survey by ��Vlogand Mastercard, the line between business and leisure travel continues to blur. The survey, which polled over 1,500 U.S. travelers, shows that more than half (55%) of respondents who traveled for business in the past year extend their trips to include personal time.

The “bleisure” trend is growing, and surveys show that the younger generations in particular see business travel as a perk that makes added-on personal travel accessible. A 2018 Hilton Hotels & Resorts survey reported that 39% of respondents aged 23 to 35 claimed they would not join a company that did not offer travel as part of the job. A 2018 TripActions report showed that 90% of respondents see traveling as a job perk.

While these trends create opportunities for employers to attract new talent, they also create challenges for corporate travel departments. With combined business and personal travel, managing expenses and reimbursements can get complicated. Muddying the waters even more, the ��Vlogreport showed that 65% of the respondents use personal credit cards for business trips, while only 37% are using corporate cards. The use of personal cards for business travel is likely at least somewhat motivated by earning points toward personal travel, as 62% of frequent flyer program members claim to be very likely to redeem their loyalty points for travel in 2019.

The use of personal cards along with combined business and personal travel can be problematic. Monica Sanchez, the GBTA Foundation’s director of research stressed to the importance of “establishing clear rules for reimbursing expenses incurred by non-employees, helping travelers understand the resources available to them on the leisure portion of their trip, and developing a policy regarding preferred suppliers and booking channels.”

One way for companies to reduce the confusion and have more control over business expenses is through the use of Virtual Card Numbers (VCNs). Corporate travel managers, or Travel Management Companies (TMCs), can use VCNs to book business travel for corporate travelers, eliminating the need for the traveler to use a card for their set travel expenses, such as flights and hotels. This takes the burden off the traveler for fronting the costs of the business portion of their trip and waiting weeks for reimbursement.

VCNs are also beneficial to the company because they allow controls to be set that can limit the date range of charges, the amount charged, and the merchant categories, so they can ensure the VCN is only used for approved expenses ensuring improved adherence to travel policies. VCNs also provide much greater fraud protection than traditional credit cards and include data capture that makes tracking expenses seamless.

The good news for corporate travel managers is that the majority of respondents use their corporate travel agent (either online or by phone) or an in-house travel planner to book their business travel, at least some of the time. 48%, however, also book directly with hotels and airlines, and 20% book with their own online travel agent. Understanding that corporate travelers are motivated by getting credit for their loyalty programs, and that they desire assistance in booking added-on personal travel to their business trips, can help corporate travel departments develop programs that incentivize booking through their approved corporate channels.

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Bleisure travelers find ways to have it all

rcamilo — Mon, 23 Jul 2018 09:00:00 +0000

Business leisure (“bleisure”) travelers are getting plenty of attention. This growing segment of the traveling population is included in the ��Vlogand Mastercard Travel Trends 2018 Report on US travelers’ attitudes and preferences, which found nearly 60% of those surveyed extend their business trips.

Since one-third of respondents prefer to use vacation time for short periods away from work, adding a couple vacation days to a business trip is perfect. And having your company pay for the airfare and business-related expenses, while you pay the costs associated with your vacation days, is often too good to pass up. This opportunity for travel is important enough that Booking.com found 30% of business travelers “would .”

��Vlogand Mastercard identified some important preferences for the bleisure group:

72% are most likely to travel outside of US this year (an increase from 68% for 2017 actual travel)
44% expect to take a “beach vacation at a resort or hotel”
26% plan to visit “a destination known for its culinary scene/foodie reputation”
They’re the group most likely to travel in North America, Europe and Asia, to “travel to achieve balance/wellness” or to “take a class or learn a new skill”

Get it done online

When it comes to booking, the Travel Trends 2018 Report notes 74% of bleisure travelers book online, just behind Millennials at 76%. This group books with OTAs 52% of the time. Bleisure travelers are the top group using online destination review sites (44%) and through travel bots or chat bots (9%). While the overall use of bots is low, the bleisure group had the highest awareness of them (37%) against Gen Z, Millennials, Gen X and Boomers.

A recent Expedia Group Media Solutions multinational study, , found that, for all countries surveyed, “approximately 80% of bleisure travelers spend 1-5 hours on research during both the inspiration and planning phases, which is more condensed than more traditional leisure booking windows.”

Make it worth their time and money

Like the ��Vlogand Mastercard research, others have found a business trip’s location greatly impacts whether it’ll become a bleisure trip. Expedia found 56% choose based on “great food and restaurants,” while 48% go for “great entertainment” and 43% want “an iconic or bucket list destination.” An found “33.5% of frequent business travelers want to attend beer/wine festivals this year, and 31% want to visit arts festivals.”

In a travelweekly.com piece on bleisure travel, CheapOair’s Senior Vice President of Supplier Relations Thomas Spagnola said, “ or resort-type destinations that provide more of an opportunity to enjoy a few extra days to enjoy the cities or beaches as they are attending to business.”

What are bleisure travelers spending on these hybrid vacations? Expedia found that when compared to a typical vacation, “57% of bleisure travelers spend the same amount of money or more on a bleisure trip, and more than 75% save money specifically for bleisure travel.”

And how are they paying? Whether they’re paying for major expenses or day-to-day expenses ��Vlogand Mastercard found that more than 80% of US bleisure travelers prefer their primary credit card. This group also has the highest usage of digital wallet for major expenses (13%) and day-to-day expenses (20%).

Capture them in the moment

Nearly 70% of business trips are for conferences, so destinations benefit from encouraging longer stays by highlighting local activities and experiences. Hotels are tapping into the bleisure trend by offering attendees discounted rates for staying on after the conference, and opportunities are there for OTAs to convert business travelers to bleisure travelers—and add room nights and activities to their bookings.

Since bleisure travelers spend less time researching their trip, marketers have a shorter window to target and influence behavior and purchases. These guests may not book everything in advance, highlighting opportunities for travel companies to reach and convert travelers in-trip, particularly for dining, tours and activities, entertainment and transportation.

Marvin Lee, account manager for marketing and alliances at Asiana Airlines sees continued growth. “ that will only continue to get larger and larger,” he says. “With the increasing globalization of business and technology, the once-discrete line between business and leisure travel will blur further. There is no longer a reason for the business traveler to have to sacrifice leisure in order to be successful in their profession.”

Download the full 2018 Travel Trends Report

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3 benefits of using VCNs when managing business travel

rcamilo — Mon, 21 May 2018 15:08:00 +0000

Business travel creates unique challenges for travel management companies, corporate travel managers, and travelers alike. For companies who manage hundreds or thousands of bookings each year, the challenges are multiplied. That’s where the use of Virtual Card Numbers (VCNs) can make a huge impact on simplifying payments for travel expenses.

The biggest advantages of using VCNs are the ability to control the parameters of payment, the enhanced security features, and the convenience for both the traveler and the finance department. Let’s review them one-by-one.

1. Control

VCNs are an ideal tool for ensuring adherence to travel policies and preventing misuse. At the time of booking, the VCN is set up and a number of controls can be set, such as the merchant category, a pre-defined number of hotel nights, and other instructions. Many companies have room charges and tax charged to the VCN, while incidentals are taken care of by the traveler. VCNs allow flexibility where it is needed, as well as providing the option to lock down on parameters that the TMC or travel manager do not wish to be changed by the traveler.

Also see: What Business Travelers Want: Freedom to Book the Way They Want

2. Security

VCNs have enhanced security features that have benefits over traditional credit cards and other payments. When a VCN is set up, it is created for a one-time, specific use and avoids passing consumer or agency card details to a hotel. Unlike traditional card numbers that can be stolen and used for any purpose, at any vendor, and at any price up to the limit, VCNs are of little or no use after they’ve been used for their designated purpose. The controls that can be used to protect against misuse also work against fraud, as the number can only be used for the specific use, amount, and merchant type that it was programmed for.

For more see: Data Breaches at Major Hotel Chains Hit the Travel Industry

3. Convenience

VCNs make life easier for TMCs, corporate travel managers, the traveler, and even the finance department. For the travel manager, VCNs allow them to book travel for anyone, even someone without a company credit card. For the traveler, major expenses such as hotel rooms are taken care of by the VCN, so they don’t need to use their corporate or personal cards, and the use of a VCN also saves them the hassle of submitting reimbursement reports.

Reconciliation is also simple and easy, saving time and expense for the finance department. Since each booking is tied to a unique VCN, reconciliation is automatic. Rich data can be associated with each number, allowing corporate travel managers to easily track and analyze the data.

With VCNs from WEX, there are other benefits as well. For companies with employees who travel internationally, the use of VCNs can generally save up to 3% per booking since payment can most often be made in the currency of the destination country, avoiding FX markups and cross-currency fees. Money can also be earned on each payment made, creating a whole new revenue stream, and VCNs can also be used as a credit line, enhancing cash flow.

The bottom line is that VCNs streamline payment processes for all parties, creating an easier and more efficient experience for business travel. The flexibility to set up certain parameters and to include rich data allow their use to be targeted to each company’s needs. For travel management companies and travel managers, using VCNs can ultimately save time, save money, and create a better experience for everyone involved.

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rcamilo, Author at ����Vlog.