Market leader saves time and money, boosts security with virtual payments

CWT

Industry:

Energy

Scope:

Global

An offshore drilling company was faced with a challenge. With remote sites across the globe, it relied on numerous hotels to accommodate its workers. An inefficient payment structure - coupled with regular changes to its crew roster - caused booking headaches. What happened?

The challenge

Safer payments

Settling hotel invoices with lodge cards caused security issues. Accounts payable teams would fax staff an image of the company lodge card, exposing sensitive information. This led to several instances of fraud, and forced the company to change cards repeatedly.

Compliance and savings

A lack of control over card spend saw huge spikes in room costs. Rotating crews and subcontractors regularly charged extra food and drinks to their rooms—breaking travel policies and exceeding budgets.

Easier reconciliation

A drawn-out card statement - covering multiple stays - slowed down the reconciliation process. Ploughing through booking, payment and invoice records cost the company more in labor, too - they needed four full-time staff members to reconcile transactions.

The solution

Safer payments

Moving to single-use VCNs reduced the need to use direct bills.

Compliance and savings

Virtual cards allowed the company to dictate what travelers could (and could not) pay for.

Easier reconciliation

Each VCN transaction offered a unique ID, making it easier to identify and track a transaction’s lifespan.

The result

Safer payments

The company lowered its exposure to card fraud and actively stopped a scam when thieves attempted to clone a batch of VCNs.

Compliance and savings

The company limited hotel charges to approved items only. This helped travelers stay in policy and saved the company money.

Easier reconciliation

Reporting became simpler: the company went from a dedicated team to just one person needing half a day each week to reconcile payments.

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