How Top 3 Travel Transformed Their Online Payments with Fyorin's Virtual Cards

In the past few years, Top 3 Travel has experienced bottlenecks with its financial operations that have hampered its ability to serve customers and slowed its growth trajectory. Although it had a payments system in place, it faced frequent errors, payment processing through intermediaries, and a lack of access to critical transaction data, resulting in delays and inefficiencies. Due to the immediate nature of travel bookings, as well as the growing volume of transactions, these issues began to mount to a critical level. Its payment provider was unable to collaborate on improvements due to poor communication and a lack of a direct relationship.

With a team of nearly 30 travel agents, Top 3 Travel quickly realised that its expense management process lacked appropriate automation and control, which caused delays and limited visibility of funds. Travel agents were issued corporate cards, which could take up to two weeks to arrive if relying on traditional banks.
In addition to slowing down business operations, traditional cards did not provide the control and flexibility needed to run the business efficiently. The process became cumbersome and unscalable.

Alongside these operational difficulties, Top 3 Travel also faced challenges with the visibility of funds and transactions, as data was dispersed across a multitude of systems and was often inconsistent. As a result, Top 3 Travel was unable to generate actionable insights or plan for the future. It turned to Fyorin in search of a more agile, scalable financial operations solution.

Fyorin’s platform delivered Top 3 Travel a transformative approach to managing its cash and online payments using just one interface and an excellent customer experience.

By implementing Fyorin's virtual cards, Top 3 Travel overcame its main challenges related to online travel payments. In a completely redesigned process, all travel agents now have the ability to issue virtual cards through the platform, customise them to suit their needs, and access company funds immediately. With the new system, pre-paid cards can be topped up for exact booking amounts, eliminating potential overspending risks associated with debit cards. This feature, combined with instant payment settlement, enabled travel agents to perform their duties uninterrupted, without requiring repeated authorisations for each transaction.

The extended expense management and treasury solution enhanced visibility into funds and spending through detailed reporting tools, allowing Top 3 Travel to track its cash position across the group and allocate budgets more effectively. The rich, real-time data capabilities available with card transactions, along with the two-way sync with the accounting tool, allowed for a seamless reconciliation process and offered valuable insights into spending patterns.
A direct line of communication with Fyorin's customer success department ensured that any issues were addressed quickly, preventing them from escalating and ensuring continued business operations.

The Fyorin solution for travel payments and cash management improved Top 3 Travel's operational efficiency, agility, and profitability.

The biggest impact on efficiency was reducing the time spent on issuing cards. Fyorin allows travel agents to issue unlimited travel cards and customise them almost instantly, as opposed to traditional banks, which took two weeks. A streamlined approval process and reconciliation of card expenses, as well as instant settlement of card transactions, led to additional time savings. Top 3 Travel reports that automated processes and rich data have allowed them to save 10 hours per week, which amounts to nearly 20 days per year. That is almost a full month that can be dedicated to future growth.

This future growth can now also be supported by an improved bottom line thanks to reduced costs. In addition to 0% transaction fees, Fyorin's virtual cards offer cashback on each purchase, which helps increase the agency's profitability.
Improved agility was facilitated by a streamlined virtual card and expense management system that enabled remote operations. While the wider group maintained full visibility and control in tracking payment sources and purposes, travel consultants retained autonomy in their booking processes.

Finally, Top 3 Travel unlocked 100% visibility of its cash positions and spending patterns, enabling better budget allocation and financial planning. Rich transactional data and real-time access to spending information allowed it to build advanced reports and uncover insights for better financial management.