News

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A Fresh Look at TMT

Welcome to the first edition of our new quarterly Trust My Travel newsletter and also to our new brand identity. We have worked hard with brand consultants Auric Consulting to freshen up our brand and to hopefully crystallise our message. You will see the new changes go live on our website shortly and we believe this will help us, and also help you in your work with Trust My Travel

Our core services remain the same but are constantly being improved by our wonderful tech team, lead by our Co-Founder Matt Bush. This month read about the new Affiliate Payment programme we have included in the API.

In this edition’s Member Mention we are also delighted to featured one of our newest members, Worldwide DMC. With twelve offices around the world and payments from agents all over the world they are in the process of adding every facet of our range of products from the multi currency pricing, to the payment processing, and our third party payment tool TripPayments. They are a wonderful example of what is possible and we are thrilled to have them as a member.

For more information about any of our products please do not hesitate to get in touch with the team.

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Lessons from the failure of Low Cost Holidays

Failures of travel companies while not overly frequent affect a lot of people and the announcement on 15th July that the Low Cost Holiday Group had gone into administration not only left hundreds of employees looking for a new job, but more seriously let some 140,000 travellers without the holiday they had paid for, if one at all.

Despite its decision to leave ATOL protection in 2013 and protects its clients’ monies under an arrangement with Spanish authorities the Low Cost Holiday Group had seemed like a strong business with a brand that did what it said on the label. Whilst running a large corporation, where greater inventory commitment, larger overheads and bigger marketing budgets applies different pressures against running a small business or start up the issue of trust is one that still has to be adhered to. On the overriding premise that money paid by a customer to a travel company is used directly for the provision of agreed travel services (with a margin for the selling company). Other than the margin these funds are not for the payment of overheads, future booking or an ill prepared position on foreign exchange margins. Adhere to this and surely the number of travel company failures would drop.

The Package Travel Regulations that protect travellers across Europe from the failure of their travel company stipulates three ways in which companies can protect funds paid to them: a financial bond such such as ABTA or ATOL; an insurance policy; or a trust account. Running a trust account system for our members we are often told by prospective members that trust solutions do not give them enough cash-flow and flexibility to manage their business. This is to an extent true – while we, and others, offer insurance policies around out trust accounts the basic premise is still that client funds are used to pay for a holiday, and not put into the general running of the business.

This discipline has to the be the very basic lesson that travel companies learn and new companies take on. Fund your business to the level required so that the risk of dipping in to client funds in the future is not there. Live the this basic lesson and you will not only build up a solid business but also increase the trust in your brand.

The Low Cost Holiday Group blamed Brexit for the uncertainty among holidaymakers and the weak pound. With the Brexit vote only some 5 weeks ago surely the writing was on the wall well before this – they got their commitment wrong and were using funds that were meant for future business.

Trust isn’t just built in a brand it is correctly planning your exposure, managing your FX and using your customers moneys for what they were intended.

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Tech Corner – Affiliate Payments

Matt Bush and his team have been hard at work and we are delighted to introduce our new affiliate payments piece. Now our members can offer affiliates around the world an easy way to sell their product and an easy way for the affiliates to receive up to date statements and to have their commission payment automatically.

There is no sign up process for existing members and affiliates need only complete a simple sign up form containing contact and payment information.  With a small extension to our API in your system you can have all of your affiliate bookings easily set up and pushing bookings to you immediately. They needn’t worry about missing out on any commission payments either – Trust My Travel records all the booking data, stores the commission due and automates payment to the bank details we hold on file for the affiliate.

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Member Mention – Worldwide DMC

Worldwide DMC is a UK based B2B Destination Management Company with its Head Offices in U.K. and over 12 branch offices based in U.S.A., Switzerland, France, U.A.E., Qatar & India.

The range of services offered by WWDMC includes hotel reservations, apartments & villa reservations, transfers, multilingual guides, car rentals, train tickets, city sightseeing tours, entrance tickets to tourist attractions, restaurant bookings, conferences, events, city cruise and fully bespoke ground services in the countries where we have our own offices. Worldwide DMC use Trust My Travel for Merchant processing, in conjunction with the multi currency pricing and agents tool. They also use a TripPayments account to manage their payments to suppliers, affiliates and partners around the world.

 #MerchantAccounts #FinancialProtection #FX&Payments

@trustmytravel

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