WeTravel has launched its Instant Payouts feature to allow U.S. travel businesses that use its platform to transfer funds to suppliers, employees and contractors for immediate cash withdrawal. The Instant Payouts feature is the latest FinTech solution added to the business’ platform. It enables U.S. bank account holders to instantly transfer funds from its WeTravel account—a minimum of $0.50 to a maximum of $5,000 per day—to any U.S. debit card for a minimal transaction fee, and those funds can be immediately withdrawn from a bank or ATM.
Johannes Koeppel, CEO and co-founder of WeTravel, said, “To roll out more FinTech solutions through our platform that help travel businesses manage cash flow, while directly putting funds into the receiver’s hands, will help manage operator and supplier relationships and better balance business revenue.”
Technology that supports Instant Payouts is relatively new, especially in rural areas but the demand is growing. According to the “Global Online Travel Payment 2021” report, “Technology-driven solutions in travel payments will help the travel industry recover after major disruptions due to the COVID-19 health crisis.” Similarly, WeTravel’s annual user survey revealed a recurring theme for quicker access to cash.
Although the business’ Vendor Transfer network and WeTravel Card provide users the ability to instantly pay vendors or suppliers; the Instant Payouts feature answers users’ frequent need to pay these partners in cash by making possible immediate access to cash funds from any ATM or bank.
“In the travel industry, suppliers are heavily reliant on cash withdraws to pay tour leaders, local businesses and community activities and, in so deep as, group tipping. For all businesses—but especially local suppliers, vendors and employees who need tourism dollars, instantly—our most-recent FinTech solution will continue to help businesses increase revenue and stakeholder satisfaction, while managing their business’s risk funds and cash flow,” Koeppel added.
Since its inception in 2016, WeTravel has evolved from a booking and payment collection platform to provide vertical SaaS and FinTech solutions in one platform for multi-day travel companies. The extension of the product into instant payment methods—bypassing credit cards and banks—is aligned with its mission to adopt technology to better service the industry’s needs.
For more information, visit www.wetravel.com.
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