Respax is a world-class tour management and reservations platform in the travel and tourism industry. Every year, Respax delivers industry-leading software to over 180 suppliers, including ASX listed companies, and manages bookings of over $500 million a year.

Technology that helps clients handle payments is a key part of Respax’s offer, supplying integrated payment gateways that accept online bookings and over the counter purchases. Unfortunately, for many of Respax’s clients, direct bookings from customers make up less than 25% of their overall bookings. Respax needed a payment solution that would help their clients manage the 75% of bookings that came from travel agents.

Opportunity

The travel and tourism industry is notorious for poor B2B payment practices. A typical company will have hundreds if not thousands of selling agents and the need to manage high-volume, high-value invoices across different trading terms, and process all invoices manually. This results in and average payment term of 60+ days, creating huge strains on cash flow and high default rates. Add to this the high costs associated with manual reconciliation and processing. Respax needed a payments solution.

Solution

Split automates even the most complex payment flows making it ideal for B2B payment processes. Respax integrated Split directly into their platform so suppliers could instantly automate their accounts receivable process. Suppliers simply created s Split account, set up their trading terms and agreements with agents and were instantly able to create payment requests at the point of booking, directly with that agent. Split’s agreement function allowed suppliers to automate the varying due dates of the industry, without having to renegotiate existing terms with agents. The result was hands-free payment management with significant reductions in processing costs and bad debtors.