Payments

TripActions moves into payments

  • TripActions has launched a new product that issues cards tied to corporate travel spend policy.
  • Payments, lending, and banking services are rolling out to the travel industry.
close

Email a Friend

TripActions moves into payments

TripActions is getting deeper into payments. With the launch of TripActions Liquid, the corporate travel management platform is introducing a payment solution that frees up employees from having to personally pay for corporate travel expenses.

The new product: TripActions Liquid essentially issues physical Visa cards and virtual trip-enabled cards which embed spending policy into the card.

  • Travel spend gets decided at a corporate level and pushed down to employee cards which light up when they travel.
  • Employees get real time notifications of out-of-policy spend and finance gets a better view into travel spend.
  • TripActions also offers a 1.5 percent rebate on all spend through TripActions Liquid.
  • A team of about 20 engineers developed the TripActions Liquid product, which has been used in beta by several TripActions clients over the last few months, including Lyft, Toast, and Zoom.
  • TripActions Liquid corporate cards are currently only available to US-headquartered companies.

Slow adoption of virtual cards: Virtual cards aren't new to corporate travel and they've had moderate take-up.

  • A virtual credit card is a unique 16-digit computer generated number used for a single transaction.
  • On a given trip, that number will change numerous times ahead of the next transaction.
  • A company's finance department can set a maximum charge amount for the virtual number and the date on which it expires.
  • For vendors, the virtual card looks the same as any other credit card.
  • TripActions Liquid gets turned on and off based on an employee's travel schedule.
  • Integrating payments with software that manages travel spending and reconciliation could speed up adoption.

“Implementing TripActions Liquid took minutes and we’ve seen immediate improvements to our travel payments process,” said David Wieseneck, vp of finance at letgo. “With TripActions Liquid, we’re getting top reviews from travelers who appreciate the experience, as well as our finance team who love that reconciliation of travel payments now takes less than ten minutes.”

TripActions’ first product, the corporate travel management platform, has driven 5X year over year growth at the startup.

  • To date, TripActions has raised more than $480 million at a $4 billion valuation.
  • To support TripActions Liquid, TripActions has raised a debt facility of up to $500 million from Silicon Valley Bank, Goldman Sachs and Comerica Bank. 

Context: With embedded finance, various industries and companies are embracing banking and payment tools. The travel industry, like retail and transportation, is building more fintech solutions to better serve its ecosystems.

  • In travel, we've seen firms like Uplift provide installment loans to Lufthansa, United, and Carnival travel customers.
  • More effort and interest is being applied to making cross-border and cross-currency travel and hospitality transactions more personalized.
  • Banking as a service firms bring tools and technologies for companies in all industries to offer payments and banking products.

0 comments on “TripActions moves into payments”

Outlier OpinionsMakers

Payments, Power of Payments Podcast

Power of Payments Ep. 22: ‘Frankly, the most important asset for SMB owners is time’ – Chase’s Brad Brodigan

  • Brad Brodigan, managing director and global head of SMB payments at Chase, joins host Ismail Umar on this week’s podcast.
  • He discusses the most important trends he’s seeing in SMB payments, the kinds of attributes SMBs look for in a payment processor, and how their needs differ from those of enterprise and retail customers.
Ismail Umar | January 27, 2023
Member Exclusive, Payments

Payments Briefing: On Gen Z’s changing relationship with digital payments

  • This week, we talk about Gen Z’s changing preferences when it comes to sending and receiving money digitally.
  • We also discuss PayPal’s evolving BNPL strategy in a crowded market.
Ismail Umar | January 19, 2023
Payments, Power of Payments Podcast

Power of Payments Ep. 21: 10 predictions for the payments industry in 2023

  • In the first Power of Payments episode of 2023, we discuss what the near future looks like for the payments industry.
  • Here are 10 trends that are likely to shape the payments landscape this year.
Ismail Umar | January 13, 2023
Payments

‘2023 is the year B2B ecommerce payments become real’: 3 questions with Bar Geron, CEO of Balance

  • As both the B2B payments and ecommerce markets continue to grow, what’s in store for their offspring, B2B ecommerce payments?
  • In this Q&A, Balance co-founder and CEO Bar Geron dives into the rise of B2B ecommerce in 2023.
Rivka Abramson | January 10, 2023
Payments

10 trends that will shape the payments industry in 2023

  • Tearsheet asked experts in the payments space to share insights on the most important payments trends for 2023.
  • Key themes for this year involve B2B payments, M&A activity, real-time payments, digital wallets, fraud, sustainability, and more.
Ismail Umar | January 06, 2023
More Articles