Have you heard the news? Corporate Traveller has partnered with the largest global blockchain payment provider, BitPay, to revolutionise the way you can pay for your business travel bookings.
The agreement means we can now accept bitcoin and bitcoin cash payments from clients for corporate travel. As bitcoin is not currently a mainstream method of payment among travel management companies, we are excited to reveal the partnership and champion cryptocurrency payments.
Andy Hegley, Corporate Traveller’s UK General Manager, said: “We have been leading the way in terms of looking after the specific business travel needs of SME companies for the last 20 years. Our business is built around our customer and will only continue to be successful if we focus on the delivery of a customer service experience that clients will not receive anywhere else. That’s why we continue to evolve and pioneer products and services that are tailored to our clients.”
Want to start paying for your business travel using Bitcoin?
What is ‘blockchain’?
It’s a bit techy, but simply put, blockchain is the technology underlying bitcoin. One advantage of bitcoin transactions is that they are anonymous, and so must be encrypted. To achieve this, bitcoin’s founder, Satoshi Nakamoto, came up with the idea of a digital ledger or database in which transactions are recorded, processed and linked securely. No-one can access the ledger beyond specified persons or a network of stakeholders, thereby preserving their anonymity.
This system, which came to be known as blockchain, works as follows: every time a transaction takes place it is configured into a ‘block’ containing the details of the buyer, the seller and the transaction. The value of the sale is then deducted from the buyer’s digital bank balance and shared with the network. This new block is then added to the chain of transactions that preceded it, and recorded in the central, digital ledger, ready for the next transaction. “The blockchain industry is growing exponentially and we are excited to be able to offer our clients the ability to pay in bitcoin, while having the reassurance of our settlement from BitPay being in GBP,” said Andy Hegley.
Who is BitPay?
Founded in 2011, BitPay is the pioneer and the most experienced company in bitcoin and blockchain payments.
Its suite of products enables businesses to send and receive cross border payments, also enabling consumers to manage digital assets with the BitPay Wallet and turn digital assets into dollars with the BitPay Prepaid Visa® Card. The company has offices in North America, Europe, and South America and has raised over $70 million from leading investors including Founders Fund, Index Ventures and Aquiline Technology Growth.
How to pay for business travel with bitcoin cryptocurrency
Using BitPay, payments received via bitcoin or bitcoin cash will settle directly in Corporate Traveller’s bank account within two business days, denominated in GBP. There is no price volatility or risk - and as a push transaction, the user sends the exact amount of bitcoin or bitcoin cash needed to pay the bill. Unlike the high cost of credit cards, BitPay charges 1% to approve the bitcoin or bitcoin cash transaction and settlement.
BitPay enables transactions from any computer or mobile device and invoices can be generated by an email invoice, or as an online eCommerce transactions, making it convenient and reliable for our corporate clients. As of 2018, BitPay processed more than $1 billion annually from thousands of merchants and B2B customers globally.
“We are excited that Corporate Traveller is committing to offering clients the ability to pay in bitcoin and bitcoin cash” said Sonny Singh, Chief Commercial Officer of Bitpay. “We know blockchain payments provide a strong user case for travel, with customers now able to spend bitcoin on corporate travel bookings. We have seen big growth from airlines and travel agents who are tapping into the massive blockchain market.”