TripActions Puts Its Millions To Work On Payment, Expense

[UPDATE, Feb. 25, 2020: TripActions announced partnerships with Comerica Bank, Goldman Sachs, Silicon Valley Bank and Visa for the Liquid initiative. The program, using cards issued by Stripe, offers clients a 1.5 percent rebate, integrates with the booking process to support policy compliance and delivers unified payment and booking reports.]

At the GBTA convention in August, TripActions CEO and co-founder Ariel Cohen said with a straight face that "everybody" would be using his service in five years. Cohen’s “confidence”

Jay Campbell

Author: Jay Campbell

Jay Campbell in 2004 created travel business newsletter The Beat, in 2006 co-founded Travel Procurement magazine and in 2010 integrated them with Business Travel News. He served as editorial director until 2013. Jay made his travel industry media debut in 1993 at the Air Travel Journal of Boston while earning his undergraduate degree in journalism at Boston University.

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Gaurav SundaramTony O'Connor Recent comment authors
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Tony O'Connor
Advisor

Even if their payment product plans are real and nearly ready, why do we need more ways to borrow? There are so many payment products and options available. What’s new here? My bigger concern would be that this could be a systematic and “modern” push towards invoicing, dressed up in new plastic. 12 or more years ago, major TMCs forced clients off invoice credit arrangements onto point-of-sale payment. They were understandably tired of the costs and risks of acting as the client’s bank. But recently, there’s been a big U-turn, especially by some TMCs.. Why? I’ve seen only one reason… Read more »

Gaurav Sundaram
Advisor

Getting involved in payments and supportIng a credit line to customers seems a recipe for disaster. One of the biggest pain points in business travel is unpaid invoices by the customer. This model is highly unlikely to work in any of the more traditional markets of Europe and Asia, if TripActions ever decides to venture there. To me it appears more an exercise in trying to create perceived value with attendant bundling and ancillary fees, etc. It seems very clearly a way to rewind the clock back a few decades but without any clear business value. This strategy is generally… Read more »