PayNode Brings Payment Process Out Of Paper-Intensive Traditions
Launched at last year’s NBAA convention, PayNode is part of Avinode, the world’s largest online marketplace for buying and selling private air charter. The company says this new and “disruptive” system was required to replace inefficient, insecure and costly procedures which placed unnecessary strain on the cash flows of brokers and operators, as well as giving customers insufficient protection of their payment details.
The service is designed to bring the payment process into the digital world from its current, paper-intensive traditions.
“The average transaction is $35,000,” says Henriksson. “When you consider that Avinode lists 3,200 aircraft, has 12,000 customers, some 7,000 professionals a day using Avinode, and 450,000 flight requests a month, you can see that the sums of money involved are very substantial.
“Now we are set to disrupt the multibillion-dollar business aviation payments market.”
PayNode lets customers pay directly for business charter flights with an American Express credit card. AVCARD has been added this month and bank wire transfers, instant settlement, notification and fund movements will be added too. Customers can still pay brokers with their own credit cards, but this is inherently risky in that details taken over the phone, scans of credit cards and passenger IDs are often not stored securely to the highest industry standards. PayNode says it removes these risks.
One more benefit: Customers or brokers decline one out of seven trips because of payment issues, “and that’s a huge amount of business,” Henriksson says. PayNode predicts it will reduce this number substantially.
Joining the system is relatively straightforward, Henriksson says– customers sign a contract, supply all documentation, and after vetting gain access. “Once they’re up and running we do training with each company but some have completed their first transaction without any training at all except by using our on-line tutorial.”
AVCARD is one of the world’s most widely accepted aviation charge cards and is used by more flight departments and charter operators than any other card. In collaboration with PayNode, AVCARD is now being actively promoted as a way to pay for charter and sub-charter flights in addition to its popular use as payment method for fuel, maintenance, catering, flight training and related aviation services.
Cardholders pay no annual fees and though PayNode, merchants will benefit from amongst the lowest AVCARD processing rates available – significantly lower than for most credit and charge cards. Merchants are guaranteed payment, as AVCARD assumes all risks, and cardholders earn FlyBuys loyalty points on each transaction. These are redeemable for gift cards, merchandise, travel certificates, charitable donations and World Fuel Services invoice credits.
PayNode is being fully integrated with Avinode TripManager (broker sales management system) and the SchedAero flight operations system to help drive growth for brokers and operators. Users of Avinode TripManager and SchedAero will now be able to create PayNode payment requests automatically in just a few clicks within their current workflow, ready for emailing to the customer. This integration eliminates wasteful administrative time and allows brokers and operators to sharpen their focus on customer service and business growth. “Basically we hate double entry data so if you’ve booked something in Avinode Trip manager you shouldn’t be required to do the same action in SchedAero or in PayNode,” Henriksson says.
“The solution has been designed to target key pain points,” he adds: “the need to work faster, to move large sums of money internationally at short notice and to get paid swiftly. For example, PayNode is the only platform that ensures brokers and operators receive payment within 24 hours following a flight, which is a huge cash flow benefit.”
The launch of PayNode this past November was purely for U.S.-registered entities but the service will soon be extended to Canada and Mexico. A further geographic roll-out is expected to be announced here at EBACE 2017.
PayNode is with Avinode at Booth F70.
As seen on Aviation Week Network. Read original article here.