B2B payments between merchants and the end-providers of services are a fundamental part of the travel and tourism sectors.
Vendors often sell services that are ultimately provided by other firms that require payment. An online travel site that offers hotel and flight packages, for example, must pay the hotels and airlines involved.
These transactions may be a normal part of doing business, but the management and execution of these payments can be very complex, especially when customers require refunds or rescheduling their travel.
In fact, 20% of travel and tourism businesses said B2B payouts are a very or extremely significant