Payment Processors Aim To Simplify Business Aviation Transactions
Options for general payment processing providers are plentiful, however the list becomes dramatically shortened when seeking out a company that specializes in business aviation. The following companies do just that.
1. Recognizable Brand
Product: A relatively new extension of the Avinode Group, Paynode plans to revolutionize business aviation payments in the same way its sister company, Avinode, revolutionized aircraft sourcing over 20 years ago. Those who have an Avinode membership have access to Paynode, allowing an integrated transition between sourcing and payments. Paynode can handle all types of payments in one space, including credit card and wire transfers. If both the paying and receiving parties are set up with Paynode, then payments can be done instantaneously without a processing delay. The system can handle the 20 most common global currencies, eliminating the need to deal with multiple bank accounts. The company even mentioned how money held in a Paynode account can be used to pay employees. Moving into 2023, the company aims to allow payments to be completed easily by the end retail client themselves, as opposed to just between brokers and operators, further simplifying business aviation’s payment processes.
2. Mobile Friendly
Product: As a sister company to FlyEasy Software and Everest Fuel brands, Tuvoli is the payment leg that was specifically designed for private aviation. Customers can send payments and sellers can send secure checkout links from their mobile devices, allowing payments to be made quickly while on the go. Started by Directional Aviation, Tuvoli is utilized by companies under the OneSky Flight brand, including Sentient Jet. The platform can be integrated with accounting software such as QuickBooks Online and Sage to take a burden off accounting departments. Tuvoli also has a built-in sales CRM and has no credit card limitations for either transaction size or monthly spend volume.
3. Crypto Compatible
Product: Ecommpay is a British payment solutions company that caters to multiple industries, but it does have a specialty product for private aviation. A way it stands out from the crowd is by allowing crypto payments that can be converted straight to USD, EUR or GBP currencies. The platform also allows payments to be made with Apple Pay and Google Pay. The introduction of these payment methods is the company’s response to curbing issues surrounding the high cost of flights and low transaction limits of many banks and acquirers, which often leads to clients needing to split payments that cause high-rejection rates by anti-fraud systems. The company says payments can be made quickly, with generated e-invoices taking no more than 15 seconds to process.
4. Risk Aware
Company: Vector Payments
Product: Like many other payment processing companies, Vector Payments caters to a variety of different industries, but its services for private jet charter is focused on the high-risk nature of the transactions. According to the company, Vector Payments was created to provide credit card processing to high-risk businesses. Simply put, certain credit card processors were created more in-line to purchase a meal as opposed to a jet charter. The two main risks the company acknowledges that it is prepared to deal with are high processing amounts and chargebacks. Chargeback rates exceeding 3% is something many low-risk processing companies dread, and when that 3% represents thousands of dollars due to the price of private flying, then many other payment processors may be discouraged to do business with you. Chargebacks may happen for any reason a flight is cancelled.