Industry: Travel, TravelTech
Challenge: Unlock cash flow for the company, Speed up booking for customers, and streamline expense management and reporting to propel rapid business growth.
Solution: Elevate (now known as Elevate Credit Lline) enables GlobalTix Pte. Ltd. (“GlobalTix”) to unlock cash flow and fulfil bulk orders swiftly through sufficient credit limits. Its all-in-one expense management dashboard streamlines the tracking of GlobalTix’s expenses for fast and accurate reporting.
Unlocks more cash flow to draw down on, no longer subjected to bank transactions as a single source of funds
Faster payment processing and booking fulfilment for customers
Empowers multiple team members to manage budgets
Provides 100% visibility and real-time notifications on card transactions
Streamlines expense reporting and management of customer data
Improves overall end-to-end efficiency by up to 30%
Founded in 2013, GlobalTix is an all-in-one ticket reservation and distribution TravelTech platform that provides end-to-end ticketing solutions for attractions, tours, and activity providers across Asia. GlobalTix helps these companies, such as Gardens by the Bay and Tokyo Disneyland, to seamlessly connect tourist activities with travel agents and customers around the globe.
Expanding Sources of Funds and Unlocking Cash Flow
The Co-founder of GlobalTix, Chan Chee Kong, and the company’s Operations leader, Charlene Chong, wanted a solution to help smoothen the company’s payment process to its vendors. One of the biggest challenges it faced was payment limits when making bank transfers, as only a limited number of payments could be made per day; they were unable to process any additional orders on the platform once the transaction limit had been reached. This was especially problematic for a business like GlobalTix who receives thousands of daily orders from across the globe.
The global ticketing platform chose Elevate Credit Line as an additional source of funds to give them access to more capital in order to fulfil ticket orders. By eliminating the daily bank transaction limit that had previously limited their order volume, they were able to significantly expand their customer base due to their newfound ability to fulfil a greater number of orders.
Instant Fulfilment of Ticket Reservations for Customers
The demand for rapid access to resources is a common phenomenon in today’s technologically-focused society, making the need for efficient delivery systems more and more apparent. This is especially so for bookings and reservations, which are a means to an end – paying for entertainment. Customers simply don’t want to wait in queues or spend time on the phone trying to book tickets.
As customers go to GlobalTix to buy all kinds of attraction tickets using its unified marketplace, the travel-tech platform needs to fulfil a large volume of attraction ticket orders from travel agents throughout Asia at speed. However, it was difficult for its Finance team to keep up with the demand. Despite working hard to ensure that all payments were processed correctly and efficiently, there were delays in processing payments and long wait times for customers.
GlobalTix did not want this bottleneck to deprive them of any potential sales, as customers may decide to purchase tickets elsewhere due to the delays.
Charlene utilised the Elevate Credit Line’s add-on virtual card feature to solve this problem. The card enables payment capabilities and can be used at any Mastercard accepting online merchants, so she simply keyed in the unique 16-digit card number at checkout on the third-party attraction’s official website. This allowed her to complete the purchase and send tickets to customers instantly. This breakthrough meant more customers received their reservations faster, enabling GlobalTix to grow its revenue and build relationships with customers that would not have been possible before.
The adoption of the add-on card feature streamlined the end-to-end sales process by eliminating the additional approval time by the Finance team, resulting in an improvement of efficiency by up to 30%.
By streamlining and expediting ticketing processes, GlobalTix helped more travellers to make plans and book attraction tickets with greater efficiency. This increased convenience encourages more people to travel, stimulates economic activity, and helps businesses in the tourism sector get back on their feet. With the support of Elevate Credit Line, GlobalTix positions itself as a leader in jumpstarting tourism recovery following the pandemic.
Growing the Team with 100% Visibility on Sub-Card Transactions
Nonetheless, managing a growing volume of bookings requires more resources. Charlene identified that she needed two additional sub-cards for her team and conveniently issued them through the FS Business - Elevate Card mobile application.
Despite having multiple Elevate sub-cards, real-time notifications on the app informed Charlene of how much of the team’s budget was spent and how much remained. Being able to track employee spending in real time assured her that employees were not overspending on their allocated limits, and enabled her to better manage overall budgets.
Furthermore, the ability to generate a consolidated expense report on the mobile app streamlined operations for the GlobalTix team. The monthly reports containing comprehensive details of payments made to customer accounts were distributed to the Finance and Operations teams quickly and easily, thus streamlining the bookkeeping process and reducing man-hours on reconciliation work for the TravelTech platform.
The Elevate Credit Line is a financing product offered by FS Capital Pte Ltd while the wallet and card are separately powered by MatchMove. Elevate Credit Line is not a credit card product.
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