Grasp Technologies has released a version of its GraspPay
virtual payment platform designed specifically for nonemployee and guest
travel. GraspPay enables corporate clients and travel management companies to
use virtual cards from issuing partners including Wex and Corporate
Spending Innovations within online booking tools, such as SAP Concur Travel
and Sabre GetThere. The new GraspPay for Guest Travel enables travel managers
to manage, via a dedicated website, travel payments on behalf of recruits,
contractors, suppliers and others traveling on behalf of the corporation.
Managers can set rules and policies for travel spending based on type of guest,
employee sponsor and/or business unit. Corporates and TMCs aren't charged
transaction fees; instead, Grasp Technologies takes a cut of the interchange
fees received from suppliers for each purchase, which it shares with the
issuing partners.