Revolutionizing Travel Payments: The ConnexPay Story

A payment platform called ConnexPay just won the title of Travel Innovator of the Year at the Phocuswright Conference’s Innovation Launch. The founder and CEO, Robert Kaufman, explained that ConnexPay allows travel companies to handle payments themselves instead of relying on travel suppliers. This is a big deal because banks usually see travel companies as risky due to the possibility of future delivery issues. In fact, less than 50 percent of online travel agencies (OTAs) currently process traveler payments for bookings. Kaufman mentioned that banks really don’t like dealing with travel companies and put them in the same risk category as online gambling and pornography. ConnexPay steps in to process the payment, check for fraud, authorize the payment, and then make the payment to the supplier. After that, the travel company can use the payment to pay suppliers using virtual cards, giving them immediate access to any profits from sales. ConnexPay is not just for travel companies; it also serves corporate travel management and has customers like Globespan Travel Management. It’s even used for corporate purposes outside of the travel industry, such as paying insurance or warranty claims and procuring items like advertising. In 2018, ConnexPay was the startup winner at Phocuswright’s conference, and last year, it received a $110 million growth equity investment to expand globally.