Reconciling tickets booked with airlines and matching airline waivers and policies has always been a time intensive process. Additionally, there has been a historical data gap and lack of awareness around cancelled tickets and how to manage them efficiently. A recent study conducted by Lola.com reveals that 73% of respondents believe their companies go over budget on travel because trips are booked or changed at the last minute. According to the Airline Reporting Corporation (ARC) the annual processing of air ticket refunds and exchanges was $1.4 billion in 2019. These changes result in an average of $323 in additional costs to the company every time a business trip is abruptly changed.
The Lola study further revealed that 52% of respondents don’t keep track of reimbursed flights.
In 2020, the Covid-19 pandemic saw an unprecedented amount of cancellations. The airlines relaxed their cancellation policies – allowing for further refunds, credits and vouchers to be issued.
The only problem is there is still no effective way of keeping track of airline issued refunds, waivers, credits and vouchers.
Instead of TMCs and GDS’s simply settling with airlines and issuing refunds to corporations, the scale and urgency of Covid-related activity meant refunds were issued in multiple channels. Airlines also have different cancellation policies with varying terms and conditions meaning that some tickets are given as refunds, some are issued as vouchers and some become credits. Vouchers and credits have different terms with different expiration dates.
As a result, many credits and vouchers are not seen by the companies who own them and go unclaimed until they expire.
Some buyers told BTN they have at least $1 million in unused tickets.
PredictX Air Ticket Status Analytics layers TMC, Credit Card and Expense data together with market data to enable you to immediately understand flown vs unflown (past and future) bookings, and the associated refund status of any unflown activity.
Details on where and how the company can claim unused tickets is provided.
PredictX Air Ticket Status Analytics delivers the following insights:
flown and unflown, past and future.
via their employee ID.
with reconciliation and a comparison to other sources.
Pick up additional cash refunds that may not be tracked by agency records.
Track how many tickets are left to be used.
Month by month expiration view of outstanding vouchers/credits
True cost of cancellation to the company
How much money has been lost from exchange and credit card fees?
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