CTA partner Towergate Travel reports that its “TRIP” financial failure insurance has been approved and recognised by a number of merchant facility providers, including Worldpay, First Data, Trustpay Global & Barclays Merchant Services.

Towergate says that the new agreement means the days of merchant facility providers holding cash guarantees or other forms of security are a thing of the past.

”With the added uncertainty of Brexit it is of paramount importance that tour operators have easy access to cash,” says Towergate Travel managing director Tony Gilpin. “Guarantees and additional security act as a noose around tour operators’ necks and having access to this additional cash could make all the difference. We continue to develop this product and having Zurich as our exclusive insurer partner we have seen serious growth on this product line. 

“Large upfront insurance payments on Bonds also put added pressure on the balance sheet and cashflow, therefore by paying on a pay-as-you-go basis this cost can be better managed.”

For further information contact Steve Browne – steve.browne@towergate.co.uk 

07595 892 526