When your clients book with TravelManagers they can relax before their holiday even starts, knowing that their hard-earned money is safe with TravelManagers. Financial protection of consumer travel payments is generally not guaranteed whilst in the hands of any travel intermediary, including many travel agents. At TravelManagers Australia we are committed to protecting your customers’ funds. Read on for a summary of how we offer what we believe is the most comprehensive and transparent financial protection in the Australian travel industry.
In the event that your clients are unable to obtain a refund of monies paid for their travel through their own travel insurance or their banking institutions, they may be eligible to make a claim on the TravelManagers Customer Fund (TCF). The TCF is a self-financed fund, whose monies are held in a separate legal entity, TravelManagers Customer Fund (TCF) Pty Limited, which is designed to protect them against the risk of an Approved Supplier not providing the Approved Services which they have paid for because of the financial failure of the Approved Supplier. Funds accumulate every month, are effectively ring-fenced from TravelManagers’ general cash provisions, and are set aside for the sole purpose to reimburse our clients in the unlikely event that one of our Approved Suppliers fails financially. The TCF is not insurance and nor is it a replacement for travel insurance. Your clients should take out comprehensive travel insurance for every trip they take. Visit our TravelManagers Customer Fund page for more information and full terms and conditions, and you can see a list of Approved Suppliers here.
Credit card chargebacks (CCCBs) are a risk to all travel advisors, because when you act as the merchant and the end supplier fails to provide the service because of insolvency, it is you who could bear the burden of 100% of the gross charge. Historically there has been little that could be done to protect against the risk of a CCCB.
TravelManagers Australia has its own credit card chargeback insurance to help protect its personal travel managers against the risk of a chargeback as a direct result of financial failure of a supplier since July 2019. Following the hibernation of AFTA’s AICS scheme, we believe we are the only company in Australia with this level of protection.