07 Mar Package Travel Regulations & Trust Accounts
PTS uses a trust account to ensure our members are all compliant with the Package Travel Regulations. In short, all customer payments are paid directly into your PTS trust account, giving clients complete consumer protection they require in today’s online market, and in accordance with The 2015 Package Travel Regulations and the impending New Package Travel Directive. A Trust Account model also provides you and your business complete financial peace of mind in the event of the unforeseen.
To clarify – a trust account does not restrict your business, it enhances cash management, proper business trading in travel and full consumer protection in travel. The PTS trust account solution also offers supporting Supplier Failure Insurance to allow payments to suppliers pre-travel, and to support PTS travel business members to trade freely in accordance with Package Travel Regulations. Protected Trust Services thereby offer an affordable and modern alternative to bonding, such as ABTA, that is fully PTR compliant.
There are huge benefits to any travel business using the PTS trust account for a complete Package Travel Regulation Compliance solution. PTS offer an affordable, fully protected, yet malleable solution for travel businesses of all sizes. All payments are automated through the PTS travel software that has been designed and built by PTS to offer full support to members like no other in the market. PTS also work with independent trustees who are a Firm of Chartered Accountants. Their role is to protect the consumer against misappropriation of their money and also to ensure our members’ financial security. The Trust Account is reconciled daily and all transactions including overviews are available through the PTS software.