Onyx CenterSource Announces Launch of Tax Services Solution
Onyx CenterSource, a leading global provider of B2B payments and business intelligence to the hospitality industry, today announced the launch of Tax Services, designed to empower hotels with partner information needed to generate business-critical tax invoicing documentation.
The solution, powered by Onyx's CommPay service, helps U.S. hotels overcome the challenge of manually collecting, registering and maintaining travel agency demographic data necessary for tax preparation related to 1099 IRS reporting.
"Onyx has been and continues to be a leader in streamlining the hotel commission process, so the creation of Tax Services was a natural progression for us," said Brian Clubb, Onyx chief product officer. "The addition of Tax Services truly makes our hotel products end-to-end solutions for clients."
Onyx has utilized its extensive travel agency network to collect and manage the demographic data necessary for hotels to generate their tax-compliant documents. Customers of Tax Services will be able to access the tax-related information for the thousands of individual agencies they do business with, eliminating the costly need to manually collect the data.
In addition, if agency information is missing, Onyx will reach out to travel agencies individually to collect the information on the hotels' behalf and, if needed, withhold commission payments until this business-critical data is provided. Tax Services also simplifies the work for travel agencies by enabling them to update their information once for all hotels, rather than answering Onyx hotel customers individually.
"Onyx has a unique position on both sides of the commission transaction, so our ability to synthesize data and business needs between hotels and agencies is a core strength," said Tony Wagner, Onyx chief commercial officer. "Hotels and agencies are short-staffed and can't afford time-consuming back-office activities. We believe the value added to our clients will be substantial, and we plan to expand this solution to other markets on the global stage."
Tax Services is the latest addition to Onyx's suite of products aimed at helping clients collect the data they need to compile their tax reports. Additional capabilities are available to assist clients with global value-added tax and invoice compliance, further streamlining the commission payment and reconciliation process.
For more information about Tax Services, visit Onyx at https://www.onyxcentersource.com/