Destination – determined.
Aircraft – carefully chosen and confirmed.
Charter quotation – accepted with your personal account manager.
So, what now?
Wherever you are going and no matter the aircraft type and operator, at Victor we take your investment in our service seriously. It is important to us that you are in control throughout the whole process, and so we promise you complete booking and service transparency.
As well as disclosing the aircraft and operator details before you commit to booking, immediately after you confirm we pay the funds received for your flight, minus our handling fee, into a separate HSBC Client Deposit Account. Payment for your flight is then made to the aircraft operator, in full, from this account at least 24 hours prior to take-off and with sufficient time to clear the operator’s account.
We recognise that you are placing your trust in us to look after your money and we believe that you should have peace of mind and full confidence when using our service. Without exception, we guarantee that your monies paid to Victor are protected and held separate to our business working capital and will only ever be used to pay the operator. The 24-hour pre-flight payment adds a level of financial protection in the unlikely event that an operator goes bankrupt before your flight departure date.
Covid-19 has placed significant operational pressure on various business sectors and their financial viability during this period. From a financial and business planning perspective, this ultimately means how the business ‘cash’ survives. The importance of thorough working-capital and cash planning becomes critical. For Victor, our cash planning has always been this way. Our rigorous financial processes continue to ensure that client cash is separate from the working capital that keeps our business engine running smoothly, and we pride ourselves on this.
When booking any flight with a broker, you should consider the following questions for your financial security:
- Is your money held in trust immediately upon receipt?
- Is the client cash deposit account an entirely separate bank account?
- What protections are available if the company were to collapse?
- Is there an obligation for the company to top-up the shortfall in the client cash account in the event client funds has been spent?
- Are there additional charges imposed by your credit card company and how could this impact the overall pricing of your booking?
- If the client money is not segregated, will you need to pursue a tracing claim against the company to recover your money?
Our Finance Director, Stuart Manning, explains;
“The definition of the client money requirement is complex. The critical consideration is that, as well as including the ‘cash balance’ that the client has with Victor, the requirement also includes a sum representative of any net profits accrued but not yet paid on any open positions the company may have. In simple terms, we only recognise the profit (revenue less cost) based on the flight happening. We do not need to perform any complicated reconciliations detailing what money is client money and what money belongs to Victor. Ultimately, this means that should there be any cancellations of future flights, refunds can easily follow.”
No matter the currency you pay, or the details of your flight, fly with the confidence that your money is safe, secure and in the right hands.
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