A Pre-Pay Account is a great way of simplifying the process of confirming a private jet. There is no need to rush payments, sign or return agreements, whilst at the same time improving your position with an operator when booking an aircraft.
If you charter private jets less than three times or have ample time to search, review, and confirm options, arranging trips on a flight-by-flight basis may still be the right way to proceed.
However, cometh the hour when you need to get a confirmation and payment back quickly to an operator, you may find yourself pressed for time. During COVID-19, the premise of holding aircraft subject to contract, even for a short period of time, was a difficult task due to demand. Even today, during peak seasons, this remains the situation. So having a Pre-Pay Account removes the delay from acceptance to confirmation and reduces the risk of losing the availability of your chosen private jet.
A Pre-Pay Account also provides a better buying position within the entire market. With Jet Members, you are free to choose from any operator and are not confined to a specific private jet or airline. This is important as it allows you to move with the market, taking advantage of empty legs, discounted one-way trips, the use of new aircraft and operators, and simply pushing harder for a reduction in the overall charter price without importantly committing yourself to a preset amount of flying.
But unlike other Jet Card programmes that may be available, we wanted to offer a little more in return for funds being readily available. Our Pre-Pay Accounts offer additional levels of protection and rewards. From 2024, as a standard offering for pre-pay members, all flights will be carbon-offset without charge. Additionally, they have a €250 deductible cover on any de-icing charges and basic flight recovery protection on all their flights.
Pre-Pay Accounts also do not require large initial deposits, unlike aircraft leasing, fractional, or Hourly Jet Card Accounts. This also saves on the holding costs of capital. The only stipulation we request is that the account always remains in credit, and sufficient funds remain on account for your next projected flight.
A pre-pay account removes long-term obligations.
A big consideration is your long-term position. Given that your flying requirements may change over time, a traditional jet card program may not adapt to your needs and, in the worst case, leave you with unused hours and wastage potentially even being committed to the wrong type of private aircraft. Most members like the assurance that if they wish to close the account, it may be done so without penalty.
Anytime, Anywhere.
A Pre-Pay Account isn’t normally subject to operational regions, so you should be able to use the account globally. You can also use the account not just for private jets but for ancillary services like helicopter transfers, hotel accommodation, etc.
So what does a pre-pay account not provide?
A Pre-Pay Account is not a traditional Hourly Rate Account, which means the cost of the charter flight is dependent upon the notice given and the availability at the time of the request. In peak seasons, this can mean greater fluctuations on private jet availability, but the fact that there is no preset hourly rate removes the risk of limited availability.
For those with an assigned annual flying budget, a Pre-Pay Account still has merits, but it may be better to consider a capped hourly or protected hourly rate programme, which will provide you with a worse-case hourly rate even before your request has been received. You could just elect a basic fixed hourly rate package, but this would not return your savings wherever possible.
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So ultimately, what typical scenarios would best merit a pre-pay account?
Below are some of the most common traits of members who elect Pre-Pay Accounts. In simple terms, consider the reasons below for choosing the toppings of a pizza. It may not be necessary to pick every reason, but more makes a stronger argument, and who doesn’t love lots of toppings on a pizza?
Short-notice bookings
Bookings that are made outside of standard banking hours
Better buying position within the market against other on-demand users
Better buying position with operators
Open to a choice of different aircraft and operators
Faster booking processes
Ability of early termination and refundability
Lower holding cost of capital than traditional Jet Card and Fractional Ownership Programmes
Freedom to fly globally without operational or daily restrictions
Extra commercial protection from unknown events (de-icing / mechanical)
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For more information about our Pre-Pay accounts, please visit https://www.jetmembers.co.uk/our-membership-plans or call a member of our team on +44 (0) 1932 961 465.
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