How to redefine the travel experience

The travel industry has experienced unprecedented disruption as a result of Covid-19. In 2020 alone, the travel and tourism sector lost $4.5tn (£3.6tn) and 62 million jobs globally. As restrictions gradually lifted and borders opened, a spike in demand for travel is inevitable. Although this may seem like a positive step toward economic and social recovery, the travel industry is struggling behind closed doors. The pressure on the industry to return to “normal” means hotels face several new challenges. Cautious travellers, last-minute cancellations and refund requests require systems to be seamless in issuing real-time payments. The reality is that as of this year, 97% hotels are reporting staffing shortages and the current outdated systems are struggling to keep up with demand. Ultimately, during these turbulent times, more must be done to help businesses to get back on their feet. The needs of a modern travel industry Customer expectations have changed drastically as they emerge from pandemic life. Many see digital services as the “new normal”, so they expect this to be replicated when going abroad as well. Yet, as hotels try to meet these needs, without the right assets and processes in place, it’s proving a challenge. If you’ve been in the travel industry for a while, you’re probably getting tired of hearing people complain about how long it takes to get paid by credit card processors. Transaction values in travel are getting higher and systems are getting older. The manual processing of customers is one of the greatest pain points and hotels find it hard to collect and keep customer information all into one secure database. In the modern travel industry, businesses can no longer afford to use inefficient and dated payment methods. Sophisticated technology that automates routine payment processes is needed to help hotel operators reduce operational costs and allow them to be more efficient with collecting guest payments. Omnichannel services will also help staff to monitor and swiftly issue payments and be comfortably integrated into self-service machines, alleviating pressures for staff from the front desk. Innovative payments to the rescue As it stands, the travel industry should rethink travel, putting payments first as many other industries have done. The popularity of digital wallets, contactless payments, and Buy Now Pay Later (BNPL) methods has accelerated. Customers look for a simple, stress-free experience and don’t want to book a room at a hotel which doesn’t accept their preferred payment method or that lacks a guest checkout option. Without this wide range of choices, hotels will fall victim to their competitors as customers will go elsewhere. Swapping to an omnichannel end-to-end payment is the competitive advantage hoteliers have been looking for. A unified end-to-end payment process can help manage online booking fees and accommodation deposits. These fees can be collected swiftly, while customer data is easily tracked on a scale and recorded all in one place. Going global with currency As a hotel owner, the importance of multi-language payment should not be underestimated; it allows travel businesses to cater to both a local and broader audience, reaching new possible customers across the globe. Multi-currency payments are also important for any hotel business. This choice can attract customers who are more likely to decide when to buy, especially when it’s a currency they are familiar with. Finally, hotels that integrate Dynamic Currency Conversion (DCC) features on their website allow the customer to pay in their local currency and save money on exchange rates. Full payment transparency is shown on the terminal at the point of sale (POS), benefitting the experience of both the customer and the business. The benefits of embracing digital Implementing an innovative payment method has a multitude of benefits for hotel businesses. The centralised nature of end-to-end payments means transactions can be processed faster, and with a rise in late bookings and last-minute cancellations, hotel owners can easily accept payments and issue refunds. A centralised system can help with tracking real-time customer data, while complete visibility allows businesses to cater to every customer exclusively, including tailored support and opportunities to give rewards to returning customers. The result? The golden ticket to customer loyalty and retention. With unnecessary admin being largely taken care of, businesses can focus on high-priority tasks and ensure more can be done to improve the business. A dependable and trustworthy solution will reflect positively on your team experience that stands out as seamless and flexible. This is also a feature most customers look for in hotel stays and distinguishes one business from another. Sophisticated technology that automates routine payment processes is needed. This will help hotel operators reduce operational costs and allow them to be more efficient with collecting guest payments. Omnichannel services will help staff to monitor and swiftly issue payments where needed. In addition, multi-language and currency software automatically reduces time spent worrying about exchange rates and language barriers. The power of innovative technology can allow payments to be comfortably integrated into self-service machines, alleviating pressures for staff from the front desk. Innovative payments are the key As hotels brave the wave of post-pandemic customers, the movement to sophisticated technology will help to alleviate certain pressures. Providing a wide range of payment choices will help with customer satisfaction, as well as deal with front-desk management. Moreover, the transition to end-to-end payments will help in collecting and storing useful customer data, managing swift transactions. The further ability to alternate between language and currency will be a personalised feature customers admire and will help to entirely reimagine the traveller experience. This is not only an opportunity for businesses to encourage returning customers, but also the opportunity for your business to be an innovative frontrunner in the hospitality industry.

How to redefine the travel experience

By Craig Brightly, the head of sales at Trust Payments

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