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Jul 12, 2022
A payment system is not just a tool for enabling transactions. It’s a customer focus technology that can also bring order to your PMS. Alexey Shalimov, CEO, Eastern Peak Software Image Online payments are nothing new these days. In fact, such a method is what all clients come to expect from businesses. Yet, not all hotels view their payment functionality as a priority. This is a mistake. The payment process is the last point of interaction between you and your clients. Thus, failing to manage this step properly may cost you revenue and potential clients. Today, people value convenience. No one wants to deal with long queues or baffling booking systems. Having to wait at the register or dealing with an outdated, confusing payment process online will discourage people. They may even choose to spend their money somewhere else. In addition, the lack of order in hotel payment systems also affects the workflow. Hotel employers have to become multiple systems experts while taking care of clients’ needs. It’s a tough job to handle. By introducing fast pay hotels you will increase efficiency, enhance guest satisfaction, and build higher revenue. So, here’s how and why you need to reshape your payment process. Main Methods for Hotel Payments The current hotel payment options have grown rather versatile. Thus, one can pay with card (debit or credit); online, meaning virtual payments. In addition, a customer can pay directly to the hotel or book via a third-party site (often a travel agency). The latter transactions are possible via online payments only. Ideally, a hotel should have each of these options available. Thus, hotels that let you pay cash and only cash ultimately lose to businesses with various payment methods in place. Not many customers, international tourists especially, want to carry large bills in their pockets these days. Most travelers choose credit cards or e-wallets instead. Like that, contactless and online payments have become the new norm. People prefer to pay for hotels with Google Pay, Apple Pay, or other online wallets. It’s easier, faster, and more convenient. Thus, above all, hotels should focus on enhancing their cashless payment methods. However, such a transition will require a flawless hotel credit card processing system. Challenges and How to Overcome Them Any hotelier knows that no payment technology is perfect. So, these are the most common drawbacks hotels encounter. Outdated or manual payment systems Accommodating new payment methods can turn into quite a challenge. The payment market is developing faster than most businesses can catch up. Yet, customers expect you to respond immediately. The absence of a preferred payment method can be a deal-breaker for many clients. Also, hotels will suffer the consequences of having limited payment methods, no currency conversion, unavailable international payments, etc. These which seem to be secondary factors, can cost business revenue losses and challenge their reputation. At the same time, many hotels struggle to stay in sync with modern digital transactions. Some fear facing new fraud schemes. Others view it as an unnecessary cost. Many hotels simply lack insight into new payment technology. However, ignoring the change and failing to innovate comes at a high price. Multiple systems Managing multiple payment systems can be confusing and time-consuming. It’s especially true in the case of mixed payment systems when hotels keep offline and online methods. Thus, such conditions increase the chances of errors, miscalculations, and length adjustment to an integrated payment system. Safety Safety and security are two major constant challenges for hotels’ payment methods. Any hotelier always faces a chance to fall for fraudulent actions. Of course, no payment system can guarantee 100% protection from that. Yet, the most modern systems have developed a highly regarded reputation for keeping you out of trouble. Such technology comes with advanced security practices and fraud detection functions. Customer expectations Often, the biggest challenge for hotels, in general, is to please their customers. Payments are not an exception here. These days customers expect a lot from paid services. It starts with the convenience and accessibility of payment methods. So, the challenge here is to enhance customer experience by providing them with the most convenient payment system of their choice. Benefits of an Integrated Payment Solution There is no need to suffer from the aforementioned challenges long-term. Hotels can find a simple and advanced solution to their payment situation. They can switch to an integrated payment. Such a setup combines a frictionless payment process with a comfortable management system. Here are some of the many benefits of an integrated payment solution. Security and efficiency Business owners will find an integrated payment solution much more secure. Such a system will reduce any chances of human error, fraud, and cash shortages. Fewer errors mean a decrease in chargebacks. Also, employers will spend less time fixing mishaps, and more time assisting clients. Faster transactions Cashless methods are all about speed. Hotels that accept Google Pay and other online payments have fewer queues and better service. Plus, employees won’t have to deal with complex systems, chargebacks, etc. All these time-wasters will be a thing of the past. Moreover, an integrated payment system gives you a single platform to operate all the transactions. Thus, management of scattered issues across different systems will be eliminated. Higher customer services An integrated system will allow a faster and easier payment process for your clients. A chance to pay for a hotel online or in other popular payment methods will elevate customer experience and increase the satisfaction level. It shows that you can accommodate your clients’ needs and keep up with the changes. Increased revenue Sure, introducing changes, like switching to an automated payment processing, can be costly. Yet, you will save more money in the long run. Booking a hotel with a credit card online is much more convenient and faster than waiting at the front desk. Thus, you lose fewer customers and increase their satisfaction with the provided services. The happier your clients are, the higher your revenue is. The Bottom Line A payment system is not just a tool for enabling transactions. It’s a customer focus technology that can also bring order to your PMS. However, one needs to keep up with the times to achieve a satisfying payment experience. By prioritizing a modern approach toward payments, you invest in the future of your hotel. Thus, a modernized and unified system can favor guests’ needs while reducing the hotel’s management issues. It provides you with higher data security, faster transactions, efficiency, and convenience for the guests. The enhancement in all these areas will advance your business and lead you to the future of the hospitality industry .
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