Payments Have Become a Make-or-Break Factor in Travel
Summary
Modernizing payment systems is crucial for hospitality businesses to improve guest experiences and boost revenue, according to a Skift and Stripe report. Key trends include offering diverse payment methods, including installment plans and frictionless checkout options. Failure to adapt may lead to lost revenue as competitors embrace new payment solutions, especially with AI-driven booking. Hospitality brands must pick a payment infrastructure partner who will stay ahead of payment trends.
Key Insights
- •Customers are increasingly expecting localized payment methods, installment payment options (buy now, pay later), and frictionless checkout experiences.
- •Many hotels report that the 'pay' button doesn’t work for up to 20% of customers because their payment systems aren't modern.
Action Items
- ✓Pick an infrastructure partner for your business that you’re confident will be at the cutting edge of R&D for the next generation of payment solutions.Effort: mediumImpact: high
- ✓Consider implementing a modern payment system that offers various payment options to enhance guest experience and capture more revenue.Effort: mediumImpact: medium
Tools & Resources
- →Skift & Stripe Report: A new report from Skift and Stripe reveals how profitability hinges on innovative payment strategy.
Common Mistakes
- ⚠If you don't offer modern payment options, such as buy now, pay later, your competitors will, and you risk losing customers.
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