The travel industry is going through a renaissance. Not only are people who used to travel coming back, but Millennials are also discovering the wonder of travel. But even with a new generation spending thousands in disposable income on travel, many companies still use old payment processing services to manage their client’s accounts. A continued reliance on checks and corporate credit cards exposes agencies and clients to a higher risk of fraud, reconciliation issues, “breakage,” and also limits potential partnerships with suppliers who prefer to use updated payment processing systems.
Despite an advancement in payment processing technologies, about 40 percent of hotel bookings still use direct billing with manual payment, and manually track all bookings, accounts receivables, and invoices. As a result, many of these travel agencies spend more money on staff and resources to deal with invoice reconciliation and other payment issues. The agencies also lose a higher than average rate of commissions on hotel bookings, which is often attributed to manual accounting practices.
Travel merchants searching for updated payment processing should consider online payment processors like eMerchantBroker to increase profits, customer satisfaction, and reduce instances of fraud. EMB has helped thousands of small and medium-sized businesses attain advanced payment processing solutions. EMB offers a wide selection of Payment Gateways, Check Processing solutions, Business Funding, POS Solutions, and a full support platform. EMB’s full suite of electronic payment processing solutions that will help virtually any merchant accept credit cards and electronic checks.
Travel agencies can now have payment technology solutions that allow small to medium-sized travel agencies to decrease the risk of fraud and errors, automate a variety of tasks, and provide owners with more control over cash flow management. The travel industry has managed to become relevant again, and now must adapt to the needs of consumers who demand faster, safer payment processing. EMB will protect the private information of your customers and give you access to superior payment processing technologies that will enhance your payment processing capabilities. Start your travel merchant account today and get professional, 24/7 protection and support from EMB.