It has been found that most hoteliers handle their payments outside the hotel’s daily business operations and don’t rely on a payment gateway. This leads to disordered payment systems.
Payment processes in themselves can be complicated, costly, and time-consuming. There are many critical points to satisfy, such as a customer’s preferred form of payment and any security issues to address.
In order to stay competitive, hoteliers must constantly accommodate the demands of the market and determine what the newest trends are in order to provide the best customer service possible. Alongside being customer-centered, the hotelier must also consider how their choice in payment solutions could affect their overall operations and their sustainability as a business.
Criteria To Consider When Choosing A Payment Solution
Just as it is important to consider rates, inventory, and room availability, hoteliers should give careful consideration to payment solutions that will simplify the “end-to-end guest experience.”
This solution should also have the capability of integrating with the current operating systems, enhance the hotel’s cash flow intake, and also be equipped to scale up further down the line. As technology continues to evolve at a rapid pace, it is crucial that the right solution will meet their current needs and adopt new payment technologies.
Let’s look at other criteria to consider when choosing a payment solution:
- Guest Preference
Before you choose your payment solution, you must be familiar with the guest’s journey. Consider the ways in which guests prefer to pay and reflect on their concerns for privacy, the guest experience, and how their personal information is used.
- Operational Performance
While making sure that you deliver a memorable customer experience, it is also critical that your operational processes are being delivered in the most efficient way. Your current payment method offerings should reflect this.
- Cash Flow
Before you sign the dotted line, make sure you are well-familiarized with your payment solutions provider’s payment terms. This will guarantee that you will receive your funds in a punctual and consistent manner.
- Security and Compliance
In the hospitality industry, credit card payments are typically the source of fraudulent activity. Ensure that your provider offers compliance and security to protect your guest’s payments. By not doing so, you not only risk losing money, but you can also risk destroying your brand reputation.
- Long-term Relationship
Another element that is of extreme importance is the ability to form a lasting partnership with your payment service provider. This begins when the provider offers onboarding and data migration services. You should also have a provider you can count on when you hit a rough patch with your payment processing. Knowing that someone is just a phone call or email away is essential.
Find What Works Best For You
The operation of a hotel is just as distinct as its owner. That is why you must seek out a provider that will fit your specific needs.
In this post-Covid-19 climate, something that will apply to all hotels is that the guest experience will be moving more towards digital and contact-free payments. Hotel owners must have the technological capabilities to ensure that guests can have the option to not touch possibly contaminated surfaces. The elimination of signatures collection can also lessen cardholder contact among other safety measures.