Top Criteria To Consider For Hotel Payments Processing Post-COVID-19

Jul 28, 2021

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. 

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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