Payment technology is evolving and shaping how the accommodation industry connects with guests and collects payments. Creating a secure, integrated and convenient digital guest journey is the future of payments.
The hospitality industry is rapidly changing, and property operators must adapt to the latest payment processing technology to stay ahead of the game. The key to a successful payment solution is providing a seamless digital guest journey that is secure, integrated, and convenient. To help you stay up-to-date with the latest trends in payment gateways, we've outlined some future developments that can enhance your operations and ensure customer satisfaction.
Secure and easy payments with Digital Wallets and Virtual Credit Cards
In the accommodation industry, payment gateways are quickly moving towards a more seamless digital guest experience characterised by integration, security, and convenience. Digital wallets and virtual credit cards are shaping how payments are being processed and offering a safe way for guests to pay for their stay while allowing management to make quick and easy upsells.
Digital wallets provide conveniences that are a win-win for both operator and guest. By simply tapping their phone, guests can ditch their physical wallets and purchase anything from the palm of their hand. Operators can connect to some of the major digital wallets such as Apple Pay, Google Pay and Samsung Pay that meet the demands of any traveller without the need to collect payments in person, making it safer and faster to get paid and include easy upselling.
Virtual Credit Cards (VCCs) will become more predominant in the industry, mainly when operating with OTAs such as Booking.com. VCCs are digital versions of traditional credit cards that allow users to make online transactions without using their physical credit cards. Instead, VCCs generate a one-time-use credit card number and security code that can be used for a specific transaction or a limited period of time. By utilising VCC’s OTA’s and operators can offer an additional layer of security, reducing the risk of fraud and keeping the guests' information safe.
Integrate your payments with a smart PMS
Integrating payments directly with your property management system (PMS) is proving to be the most secure, fast and convenient way for property owners to process payments, reconcile end-of-day and grow revenue. By streamlining the payment journey, property operators can offer guests a smoother check-in and out process and increase ancillary revenue potential with upselling and add-ons into the user journey.
One of the most significant benefits of integrating payments with a PMS is it allows property owners to manage all transactions from a single platform. This means that they can easily track payments, refunds, chargebacks, and other financial transactions without having to cross-reference between different software. By partnering with a smart PMS, you can also enhance your security measures, such as tokenisation, which replaces sensitive card data with a unique token, minimising the risk of data breaches. Bringing your two biggest operational processes under one roof will make the guest experience more seamless, streamline operations and make your payments more secure.
Payment processing is becoming simplified through automation technology and is a critical digital trend that's here to stay. Guests want a smooth and hassle-free payment journey that allows them to focus on enjoying their stay and having their desired demands met. Whether it's through mobile payments, an app, or storing their preferred payment choice in the PMS, property operators must strive to make payments as seamless as possible.
With the right PMS in place, property operators can set up automated payment schedules that allow payments to be processed automatically and notify the guest they have paid for their stay, eliminating manual labour and human error. Further, operators who can offer customers Pay By Link options with triggered correspondence will gain enormous efficiency in managing advance payments and ultimately streamlining check-in.
The payment gateway industry is rapidly advancing, and the hospitality sector must stay abreast of the latest payment processing trends to provide guests with an exceptional digital experience. Payment technology is integral to the future of a guest's journey, and operators must be secure, integrated and offer convenient payment methods to be successful. To stay ahead in the digital age of payment processing, operators should be aware of the upcoming payment trends and the ever-shifting guest demands. These payment trends will not only benefit operations but also enhance guest satisfaction.
Learn about RMS' advancements in payment integrations and how to adopt the latest technology in RMS Pay.