When managing revenue, Hotels are confronted with a series of limitless options that could make or break the financial structure of their business. A clear revenue management strategy can reduce wasted time, automate responses to market fluctuations and unlock pockets of hidden revenue in your Hotel.
As Hotel prices are a key influencer over travellers purchasing behaviours and park profitability, it is obvious why investing in the right revenue management strategy is undeniably crucial to the success of a hotel business. Revenue strategy is often overlooked as a determining factor in successfully executing and analysing suitable hotel revenue structures and channels. Based on the tools available to a manager and depending on the advancement in technology, managers will either be making decisions based off highly informed data or only get a snippet of data to produce an accurate revenue report. A PMS needs suitable revenue management tools encompassing elements to financially grow hotel businesses and ensure managers have the right tools to do their job. It should help identify the forces that dictate yield, produce an accurate pricing strategy, encapsulate a broader market share, and build a concrete relationship between your business segments.
Part of maximising revenue is having a payment solution that is fully integrated to your PMS, which saves you both time and money. The launch of RMS Cloud's new product feature, RMS Pay, was derived from industry feedback to simplify payments - reducing manual labour, automating payment requests and making getting paid by guests on the go as easy as reading a text message. RMS Cloud designed RMS Pay to support property operators in creating a coherent revenue management strategy that worked. "It is the missing link to connect all your revenue in one place", said Duncan Waterman, Global Business Development Manager at RMS Cloud. The RMS Pay product is an integrated solution that links up each payment touch point at your hotel from online bookings, EFTPOS at your front office and any point of sale at your hotel. One of the highlighting benefits that make RMS Pay so desirable to adopt into a revenue management strategy is its 'RMS Paylink' feature that gives office staff the power to accept payments quickly. The technology is designed to save time at the front desk and get paid faster with a direct and secure link sent to guests' smart devices.
RMS Pay has saved many hotels a lot of time over the peak summer months," said Waterman. "Hearing this feedback was very satisfying, as this was one of our major goals with the product when we launched it. Hotels using RMS Pay as their single payment solution no longer have any annoying balancing issues at the end of the day. RMS Paylink, within RMS Pay, is also growing in popularity as a super effective way to send a secure payment request to guests by SMS or email.
- Duncan Waterman, Business Development Manager, Global, RMS Cloud
Utilising a highly-intuitive revenue technology enables your management team to break out financial segments and collaborate on different departments across your business, giving you deeper insights into cost-effective efficiencies and time-saving benefits. The technology with RMS Pay seamlessly reconciles your EOD settlement report on one screen, collating all figures from the last 24 hours. The payment gateway is certified with all major banks and is PCI DSS compliant, giving confidence to both guests and operators that their payments are safe, easy and secure. RMS Cloud has also considered the guest experience with a user-friendly interface that makes it easier for hotel operators to take payments without confusion.
RMS Pay is available now to RMS Cloud Australian hotel customers and is an asset to any hotel business when linking your revenue all in one place for an effective revenue management strategy.