Independent accommodation properties are over and over again
confronted with challenges that larger chain properties can stay away from or
manage effectively, because of their size, resources, and technology. Payment
processing is one of those difficulties, despite being a key piece in the
success of operating an accommodation property.
As hotel software technology
continues to develop and offer better solutions for all hotel operators, there
are still some significant pain points to know about, and a couple of potential
ways to deal with them.
Guest Expectations
Access to online technology and a digital world has modified
guest expectations in insignificant ways. They are looking for brisk and
seamless interactions and it's significant for hotel operators to deliver those
expectations— particularly with regards to payment processing— however, that
isn't yet the situation. According to a report by Statista, 51% of guests want
digital payment options at hotels, yet just 28% of hotel businesses offer
mobile payment options.
Regardless of whether it's offering various payment methods
or the option to digital payment guests are getting progressively loyal to the
properties that offer them the most comfortable and seamless Omni-channel
experiences.
Chargebacks and Fraud
Despite the fact that across the board utilization of chip
and pin innovation has assisted with decrease the number of physical payment
terminal comprises, numerous properties are still to a great extent
paper-based, accepting MasterCard authorization forms through fax or over
email. Physically recording and housing credit card numbers enormously
increases the opportunity of fraud and related chargebacks, and in a perfect future,
properties will never need to do this again.
Implementing hotel
software technology that permits properties to accept various payment
methods, for example, eWallet accounts can help reduce the risk of hotel
operators, while also profiting guests with alternative payment options. It's
additionally a smart thought to make a chargeback the management plan, which
would clearly outline a cancellation and refund policies, just as documentation
required for each transaction to keep up an adequate paper trail.
The PCI compliance
Requirements
The Payment Card Industry Data Security Standard (PCI DSS)
is the worldwide security standard adopted by digital card brands for all
vendors who process, store, or transmit cardholder information or validation
information, to diminish the risk of cardholders having their information
compromised or breached.
The PCI Security Council has delineated 12 stages required
to guarantee compliance, ensure your client’s information, and stay away from
penalties in case of a security breach, and as of January 1, 2019, all vendors
must process card approvals following PCI DSS form 3.2.1.
Consenting to these prerequisites can be overpowering for
independent hotel operators, who may not have the resources or infrastructure
set up to guarantee every one of the 12 PCI steps is being met. However,
working with a cloud-based hotel
software with a PCI compliant payment gateway can help actualize these
necessities or oversee them directly on their end, mitigating the pressure off
of hotel management.
Payment Integrations
Numerous small hotels will, in general, run their property
with multiple technologies, not understanding the productivity and financial
benefits they may accomplish with the investment in all in one integrated hotel
property management system
(PMS). A comprehensive PMS with payment gateway integration can help remove the
complexity of accepting payments by managing security compliance, fundamentally
reducing payment processing fees and automating manual processes.
Payment
Reconciliations
For small and midsized independent properties who might not
have an accounting team or complex hotel
accounting software’s in place,
reconciling everyday payment transactions can be a manual nightmare. Any manual
work leaves space for human mistakes, and resolving payment disparities can
take a great deal of time that could be vastly utilized in interacting and
creating remarkable guest experiences.
By investing in hotel
software and integrating payments will remove the headache and efforts
required for reconciliations, saving hotel operators time and revenue.
These are only a few basic challenges that independent
properties may face in regards to processing payments, yet with a couple of
process changes to payment-related investment, there are many ways these small
lodging properties can compete with the bigger chains, drive direct bookings,
and improve guest satisfaction.
Book a 30 minutes free consultation with our mycloud team to
understand how you can remove the complexity nature from payment processing,
save time on your reconciliations, or improve your property security.