Why payment strategy is so important in the hospitality industry

Payment technology has developed so quickly that it has become imperative to implement a strategy which minimises hassle and optimises customer experience. This is especially the case in the hospitality industry: whether you are serving a local restaurant guest or a foreign business traveller, the same focus and attention needs to be given to both sets of customers.
Maximising convenience

The more convenient your payment process is, the more likely it is that your customers will be satisfied, and therefore consider using your business again. It is vital to provide seamless card acceptance, from either a stationary or mobile payment terminal. For example, in the case of a bustling restaurant, by implementing an infrastructure which utilises features such as currency conversion, or automatically managing tips, you can make your payment strategy far more efficient. Furthermore, adding the possibility of being able to split bills across different cards provides a more sociable way for customers to pay.

Broadening payment options

It is also vital to consider the payment options which are available to your customers, as the hospitality industry thrives on the custom of business travellers. For example, given the increased presence of travellers from many countries, it could be important to think about preferred payment methods to cater for these individuals. As preferred payment methods are quickly transcending from card to mobile, it has never been more necessary to offer the option to provide a mobile commerce option. In China, it is estimated that around 47% of phone users, opt for mobile payment [https://www.paymentscardsandmobile.com/mobile-wallet-global-usage-statistic/]. The two biggest companies in the world for mobile commerce are Alipay and WeChat Pay with an estimated one billion users between them. Worldwide transaction value via mobile payment was $2,211 billion and is set to rise to $8,961 billion by 2020.

Incorporating other sectors

The use of mobile phones is so prevalent in society now that the hospitality industry can gain a lot from them. They are the perfect vehicle for people to enhance their experiences when visiting locations around the world. It can be beneficial for a business to incorporate payment options for other services in the local area, and this is particularly relevant for the hotel industry. For example, selling tickets for tours, and other attractions, and even developing partnerships with restaurants over possible deals can all help. Developing an app for booking a room, checking in and out, leaving reviews and advertising offers in the local area means that your approach can be centralised.

Acknowledging and considering your payment strategy more holistically can really help to increase the efficiency of your business and improve your customer satisfaction. Get in touch with Valitor to find out how we can make buying and selling easy. www.valitor.com