Hospitality Should Not Remain The Last E-Commerce Industry Regarding Prepayment - 0 views
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High cancellation rate: According to a recent research by D-EDGE, over 23.5% of the bookings of independent hotels and 35% on-the-books revenue is cancelled before arrival.
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Fraudulent Bookings: As the booking is not engaging the end user, some hotels may be the victim of unscrupulous visitors booking long-term stays (20 days or more) just to feed their Visa's demands for example
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High cancellation rate: According to a recent research by D-EDGE, over 23.5% of the bookings of independent hotels and 35% on-the-books revenue is cancelled before arrival.
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Fraudulent Bookings: As the booking is not engaging the end user, some hotels may be the victim of unscrupulous visitors booking long-term stays (20 days or more) just to feed their Visa's demands for example
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widened the form of payment accepted.
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D-EDGE and PayPal have partnered to enable hoteliers to accept payments quickly on their hotel website, from almost anywhere around the world, in a secure manner.
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The account creation process is very fast and hoteliers can then start accepting payment instantly on their booking engine from almost anywhere around the world.
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The articles goes over why Hospitality should start making pre-payment the norm in the industry. The examples given are because of high cancellation rates, fraudulent bookings, and cash flow impact.
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This article discusses the massive amounts of lost revenue experienced by hotels due to their outdated methods of collecting payment. By requesting guests to pay after the duration of their stay they are leaving up to 35% of "on-the-books" revenue to be lost due to cancellations, fraudulent bookings, or invalid credit/debit cards. By allowing guests to pay for their stay at the time of booking they are collecting payment sooner and reduce cancellation risks.
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The article discusses how hotels are one of the E-Commerce industries where payment is predominately received after the service is provided and not at the time of booking/purchase like most e-commerce businesses. This practice has hindered revenue growth over the years due to fraudulent bookings, long lead times affecting cash flow, and high cancellation rate for reservations. Which is why hotels should aim to further encourage payment at the time of booking, which according to D-EDGE (a cloud-based e-commerce company & booking engine) can be done by increasing the number of payment options, exemplified by their partnership with PayPal, that enables hotels to accept payments fast and securely by integrating the widely used PayPal platform to the hotel's website.
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This article is about the importance of changing the way payment is done in the hospitality industry. There are negatives to paying after you have completed your stay. It includes people canceling before stays and people booking without any intentions of staying at the hotel.