Why travel brands need to be preparing for a new payments landscape - 2 views

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  #1 csendra004 on 22 May 18

   

  https://www.hospitalitynet.org/news/4087450.html

   

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  #2 csendra004 on 22 May 18

   

  Module 3: This article discusses the potential future of various payment methods and the recent innovations for companies obtaining payment. Within the hospitality business there are numerous ways of obtaining payment from credit cards to online payments and bank transfers. The caveat in having with various payment channels is that there could be an increase in confusion if the processes aren't aligned properly. However, the pros do outweigh the cons in this instance because it can reduce fraud, obtain better conversion rates and improve data gathering. According to the article, choosing payment methods should be part of the company's "localization strategy" making the transaction more seamless and creates consumer trust. With the ongoing innovations in payment processes, now consumers can make purchases with their mobile devices like Apple Pay and they can also make purchases via social media. By adapting to these innovations, the companies could enhance their consumers experience since the "transaction" will be seamless. As I mentioned before, the caveat in offering numerous payment methods is that it can be confusing. If the payment methods aren't aligned with the brands software, then it can get complicated for the consumers. Also having too many payment methods can also clutter the payment portion of the transaction.

   

  <div class="cArrow"> </div><div class="cContentInner">Module 3: This article discusses the potential future of various payment methods and the recent innovations for companies obtaining payment. Within the hospitality business there are numerous ways of obtaining payment from credit cards to online payments and bank transfers. The caveat in having with various payment channels is that there could be an increase in confusion if the processes aren't aligned properly. However, the pros do outweigh the cons in this instance because it can reduce fraud, obtain better conversion rates and improve data gathering. According to the article, choosing payment methods should be part of the company's "localization strategy" making the transaction more seamless and creates consumer trust. With the ongoing innovations in payment processes, now consumers can make purchases with their mobile devices like Apple Pay and they can also make purchases via social media. By adapting to these innovations, the companies could enhance their consumers experience since the "transaction" will be seamless. As I mentioned before, the caveat in offering numerous payment methods is that it can be confusing. If the payment methods aren't aligned with the brands software, then it can get complicated for the consumers. Also having too many payment methods can also clutter the payment portion of the transaction.</div>

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