Tuesday, February 27, 2024
Maestro PMS, recognized as a premier provider of integrated, cloud-based, and on-site property management solutions for boutique hotels and high-end resorts, announces a transformative shift in hotel payment processing. There’s a growing recognition among independent hoteliers of the need to overhaul their payment processing strategies. Traditionally, integrating payment processes closely with a hotel’s main systems has posed challenges for independent operators, despite the significant advantages it offers in operational efficiency. The industry is gradually moving towards recognizing the importance of seamless payment integration, enabling direct linkage of payment functions with a hotel’s sales systems, although this integration requires a digital coordination to facilitate transactions. The emerging trend of embedded payment solutions is set to redefine how independent hotels manage costs and streamline customer transactions.
“Embedded payment processing takes integrated systems to the next level by allowing hotels to source one provider for management software and payment processing capabilities,” said Warren Dehan, Maestro President. “Embedded solutions allow businesses to curate their own checkout experience, meaning no more bouncing from a hotel’s branded site to a third party to handle transactions. Guests prefer this approach to payments for a variety of reasons and are more likely to associate their purchase with a business or brand rather than a merchant this way.”
Embedded payment systems offer additional advantages, including enhanced financial reporting accuracy and the consolidation of all purchasing data within one system. This approach not only provides hotels with deeper insights into their clientele but also enhances data security and bolsters consumer confidence, encouraging further spending.
In-House Management
Previously, independent hotels have seen the value in utilizing third-party payment processors to democratize access to payment solutions, despite the introduction of certain obstacles. Redirecting guests to third-party payment interfaces can disrupt the purchasing experience and potentially deter buying decisions due to a lack of cohesive branding. Adopting an embedded payment solution offers a unified transaction experience, potentially improving conversion rates and fostering additional guest spending opportunities. This method also minimizes distractions during the checkout process and retains guest engagement more effectively.
“Embedded systems also have the potential to improve the security of guest information tied to payments by reducing the number of channels a transaction must traverse before business can conclude,” Dehan said. “With money changing hands fewer times, there are fewer opportunities for guest data to be compromised. Additionally, avoiding third-party interactions also increases the perception of security when payment processing is concerned. Increasing positive perceptions about data security will be paramount to raising consumer confidence in hospitality throughout the current business cycle.”
Furthermore, adopting embedded payment solutions grants hotels exclusive access to valuable customer data, offering insights not readily available when partnering with external payment processors. This direct data access enables hotels to closely monitor financial transactions within their ecosystem, enhancing financial reporting and operational insights.
Consumer Expectations
Today’s travelers seek a seamless and consistent payment experience, aligning with their expectations across various service platforms, including airlines and rideshare services. Embedded payment systems not only meet these expectations but also authenticate the hotel’s brand, opening up new avenues for revenue through the direct promotion of additional services and amenities. This integrated approach allows for effective cross-selling and up-selling opportunities through a unified shopping cart and purchasing journey.
“Hotel operators should inquire with their PMS providers about embedded payment options and their potential to enrich the hotel’s data and payment framework,” Dehan advised. “Embedded payment systems represent the future of hotel payment processing, offering a holistic approach to managing guest data and enhancing the overall guest experience from start to finish. These solutions are now accessible for forward-thinking hoteliers.”
Saturday, April 27, 2024
Saturday, April 27, 2024
