4 Ways To Build A Better Payments Strategy
It has never been more critical to offer your customers a frictionless payment experience. Post-pandemic, all players in the travel industry have had to face one undeniable fact: digitisation is the way forward. For some travel firms, digitisation was already happening pre-pandemic. But for others, a digital payments strategy was entirely reactive to the sudden shift instigated by the pandemic. So, how do you build a better payment strategy that meets all stakeholders’ needs, including customers, acquirers and suppliers?
Trust Accounts: Building Consumer Confidence
post-pandemic, trust accounts are growing in popularity. As insurers exited the market en masse, travel companies had to find a way to fill the consumer protection void, and many turned to trust accounts.
Trust accounts have several benefits. For example, they make it easier to manage funds, supplier payments and cash flow, giving you more control over your business’s financial management. Another crucial benefit of trust accounts is that they are one of the most affordable ways to provide financial protection in line with the Package Travel Regulations, they also provide a clean security for merchant account providers
One challenge facing travel companies is cart abandonment. To reduce cart abandonment, travel firms must implement multi-
currency pricing. Multi-currency pricing reduces transaction costs, simplifies foreign exchange, makes it more convenient to handle payments, increases processing speed, and, most importantly, provides a better customer experience.
Suppose you’ve been putting implementing multi-currency pricing off for a while. In that case, this statistic might convince you to get moving: One survey found that almost 25 per cent of travellers would end a transaction at checkout if the price isn’t displayed in their local currency.
Fraud is on the rise. As a result, fraud experts are urging travel companies, in particular, to invest in fraud tools to protect themselves and their customers in 2023 and beyond. Sadly, fraudsters are more likely to target smaller travel firms, as they are less likely to have implemented effective fraud prevention systems. Thankfully, travel providers now have several options available to them when it comes to finding an affordable fraud protection solution.
Moving Funds Easily
To save you time and unnecessary stress, you should implement a payment strategy that makes paying suppliers and agents easier. Unfortunately, this process can be overcomplicated, especially if customers reschedule their travel arrangements or require a refund. Thankfully, there is a solution—partnering with a travel payment provider will allow you to move funds easily.
The Solution? Trust My Group
Building a better payment strategy shouldn’t feel impossible. You’ll be pleased to hear that there is a straightforward solution. Partnering with Trust My Group allows you to implement the above steps to ensure your customers have a frictionless payment experience.
Trust My Group was created to protect travel. The pandemic showed travel industry players that more must be done to safeguard the journey from booking to experience, and that’s what we’re doing. Trust My Group provide travel companies and customers will layered protection to ensure the travel value chain is protected. If you’d like to learn more about Trust My Group, please don’t hesitate to get in touch with us to discuss your requirements in more detail.
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