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How virtual cards are shaping the future of hotel payments
Modern consumers are demanding more from their travel experiences.
With so many options now available, simply providing what consumers can find for themselves is no longer enough.
To attract travel customers, hotels and aggregators need to move from a convenience-focused model to an experience-led process, and payments are the key enabler.
This pressure applies across the travel ecosystem, from hotels to aggregators and tour operators.
While the airline industry has led the way in embracing payment methods like virtual cards to streamline payments strategy, hotels face unique challenges, including fragmented markets and increased fraud risk.
To retain consumers, hotels and their intermediary partners need to offer experiences that add tangible value – enough to justify the fees on which their models rely.
This shift is being accelerated by new tech such as real-time cross-border payments and virtual credit cards.
This enables intermediaries to create distinct, experience-led products and merchandising while reducing fraud risk.
For businesses connecting travelers to services, products, and accommodation, payments are a pivotal tool to control and shape the booking experience.
The ability to manage the flow of funds between customers, intermediaries, and hotels opens the door to flexibility for travelers, and security and visibility for hotels and their partners.
This definitive e-book from global real-time payments leader Nium explores how modern payments control and shape the travel booking experience.
It outlines the specific advantages for hotels and their intermediaries, and the wide horizon of new products and services created.
You will learn:
- Pressure on payments: enabling transparency, competition, and flexibility
- Why payments unlock new value for hotels and intermediaries
- The benefits of bringing hotel payments into real-time with virtual cards
- How to create a win-win for hotels, OTAs, and aggregators
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Learn more about : Nium ( Asia Pecific ) Nium ( N. America ) Nium ( United Kingdom )
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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How virtual cards are shaping the future of hotel payments