Digital payments are causing massive shifts in payment processing throughout the hospitality industry. Consumers are increasing pressure on service providers to offer more digital payment options that are convenient, faster, and safer. Research indicates that digital payments will be worth $132.5 billion by 2025, growing at a rate of 17.6% during this time.
With this rise in demand and the potential for efficiency improvements, service providers are also moving with the momentum to change up their payment processing strategies. Some of the more notable changes in the industry include:
Integration of PMS with Payment Portals
One of the advantages offered by digital payment methods is the potential for integration with other management systems. A lot of vendors in the hospitality industry are getting rid of extra hardware and paperwork by integrating their property management systems with payment platforms that manage both payments and boarding information.
Adopting Online Payment Methods
According to statistics, the online shopping market size will rise to 4 trillion by 2020, and 77% of all consumers prefer using card payments over cash payments. These dynamics are also reflective of the trends in the hospitality industry as more hotel owners invest in online card payment platforms to make the check-in process much more straightforward.
E-Wallets are becoming Increasingly Popular
Apple Pay, Samsung Pay, and Google Pay have taken the market by storm with the development of their digital wallets. Considering the rise in the use of smartphones, the increasing adoption of digital payments, and the consumer’s preference for e-wallets, hospitality business owners are now opting for contactless payment and e-wallet transactions.
This is a move that’s much more popular in the retail industry, but e-wallets will likely take over the hospitality industry as well. Your consumers are looking for convenient payment methods, and e-wallets are one of the top choices across all your demographics.
Customers Want a Seamless Payment Experience
While it may seem trivial, even a little unsafe, the modern hotel customer is more willing to give you their credit card information to store. Instead of going to the checkout desk and handing their credit cards to the cashier, they prefer that you charge them for whatever bills were incurred during their stay.
For this reason, many hotel owners are now offering these secure platforms that store credit card information and charge the customer after informing them. This makes the whole payment process much simpler than the traditional face-to-face interaction with the hotel cashier.
If you’re looking to adopt digital payment methods at your hotels and hospitality businesses, get in touch with UIC today. We’re leading payment platform developers, offering a wide range of products, including semi-integrated payment devices, mobile payment devices and secure payment software development. Speak with us today for more information.