First impressions can have a lasting impact on the guest experience, so start it off right. When your business provides guests with a frictionless payment experience that makes it easy for them to pay in their currency of choice, you help keep them looking forward to their travel.
The impact of fees on your business
Credit cards and wire transfers are popular payment methods, but the merchant and incoming wire fees that come with them can quickly eat away at your revenue. A fee of 2% to 5% is incurred when your guests book their trips with credit cards, but your business will not have the option of assigning who it will be covered by. For guests who choose to book via wire transfer, banks typically charge your business between $15 and $30 per wire transfer.
The impact of fees on the guest experience
Your guests face a number of fees throughout the payment process, starting with booking fees. These charges can be frustrating because the final cost ends up not being the same as what was originally advertised, signalling a lack of transparency to the guests. A payment solution platform can address this challenge by providing an actual total amount in the guest’s local currency, in turn creating a better guest experience.
International wire fees from the sending bank can also result in charges to your guest, often ranging from $10 to $30. When guests make a payment using a credit card that is not denominated in their local currency, they may be charged a fee for the currency conversion. In addition, credit card processors use their own FX rates, which may not be beneficial to your guest, and may even overcharge them.
Solving the challenge of fees
Despite these challenges, fees don’t have to be a deterrent to your guests. When you have the right payment solution, your guests get flexible and convenient payment options and visibility into costs, and your business gets an efficient and customizable payment process.