Seamless customer experiences are now something that consumers expect across all industries and the travel industry needs to improve payment integration, especially at the point of check-out to ensure the solution is at the standard expected and offered across other sectors. Historically the travel sector has had huge issues with reducing shopping cart abandonment and increasing sales conversion. It is fair to say that for many airlines and other travel merchants, there are opportunities to improve the retail customer payment experience that will reduce dropouts.
Airline retailing, essentially selling new products in new ways both directly to customer’s or via intermediaries could be worth $40 billion by 2030. These retail payments are only part of the problem for travel merchants as B2B payments also need updating to allow a more streamlined solution for corporates, airlines, travel agents, hotel chains, car rental companies and many other travel-related businesses.
With B2B payments, merchants have historically struggled to process supplier payments, requiring unique information such as payment time, payment methods, or invoicing process. Whether travel merchants are pre-paying suppliers, paying them in multiple currencies, paying them on check-out or on receipt of an invoice, this is where we will offer a ground-breaking solution that will automate the whole process.
Payment orchestration offers the travel industry a significantly different solution compared to other options available as it will streamline not only B2C payments but also B2B payments. Combining both payments into a single view will help decision-makers identify and fix any inefficiencies in their current payment processes.