3 Things You Need to Know about Paying for Travel in Tomorrow’s Marketplace

Posted by Peter Hilliard on December 7th, 2017

3 Things You Need to Know about Paying for Travel in Tomorrow’s Marketplace

The travel industry rarely stands still. It’s constantly evolving, driven by technological innovations and shifting demand from consumers. One of the areas that’s the most prone to change is payment processes.

In this article, we’ll explore three ways the payment landscape is changing and what you can do to make the most of these transformations:

 

1. Be Prepared to Embrace Globalized Cross-Border Spending

The traveller of today and tomorrow is an international one, ready to expand their horizons by venturing outside of their own country. Global travel spending rose almost 3% in 2016 and is expected to continue at that rate, exceeding $1.8 billion by 2030.

Tour operators need to be ready to seize this opportunity and handle the demand. This will mean accepting payments in a range of currencies and ensuring transactions are quick, simple, and secure.

2. Consider Alternative Technologies and Forms of Payment

Although credit cards are still the go-to sources for many travellers, there are some emerging innovations that are attracting attention in the industry:

  • Digital Wallets: The most popular product so far has come from Apple, although Google and Samsung have both tried their hands.
  • Mobile Solutions: Many banks are already working on smartphone-based apps that let customers make transactions using their phone, and some companies have also been testing the waters with third-party mobile payment platforms. Finnair, for example, has trialed Alipay onboard flights between Helsinki and Shanghai.
  • Cryptocurrencies: Bitcoin has started to develop a foothold in the market (both AirBaltic and LOT are examples of companies that have tested them), though these types of cryptocurrencies have a long road to travel before they’re widely accepted.

Keep in mind that not all of these developments will be right for every business. There are a range of factors you should consider—security, ease of implementation, long-term viability, market interest, and more—before deciding which types of new technologies you incorporate into your business model.

 

3. Simplify the Path to Purchase, but Be Ready to Welcome Customers at Different Stops along Their Journey

 

The modern traveller can be a riddle. They want a booking process that’s simple and straightforward, but it also needs to allow them to make decisions whenever and wherever inspiration strikes.

In order to handle these complex and on-the-go itineraries, make sure that travellers can:

 

Impressing travellers with everything your tour has to offer will help it stand out and make them more likely to keep your activity high on their travel to-do list.

Trust the Right Tools to Drive Future-Proof Success

DataTrax’s tour operator software is designed with security, functionality, and reliability in mind—putting you in control of your business’s growth and day-to-day operations:

  • Customize your administrative portalto adjust payment types, products, prices, locations, agents, categories, and more.
  • Accept secure payments from anywhere, at any time, and in a wide range of currencies (including local tenders).
  • Access real-time analytics– sales reports included – to take effective action influenced by on-the-ground realities.
  • Grow your distribution networkby easily partnering with vendors like hotels and online travel agents (OTAs).

Our booking software is integrated with Trust My Travel, a regulated provider of payment solutions that ensures the safety of travellers and tour operators alike. Trust My Travel provides global services that are validated by the Financial Conduct Authority (FCA) to ensure maximum security. DataTrax is also registered with both Visa and MasterCard as a PCI DSS Level 1 Service Provider. PCI DSS compliance is required for any organization processing, storing, or transmitting cardholder data on behalf of their clients, but DataTrax is one of the few tour operator software providers with Level 1 distinction.

Staying on top of emerging trends will help your tour maintain a competitive edge, captivate a greater number of travellers, and generate more sales.

At DataTrax, we design tour operator software and booking solutions that will help you make the most of evolving opportunities and grow your business today and into the future. Contact us today to learn more about our suite of services!

Do you want to discover risk-free how DataTrax’s solutions will benefit your business? Click here to start your free demo! 

You may also like:

Peter Hilliard

About Peter Hilliard

Peter Hilliard is the Founder, President, and CEO of DataTrax. He began his career as a tour bus operator with a single bus, until he realized that a better solution was needed for automating and tracking ticket sales. Led by Peter’s expertise in the tour industry and ticketing automation technologies, DataTrax has grown over the past 20+ years into an international leader in ticketing solutions.