Online payments play a key role in today’s businesses. The travel and tourism sector depends on digital transactions. The overwhelming majority of the agency’s work, like creating payment points and settling invoices for some suppliers, starts on the Internet.
The global digital transactions market size will exceed 16.62 trillion U.S. dollars by 2028. These figures represent a market penetration of web payment software. One of the most recent high-profile decisions is whether or not travel agents are required to pay the Multi-gateway price to their booking systems.
Due to its sheer advantage, travel companies are actively adopting this trend. Let us explore more about how multi-gateway payment integration adds value to the online booking business.
A quick look at multi-gateway payment
Multi-gateway payment is a technical means to implement electronic payment approval and opening. Operations can be conducted by the use of payment modes like credit/debit card payment, internet banking, and a digital wallet.
Travel agencies offering multi-gateway payment options cater to a much broader market. Travelers and desk users from around the world are able to make a payments in their local currency, thereby expanding the market size of the travel agency sector.
Should travel agencies invest in multi-gateway payment integration?
While the final decision depends on the agency’s requirements, it is wise to gather adequate information on a technology before making an investment. Let us thoroughly discuss the pros and cons of using multi-gateway payment options.
Pros of integrating multi-gateway payment into travel booking systems
Multi-currency acceptance
Multi-gateway payment permits the user to begin payments in any currency chosen. This bridges the gap between different nations. A US-seated user can achieve success in booking at a rate in US dollars. Similarly, with various other currencies. If travel agencies offer several currencies, a wider market is represented. This gives rise to a higher number of bookings and subsequently higher revenue.
Safeguarded payments
Payment gateways are developed by travel booking portal experts. They use secure technologies to make secure transactions and they adopt precautionary measures. They use advanced technologies, including Blockchain encryption, one-time password authentication, and more. These authorities also employ non-crackable artificial intelligence (AI) machine learning (ML) algorithms to improve the security of electronic transactions on the Internet. Travel agents with secured transaction functions are better than competitors because they gain the trust of audiences worldwide.
Instant payment completion
With multi-gateway payments, users opt for their preferred mode of transaction. This leads to a quick payment completion. For example, a user might not have access to their credit or debit card at the time of making a booking. They can easily complete the transaction with the help of a digital wallet. Also, online payments are relatively fast. Travel agencies can easily verify the payment by simply checking the notifications.
Payment history
A travel agency should complete various audits at the time of filing taxes. By integrating a multi-gateway payment feature into their booking system, they get instant access to the payment history. This includes complete information on received payments, invoices, supplier payments, commissions, etc. All these details make audits and tax filing a seamless task.
User convenience
A multi-gateway payment option helps customers to be versatile so that they avoid fixating on one channel or method of payment. They can use credit cards, digital wallets, or local payment methods. This feature accepts multiple currencies which helps travelers spend money in a foreign currency of their country. By gaining security measures and a lowered rate of transaction failures, customers get an easy and secure booking process. Multi-gateway payment integration offers ultimate user convenience, highlighting the travel agency as a customer-centric organization.
Cons of multi-gateway payment integration
Data scattering
Using multiple gateways for payments involves gathering a vast amount of data. Securing and analyzing this information is a tough task since the data remains scattered across various payment channels.
Maintenance costs
The maintenance costs of a travel agency also surge with multi-gateway payment integration. Maintaining the online booking system, which is integrated with a multi-channel payment feature, requires more investment compared to the ones using a single mode of payment.
Regulatory compliance
Travel agencies utilizing multiple payment methods spend a great amount of time. Each gateway has different regulatory standards, and meeting these becomes challenging.
What is the verdict?
Multi-gateway payment integration in travel booking systems is a spectacular way of catering to the needs of a vast audience base. Apart from allowing customers to make payments through their preferred mode of transaction, the feature also enables multi-currency payments. Travel agencies aiming to hit larger revenue and booking numbers should consider using multi-gateway payment integration.
Payment failure risk is also avoided for bookings since the customer can easily switch to a different gateway in cases of transaction errors. The travel agency’s booking system can powerfully utilize customer data for better insights into user preferences. Travel companies and tour operators can contact TBOHolidays for a smooth multi-payment gateway integration.
Multi-gateway payment integration FAQs
A1. Yes, as long as the user connects their digital wallet to the booking portal, making payments through this method is possible.
A2. The process is pretty simple as long as the agency hires a professional integration service provider. They carefully analyze the agency’s requirements and customer base before suggesting the most suitable plan.
A3. Travel companies have customers globally, which means different users will prefer distinct modes of payment. A multi-gateway payment feature keeps all the users satisfied, regardless of their preferred transaction method.
Pratyush Kumar Srivastava is a seasoned expert in B2B travel writing with years of experience in the industry. With a deep understanding of the intricacies of travel technology, supplier relationships, and market trends, Pratyush offers valuable insights to help businesses optimize their travel booking strategies. Passionate about innovation and efficiency, he is dedicated to guiding travel agencies through the complexities of modern distribution channels to achieve growth and success.
