As we discussed in a previous article, most of today’s travelers prefer using digital payment methods, which range from credit and debit cards to e-checks and e-wallets. While accepting different types of payments could help you attract more guests, people can lose trust in your business quite easily if your payment system isn’t as user-friendly and secure as they thought it would be.
Therefore, ensuring a straightforward and safe payment process is very important, particularly for a vacation rental management company trying to attract more guests. But in order to deliver the kind of payment experience your guests expect and also achieve your business goals, there are a few important things you need to consider. To help, we’ve put together a quick guide on how to make your digital payment process more intuitive, convenient, and secure for your guests.
Accept Multiple Payment Methods
By accepting multiple payment methods, your company can offer travelers around the world the option to use their preferred payment methods and currencies. Currently, your lodging management company can receive payments via OTAs or its own website.
If you intend to list your vacation rentals on different OTA platforms, you need to open a separate account with each OTA, discover what payment methods it provides, and choose the types of payments that work best for your company, providing you are not using a channel manager. Regardless of the digital payment methods you choose for your company, they offer more convenience, ease of use, and security than traditional payment methods.
While the payment methods available as well as their terms and conditions can vary by OTA, location, and even by the type of host you are (whether you’re an individual host or a vacation rental management company), most OTAs will process payments from guests on your behalf and then deposit the funds into your company’s bank account at a certain stage of the booking process (most of the times, after the guest checks in) in exchange for a fee.
Coming down to the payment tools and apps that you could add to your company’s website, you can find different solutions nowadays, such as Stripe, Ascent Payment Solutions, Zen Payments, and Lynnbrook Group. Besides allowing you to accept different payment methods, including credit and debit cards, ACH payments, e-wallets, travel credit cards, and more, these solutions can seamlessly integrate with the top vacation rental management systems, like JANIIS. Once you integrate our centralized lodging management solution with your existing tools and apps, travelers will be able to use most of the payment methods available today in order to pay for reservations.
Choose a Payment Processor That Uses Advanced Technologies
When selecting a payment processor for your company, there are different aspects you need to take into account. However, one essential consideration is the type of payment gateway each processor uses. In short, payment gateways are either integrated or hosted.
An integrated gateway redirects users to the payment gateway’s website, which is typically a bank’s website, in order to process the payment. After the payment has been processed, the user is redirected back to your website. A payment processor that uses an integrated gateway is a great option, particularly for a smaller vacation rental management company that needs a simple, one-time payment structure.
A hosted payment gateway, on the other hand, can lead to two different scenarios: it allows you to redirect users to the payment service provider’s page or to keep them on your website while the payment is being processed. In the first case, the system is quite easy to set up and all transactions are PCI-compliant. However, an important drawback is that you can’t control the overall user experience. In the second case, you have control over the payment journey, which means that you can offer your guests a great payment experience. On the downside, you’re responsible for PCI DSS compliance and purchasing SSL certification. Additionally, if you opt for a self-hosted payment gateway, you’ll need to hire an IT professional you can rely on if the system fails.
Currently, many payment processors use advanced technologies that can significantly improve various aspects relating to digital payments. A vacation rental system that comes equipped with advanced payment processing capabilities will deliver some important benefits to your guests, including greater convenience, affordability, and security. All these will translate into higher conversion rates, lower booking abandonment, and greater brand loyalty for your business.
When you choose an award-winning vacation rental management system, like JANIIS, you can accept and make different types of payments quickly and easily without worrying about security or other details. But our system can take care of many other aspects of managing your business finances, from setting nightly/seasonal rates and processing automated payments to streamlining your accounting processes, generating financial statements, and building your revenue management strategy for the entire year. To find out how JANIIS can help your lodging management company remain competitive and thrive in today’s highly competitive business environment, schedule a free demo with us!