Every travel business wants to streamline its payment process to make things convenient for the customers and improve its cash flow. Integrating a free gateway payment system is undoubtedly the best way to go. An online payment gateway makes the process easier and faster for the customers. Whether the customers use it to buy tickets, reserve hotel rooms, or book travel plans or activities, the gateway instantly reflects funds in the business account, improving cash flow.
A travel business requires a secure gateway system in place to start receiving digital payments from customers. It also helps the business handle customer’s sensitive information responsibly. A payment gateway works by securely authorizing online payments from customers’ cards or accounts. Therefore, choosing the best gateway is crucial for any travel business. So, here are the most significant factors that come into play.
Payment Options Allowed
The most commonly used payment options are debit cards and credit cards. Almost all payment gateways accept payments through these cards. However, some customers may want to use other methods to pay for their purchases. These include digital wallets, net banking, EMI, PayPal, UPI, etc. Therefore, the payment gateway a company selects should support multiple payment options.
Multiple Device Support
Many customers shop at a travel website using their phone or tablet on the go. So, a travel business needs to select a gateway that supports browsing on multiple devices. With this, the customers get the flexibility to shop from whichever device is accessible to them.
Multiple Currency Support
Apart from supporting multiple payment options, the payment solution should also handle payments in various currencies. A travel business with international transactions must allow its customers to pay in their local currency. Besides multiple currency support, check the fees involved for foreign currency payments.
The total integration cost is one of the most important factors a business must consider while selecting a payment gateway. The expenses may be of three types: monthly fee, transaction fee, and setup fee. The business owner needs to consider its value and volume of transactions to find the most cost-efficient choice. For instance, a gateway having a low transaction fee will be suitable for businesses facing low transaction value at times. However, if a firm handles high-value transactions regularly, it’s crucial to look for a payment solution that charges a fixed monthly fee.
Although the payment gateway helps approve the payments almost immediately, the money does not show in the merchant’s account for at least a few days. This money allows handling of chargebacks and refunds if they arise. The holding time may vary from one to seven days, depending on the payment processor. Depending on the cash flow, the business may choose to receive the payment immediately or wait.
A subscription-based business for regular travelers will expect its payment gateway to handle its recurring billing system. It must store customers’ information securely, automate billing and reminders, and manage automatic payments at fixed schedules. It must also offer the retry option for failed payments.
The payment gateway will store customers’ personal and financial information, and the business is responsible for keeping it protected. Therefore, the payment gateway must have a robust security system to keep everything secured. To prevent a data breach, it must comply with the PCI-DSS security standards and use security methods like encryption, SSL certification, and tokenization. Some gateways also come with special screening tools to avoid any fraudulent transactions.
Some payment gateways set a maximum limit on the number of transactions or transaction amount a business can process in a month. A small domestic business may not find this limitation a big issue. However, as the company expands and it starts offering foreign travel plans, such transaction limits may result in losing potential customers. Therefore, prefer an online payment solution provider that does not put such restrictions on business transactions.
Choosing a suitable free gateway payment system makes payment collection hassle-free, smooth, and secure. However, ensure checking all these boxes while finding a payment system for a travel business. It must fit the business needs, come at a reasonable price, and allow multiple payment options globally. Looking at these factors will help narrow down the choices and make the right decision.
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