Embracing alternative payment methods is vital for revenue growth.

Payment technology should no longer be looked upon as just an enabler but more of a revenue opportunity for hoteliers. Seamless integration and offering multiple payment choices can lead to an increase in direct bookings, high-value reservations, and, overall, greater guest satisfaction.

The latest Skift report on technology mentions the 2023 Lodging Technology Study, representing 18,000 hotel properties globally, which highlights contactless payments as one of the top 10 technology offerings that hoteliers currently provide or intend to incorporate in the upcoming year. Alternative payment methods are vital for Mobile Reservation and Mobile Check-in, points 1 and 2.

The integration of seamless payments and offering multiple payment choices can lead to more revenue and earnings. Embracing alternative payment methods not only diversifies a hotel’s payment options but also translates into larger transaction amounts and reduced dependence on a single network for payment processing, fraud prevention, and settlements.

To harness these evolving trends, hoteliers should consider adopting modern fintech systems and establishing partnerships with leading payment processors.

Find the full Skift Report here.