Payment Gateway
The Complete Guide to a Payment Gateway in the Accommodation Industry
Payment gateways help to streamline the booking and payment process, making it more convenient and faster for customers to make reservations and for providers to receive payment. Read the 5 benefits of a payment gateway for managers and guests.
What is a Payment Gateway?
A payment gateway is a service that allows customers to make secure payments online for their bookings or reservations. Payment gateways facilitate transactions by securely processing the customer’s payment information and transferring the funds from the customer’s account to the accommodation provider’s account.
Managers and providers use payment gateways to accept a wide range of payment methods, such as credit cards, debit cards, e-wallets, and bank transfers. Payment gateways help to streamline the booking and payment process, making it more convenient and faster for customers to make reservations and for providers to receive payment.
5 Benefits of a Payment Gateway for Managers:
- Streamlined payment processing: No need for manual payment processing or reconciliation
- Improved cash flow: Speed up payment processing, particularly important for small business that relies on timely payment
- Increased payment security: Transactions are assured with two-way authentication
- Expanded payment options: Accept a wide range of payment methods for your customers to pay.
- Enhanced reporting and analytics: Track transaction activities and identify trends
5 Benefits of a Payment Gateway for Guests
- Convenience: Consumers can make quick and easy payments online, giving consumers greater comfort when making a booking or reservation online.
- Security: Advanced security measures including encryption and fraud detection to protect consumer payment information from theft and fraud. Reduces the risk of unauthorised transactions or identity theft
- Flexibility: Consumers have a wider range of payment options, including credit cards, debit cards, and e-wallets. Choose a payment that suits their needs.
- Speed: Consumers can make payments quickly and easily, without the need for manual processing or delays. Great for last-minute bookings.
- Accessibility: Payment gateways are available 24/7, enabling consumers to make payments at any time, day or night. Great for consumers in different time zones.
Factors to Consider when Selecting a Payment Gateway
- Transaction fees: The most important consideration when selecting a payment gateway. If these fees are not competitive, they can significantly increase your property’s expenses. A competitive transaction fee is a rate of 2.9%. Payment gateways may also include monthly and/or setup fees.
- Security features: Ensure the payment gateway you use upholds the Payment Card Industry Data Security Standards or the PCI DSS. These standards require regular testing to ensure cardholder information is protected.
- Compatibility: Visa, MasterCard and Amex are common payment methods, accepted by almost every payment gateway. However, if your guests pay via bank transfer or debit card, you need to ensure your payment gateway supports that method.
GuestPoint Pay
GuestPoint Pay is our very own payment gateway service that allows customers to make secure payments online for their bookings or reservations. Our service has everything you need to start taking online payments for your property.
The GuestPoint Pay Difference:
- Improved cash flow with more ways for your customer to pay
- Low flat-rate transaction fees
- Flexible and smart payment options, including repeat or recurring transactions
- Advanced cybersecurity and PCI-DSS Compliance
- Everything you need to take online payments for your property
GuestPoint offers an all-in-one property management solution that includes a secure payment gateway for processing customer transactions. With the new GuestPoint Pay feature set to launch in April 2023, you can rest assured that all payments will be securely processed and transferred from the customer’s account to the accommodation provider’s account. Plus, you’ll have the added benefit of a reliable support team to assist you every step of the way. Register your interest today to learn more about this comprehensive solution.
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Simplify your operations, manage your revenue, and create great experiences with GuestPoint.
