How Travel and Aviation Companies Can Take Advantage of the Cashless Payment Evolution
Want to make your next Air & Travel adventure hassle-free? Read on!
The advent of air travel started when the first powered flight was accomplished by the Wright brothers in 1903, and from then on, the world has shrunk. In the succeeding decades, people started exploring previously inaccessible places. The 1950s, known as the golden age of air travel, saw more and more people coming and going to destinations where cultures are shared and memories made. Air travel has ushered in the era of globalization.
COVID-19 put a halt to this. Travel is one of the hardest-hit industries, and along with it, the airline industry suffered a massive blow. However, vaccines are continuously rolling out, and travel and the airline industry is to set a make a big comeback. Just how big? A recent travel report said that 44% would take more trips in 2021 than 2020. It also showed that more people are saving approximately $3,500 for their trips, and 39% are planning to vacation for at least a week. So things could only be looking up in 2022 for both the travel and airline industries.
Look Up to the Skies
When travel restrictions are lifted, the airline industry will once again see a massive uptake in revenues. Commercial airlines and private companies are positioning themselves to take advantage of the upsurge in travelers in the coming months. Of course, there are still places under lockdown. Still, plans are continuously being made for travel because people need to explore. When this happens, your travel and airline business must be ready to meet the demands of air travelers.
Making Travel Hassle-Free for Your Customers
There’s a saying that ‘cash is king’, but cash is used in a mere 30% of payments these days. Credit cards, mobile banking, e-commerce, financial technology—this is the age of digitalization for financial transactions.
When people travel, they expect adventure, and great vacations make lasting impressions. This is only possible when your customers experience a hassle-free travel experience that starts with booking flights. Research conducted by Baymard in 2019 of 2,584 respondents shows that 55% of travelers abandoned the airline booking process because extra costs were too high. Another 26% found the process long and complex. Yet another 17% didn’t trust the site, or the website crashed as they were finalizing the booking.
Digitalization aims to avoid scenarios such as these, and with CloudBanking’s innovative features, your customers are guaranteed seamless payment processing. When they experience this convenience, they will only appreciate doing business with your travel and airline company more.
What is CloudBanking?
CloudBanking is an innovative all-in-one payment processor designed to fully automate financial transactions efficiently and securely. Adopting this technology for your business means that you can process multiple transactions in a matter of seconds.
What can CloudBanking do for you and your business? Let us look at some benefits for you.
Increase Your Brand Value
Travel’s first order of business is to book the airline ticket, and this is typically done through the airline’s website. Hundreds if not thousands of websites are offering similar booking services to yours, but what distinguishes your airline’s website are the conveniences that you offer. A clean, crisp look, easily navigable, and an integrated payment system with multiple payment options will win you new customers and retain old ones. In addition, CloudBanking’s virtual terminal will provide your customers hassle-free travel experience that will ultimately increase booking.
Actively Guard Against Fraud
Now that you’ve established your brand value, you can further secure it by making sure you are protected against fraud. Cyberspace may be rife with fraud, but CloudBanking’s PCI-compliant features provide secure card transactions and can identify potentially fraudulent transactions. In addition, our innovative plug-ins are feature-rich and fully customizable so that you can mitigate risks for your business and your customers.
Track Business Activity
Accounting processes are tedious and sometimes prone to human error. CloudBanking’s reporting tools give you a comprehensive and consolidated view of your airline company’s performance so you can avoid errors. Furthermore, it retains customer information for quick reference, along with transaction history and other relevant data such as purchase patterns. This will allow you to provide the travel packages that suit their needs. This makes for an exceptional and unforgettable customer experience.
Integrating CloudBanking into your current business system is simple and easy. Once done, you have access and can send payment to over 100+ processors. In addition, you can add your preferred provider to monitor compliance so you can avoid technical resource drain and the risk of regulatory changes.
Also Read: Choosing Cashless Payment For Business
Another CloudBanking feature is our proprietary, innovative APIs you can easily sync data and seamlessly manage your application by integrating CloudBanking’s APIs into your system which also enables you to issue an invoice after an online booking has been made, making for a hassle-free process for you and your customers.
As a travel and airline company business owner, our bottom line defines our success at the end of the day. Our virtual terminal accepts ACH payments that allow you to accept bank-to-bank payments which translate to you getting paid faster with low fees and less risk exposure. You can even add ACH payment as an option when issuing an invoice to clients or setting up online payment links.
In conclusion, CloudBanking offers a host of features so you can run your business more efficiently, with utmost reliability and a true sense of security. Payments management need not be complicated, nor are the administrative and accounting tasks associated with it. CloudBanking will help you get from slow business to the best business season in no time at all.
Equip and Innovate your business with CloudBanking, and your business instantly gives you cutting-edge payment solutions: mobile solution, real-time data integration, and innovative developer APIs and tools. Plus, accurate transaction reporting results in better business. All these translate to more competitive pricing for your customers, an increase in airlines’ revenue, and a positive customer experience overall.
Travel will soon resume, and travelers—your potential customers—have their bags packed and ready to go. Make sure your business is prepared because there is a silver lining in CloudBanking’s Payment solutions. Visit CloudBanking today to learn more.
Ashley Halcomb is a researcher and a freelance content writer for CloudBanking and Switchconnect. She is an ongoing learner and always curious to learn new things. She uses that curiosity, combined with her experience as a freelance business owner, to write about subjects valuable to merchants on the CloudBanking and Switchconnect blog.