Get the most out of your bar, restaurant, or hotel with fintech
Easter Week is one of the most important dates in the retail calendar. With special importance for hospitality businesses, such as bars, restaurants, hotels, and hostels (without diminishing the importance of the mobility and transport sector), it is becoming one of their main sources of income, considering that it is on the rise. Already in 2021, Easter spending predictions placed it as the highest sales peak in U.S. history. Given the historical and social moment we are living in, much of the spending is flowing into all sectors related to entertainment and travel. People are eager to get out and enjoy their free time with family and friends, and Easter is the perfect time to do so. What does this mean for your business? It's time to learn how to optimise your business and set your best sales strategy in motion.
Consumer habits have changed very rapidly in recent times. We are facing customers with new digital habits that are more likely to combine both digital platforms and visits to stores or physical locations. The financial sector is at the top of those most affected by digitalisation: according to a study by Deloitte, 52% of respondents admitted to being users of digital banking and finance services, including digital payment methods (such as apps or NFC payment).
Security and trust have also become even more important for the consumer. This is what Deloitte says in its study: now (even) more than ever before, consumers especially value the privacy of their personal data, return policies, and the protection of their payment data.
In short, we could say that consumers no longer base their purchasing decisions on a single sales channel (whether physical or online); now that there is such a wide range of services and payment channels, consumers know that whatever their circumstances, there will be a store that can offer the product they are looking for with the shopping experience they need.
That is why each retail store's challenge is to offer the services required by the consumer in this new period of increased demand, and competition. How can you give your customers a shopping experience that meets their needs and, above all, their expectations this coming Easter 2022? We explain it to you in the following lines.
Contactless payments remain one of the trends of 2020. Development continues to increase on payments via IVR and digital payments via an eCommerce gateway. These are just some of the options you should consider offering to your customers to make their payments with total convenience and without having to enter their payment information every time they make a purchase in your store: entering them the first time will be enough.
Maximum security in your payments thanks to tokenisation technology
First of all, what is tokenisation? And above all, what are the benefits of tokenization for your business? Earlier we talked about the importance of ensuring maximum security for your customers when making purchases. To meet this need, great financial partners such as PayXpert have developed the best and most secure payment gateway, thanks to technology such as tokenisation.
Tokenisation is a financial security solution whereby your customers' payments (and their data) are represented through a token or code, which is only recognisable by our database and makes it impossible for hackers and cybercriminals to decrypt the data. In other words, your customers’ payment details are stored in our databases and are safe from possible cyberattacks. Now, your customers’ confidential data is represented by a non-confidential equivalent, which will be enable the transaction between the issuing bank and your business. Much more secure for you and your customers than traditional encryption, tokenisation technology is another fintech solution born to provide an immediate response to the new consumer needs of 2022.
Fintech solutions to make the most of your hospitality business this Easter
Bars, restaurants, hotels, and even taxis and transport services. The hospitality and entertainment sector is perhaps one of the sectors with the greatest potential to benefit from the integration of fintech solutions, especially on such important dates for businesses as this coming Easter 2022. Would you like to meet us?