Keys to hotel digitalisation: new payment methods and more

Keys to your hotel's successful digital transformation in 2021

Hospitality has undoubtedly been one of the sectors (if not the most) affected by the COVID-19 health crisis. This has led many businesses to look for new ways to efficiently manage their business in order to increase their profitability. If we add to this the increasing digitalisation of companies and consumer purchasing habits, financial technology is positioned as one of the options with the highest return on investment. How will financial technology allow you to increase the conversion of your hotel, bar or restaurant? In today's article we show you some of the main advantages of fintech tools, and we tell you why they are key to the industry’s digital evolution.

Fintech and hospitality: two major industries in Spain

Spain has already become the sixth largest fintech ecosystem in the world, with more than 400 companies in operation, and 350 of them are made in Spain. Not only is it one of the world's leading fintech powerhouses, but it promises to remain so. The fintech sector in Spain is growing at a rate of 15% per year. This is a not insignificant prospect for companies looking to learn about new trends to include in their company’s investment plan.

Another major sector of the Spanish economy is the hospitality industry. According to pre-pandemic records, the volume of revenue generated by businesses in this sector (hotels, bars or restaurants) exceeded 129 billion euros (in 2019). However, following the restrictions caused as a result of the health crisis, these figures have fallen. That's why many are looking for new ways to optimise their businesses– tools to get the most out of your hotel, bar or restaurant.

If you're one of them, we have good news. Financial technology is one of the big bets to optimise finances in the hospitality industry. How? Read on and discover how you can increase the conversion of your hotel with the help of the best fintech ally in Spain 2021.

How to manage your hotel bookings in the best possible way

Managing hotel bookings involves the capture of sensitive customer data including the payment information. At this point, how can you manage your hotel booking payments most efficiently for you and most conveniently and securely for your customers? This is where PayXpert comes in. We bring you our powerful Interactive Voice Response or IVR solution. An optimised way to manage your customers' bookings online (and much more cost-effective and with more availability than a call centre).

Do you prefer your staff to handle reservations? The flexibility of our MOTO system allows your agents to collect booking information via forms or a phone call. It is a convenient and efficient way to process your hotel bookings.

How to choose the best payment gateway for your hotel

The best payment gateway for your hotel is the one that allows you to maximise your transaction conversions while keeping fraud or chargebacks at bay. The PayXpert payment gateway is designed to minimise failed transactions through Cascading, which redirects a declined authorisation request through a different acquiring bank partner to see if the transaction has a better chance of being successfully authorized. In addition, our payment gateway has a Smart Route solution that allows the merchant to choose where a transaction should be sent so that it has the best chance of successful authorisation.

Optimise your hospitality business management control

If you are looking for tools to optimise your hotel business, you have probably thought about how to understand and control the main financial indicators. These indicators, also known as KPIs or key performance indicators, are values selected by experts and interpreted by our Business Intelligence system to keep you informed at all times about the evolution of your business. How do these data reach you? Through our dashboard, specifically designed to show you the most important data so that you can interpret them as an expert, and make relevant decisions based on the financial state of your business.

Alternative payment methods for your international customers

The best payment gateway for a hotel must definitely have alternative payment methods to offer payment options to international tourists and customers. Our payment gateway offers more than 20 different international payment methods, including the highly popular AliPay, WeChat Pay or MIR. Address your company’s international demand with one of the most recognised payment gateways in the industry for its flexibility, efficiency and convenience for the consumer.

Fintech to increase your hotel’s conversion rate

In such a difficult moment as the one in the hospitality industry is going through, financial technology is positioned as one of the great opportunities to get back to pre-pandemic figures as soon as possible. This allows hotels all over Spain to take what is perhaps the most decisive step in their digital evolution process. Tools and services designed by experts to respond to the needs of customers and business owners: convenient and efficient payment gateways, management control tools, and even international payment methods to make your payment gateway compatible with international customers.

After more than 10 years in the fintech sector, PayXpert is one of the leading fintech companies nationwide. As financial experts, we work with a single goal in mind: enabling you to continue growing through innovation. We know that we can offer you the best, so that you can offer it to your customers. How to start integrating fintech into your business? Visit our website and discover the best fintech tools for your business.