Key Takeaways
- Travel and hospitality businesses need payment solutions tailored to their needs.
- The sector faces key challenges, including a global client base, high profit margins, strict deadlines, and countless regulations to navigate.
- With the help of Payset’s payments platform, you’ll be able to send and receive payments worldwide affordably and easily.
- Transact with customers, partners, employees, freelancers, and more with our all-in-one payments platform.
Struggling with cross-border payments? You’re not alone — this can be a major challenge for businesses in the travel and hospitality sector.
It’s a demanding industry, marked by strict deadlines, extensive regulatory requirements, and the need to maintain high profit margins.
With heavy reliance on world currencies, foreign exchange (FX) needs, and a client base that spans the globe, it can be difficult to operate in every single market.
Those challenges can be extremely costly. One 2024 survey by Airwallex found that payment inefficiencies are a major problem for travel companies, with 66% reporting reduced profit margins because of outdated and complicated financial systems.
Here’s how you can improve your payment operations — with the help of Payset.
Customers Want Multi-Currency Support
Working with customers and partners globally requires supporting multiple currencies.
If you run a travel business, you might need to book flights, car rentals, tours, cruises, and hotels on behalf of your clients. And that’s just one example — no matter what type of travel business you run, you might need to spend or handle any foreign currency.
Customers have made it clear that multi-currency support is expected. According to findings from Discover Global Network, 75% of travellers believe it’s at least moderately important to be able to pay for travel in their local currency.
By choosing Payset, you’ll be able to send and receive funds around the world with minimal effort thanks to our multi-currency IBAN accounts.
Boost Business With Fast Cross-Border Transfers
Time is of the essence when it comes to completing transactions — and many types of bookings have limited openings and tight deadlines.
Even when deadlines aren’t so strict, faster payments can help you secure time-sensitive deals or one-of-a-kind opportunities for your clients.
Doing so can benefit your business. In 2023, Cottages.com reported 81% more same-week bookings after a six-day flash sale compared to the previous year — an example of significant growth that can be facilitated through rapid payments.
Above all, choosing Payset will help you get your money to its destination rapidly, giving your customers and partners the best experience possible.
Cut Margins With Low FX Fees
It’s not enough to simply transact on time. Travel businesses often pay above-average fees, so it’s especially important to obtain affordable rates.
PYMNTS found that travel companies on average spent 5.4% of their revenue on payment systems, amounting to $75 billion in spending. While airlines spent 4.7% of revenues on payments, hotels spent 6.0%, and travel agencies spent a whopping 7.0%.
Cut your payment costs with Payset’s competitive pricing model. Sign up for free, pay low monthly fees, and access real-time FX exchange rates. See the details here.
Transact Like a Local With an IBAN Account
You might find it difficult to transact with foreign businesses that serve local customers.
For example, restaurants, local transportation companies, and boutique hotels might operate on too small a scale to support a wide variety of payment options.
But with Payset’s multi-currency IBAN accounts, you’ll be able to transact like a local! Our multi-IBAN accounts let you hold, transact, and exchange up to 38 currencies with ease while enjoying seamless integration with various countries’ payment systems.
Note that support for individual countries and payment systems varies.
Ensure KYC/AML Compliance
Travel and hospitality businesses must comply with a wide range of global regulations.
For example, “Know-your-customer” (KYC) and anti-money laundering (AML) laws require your transactions to comply with certain rules. In practice, that means choosing a payment provider that verifies transaction data and user identities.
At Payset, we use a powerful KYC/AML solution that’s also automated and highly efficient, putting as little demand on you and your customers as possible.
Find out more about our other compliance and security commitments, including our UK business registration status, asset safeguarding policies, and privacy policy.
Perfect for Mobile or Desktop Use
Payset isn’t just a desktop payment tool — it’s available on mobile too.
It’s perfect for on-the-go professionals in the travel and hospitality sector, from independent travel agents and booking specialists to tour guides and local contractors.
Data shows mobile workers are on the rise. Emergence’s Deskless Workforce website found that 80% of the global workforce fell under this category in 2018, with the hospitality and restaurant sector accounting for 122 million deskless workers overall.
Payset’s mobile and desktop options ensure that employees can manage and access finances no matter where they are. Find out more about mobile access here.
Perform Mass Payments and Bulk Transactions
Sometimes, businesses need to pay a lot of recipients. Whether you have staff and contractors to pay in bulk, a far-reaching business arrangement with multiple partners, or are arranging bookings for a large group of clients, Payset can help.
By taking advantage of our mass payments feature, you’ll be able to submit lists of clients and track the transactions to ensure they succeed.
Find out more about our bulk payments feature here.
Leverage Real-Time Reporting & Audit Trails
With Payset, you’ll get full insight into your account and payments data. Obtain custom reports and share account details with trusted third parties with just a few clicks!
It’s a useful feature for any business that needs to track returns on investment (ROI), manage business projections, or plan future growth and spending strategies.
Pay Your Freelancers & Contractors
Maybe you run a tour guide company that works with freelance local guides. Or maybe your hotel, resort, or business hires contract workers on a seasonal basis.
No matter the details, reliance on temporary work is now commonplace in the travel and hospitality sector. Eurostat data found that 25% of EU accommodation employees and 21% of other selected tourism workers held temporary positions in 2023. Meanwhile, 13% of tour operators and travel agency workers were also in temporary roles.
Payset can help. Our payment platform is perfect for paying temporary workers, freelancers, and contractors alongside your longstanding employees and partners.
Pay digitally and internationally with ease!
Live Customer Support
Payset offers free support during business hours. See our current hours here.
Plus, get a dedicated account manager starting from £75 per month! You’ll get one-on-one assistance via phone, email, and WhatsApp. This optional feature is available alongside our free, regular support services.
Get Started Today
Bottom line: whether you operate a travel agency, booking agent, hotel, or any other business that serves tourists and travellers, Payset is ready to help.
Open an account today or get in touch to see if we’re right for you.
