Driving Revenue Through Alternate Payment Methods
New ways to increase your hotel’s conversion rate and maximize revenue potential from today’s guest
Your Guests Are Demanding Payment Solutions On Their Terms, Is Your Hotel Delivering?
In the hospitality industry — where evolving plans, fluctuating prices, wide-ranging options, and varied purchasing preferences can make buying decisions much more involved than they tend to be elsewhere — this is certainly the case.
So just how much can convenience and confidence-boosting transaction features influence prospective travelers’ buying decisions? Our TravelBoom Flexible Payments Study surveyed 300 U.S. leisure travelers to get a better understanding of how much travel buyers valued these and other travel-booking features — and their responses offer a range of insights with the potential to power more bookings and revenues for hotel and hospitality brands.
68% of travelers are familiar with alternate payment methods like Affirm and Sezzle to make payments over time.
Beyond just buy-now-pay-later services, travelers are eager to use modern payment methods such as ApplePay GooglePay, PayPal, and others. The data shows hotels and resorts can increase conversion rates by providing payment platforms that consumers are using throughout their daily lives.
Key Insights Unveiled
- Consumers are open to flexible payment options: 58% are likely to choose a hotel offering “buy now, pay later” services.
- Payment options influence booking decisions: Credit cards remain dominant (74%), but buy now, pay later, digital wallets and mobile payments are increasingly relevant.
- Group payment splitting holds potential: 37% find it important, suggesting hotels could offer in-app splitting features to cater to group travel.
- Alternate payments are very likely to increase bookings from younger travelers: 82% of travelers age 25-34 are influenced by alternate payment methods.
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