Metrics such as occupancy and revenue likely will return to pre-pandemic levels, but the hospitality industry has forever changed. Currently, there are three trends in play that are influencing the shape of things to come. And although it may not be immediately evident, having a robust and complete Hotel Payment System will be integral to fully capitalize on these marketplace dynamics. Let’s discuss them
Trend 1 – A More Personal, Yet Independent Guest Journey
The first is an evolving guest journey. The guests themselves have changed, and their expectations are different. They now insist upon a certain degree of high-tech and low-touch options. Their mantra: know my preferences but give me my independence and flexibility. An integrated payments platform lets guests pay with maximum convenience and minimal touch, while giving hoteliers key insights. For instance, by using a payments platform that supports card tokenization, returning guests can check-in and pay even more seamlessly (without compromising security). They can also skip the checkout queue without worrying about the hotel pursuing them for an unsettled bill.
Trend 2 – The Continuous Search for Non-Room Revenue
As the industry recovers, the search for ways to bolster non-room revenues will intensify. Whether it’s promoting hotel rooms as co-working spaces, Staycations, culinary experiences, or just vouchers and gift cards – we expect the industry to pursue a variety of initiatives to diversify revenue. But such efforts will require different payment environments – and the need for a flexible payments infrastructure. For example, the ability to seamlessly switch to per-hour billing might become a new staple.
One of the best sources of valuable insights comes from payments data. But there are challenges to glean them. Data needs to be mapped back to individual guest profiles, broken down by category, and evaluated using the necessary analytics to help guide the next move. Having a single platform for Hotel Payment System that can sit across the entire payment value chain is the key to overcoming these d