The growing relevance of online payments
The digital revolution has undoubtedly transformed many aspects of our daily lives and our buying habits are no exception. More and more purchases, including accommodation bookings, are made online and especially mobile payments are booming. Convenience is the predominant factor here. Consumers demand a fast and effortless payment experience, so providing online payment options has become indispensable in today's economy.
If your current payment approach mainly consists of credit card guarantees or offline payments at your accommodation, you’re missing out on many advantages. Transactions like these often involve heaps of administration and hence take a lot of time to process. You're also not guaranteed payment in case of fraud, refusal to pay, no-shows or late cancellations. Moreover, guests don't want to worry about the payment during their stay either.
Clearly, offering the possibility to pay online entails countless benefits for both you and your guests. Using Payment Service Providers (PSPs) like Mollie and Stripe is the most secure and time-saving solution. They are compliant to the new PSD2 regulation (see below) and offer you guarantee of payment.
What you need to know about current payment regulations
As the owner of a holiday home, hotel or B&B who offers rooms online, you might have heard about the recent PSD2 legislation. The aim of this European directive is to protect both parties involved in online transactions by requiring double customer authentication (for example through face recognition, a password or token). This implies that simply requesting your guests’ credit card details is no longer sufficient.
Another new law was introduced in Belgium that requires every business to provide at least one non-cash payment method as from 1 July 2022.
Connect with Payment Service Providers
If you want to accept online payments and protect yourself against fraud, no-shows, late cancellations or payment refusals, PSPs are the way to go. They integrate seamlessly with your Booking Engine and ensure a win-win for you and your guests:
- Fast and easy payment process
- High level of security
- Option to pay later with payment guarantee
- Better overall guest experience
- More direct bookings
- Less administration
- Fewer errors
Contact us for more information
Do you have any further questions regarding the connection with PSPs? Feel free to contact us at any time using the form below. We’re happy to help!