December 19, 2019
The online travel experiences market is growing rapidly. While offline sales still dominate the industry, intermediated transactions online have seen continued growth over the last five years, becoming a USD14.8bn-strong sector. With online sales set to continue to thrive in the coming years, the race is on for OTAs to get a piece of the action and make their mark within the market. But to be successful in bringing travel experience bookings online, intermediaries need to make sure they’re getting it right when it comes to their B2B payments. Why?
Intermediated payments for travel experiences are complex – here are 5 factors to be aware of:
Only through nailing their B2B payment processes will OTAs be able to provide their customers with the convenience, flexibility, and diverse experience options they want and will increasingly demand. Agencies who pay experience suppliers with eNett VANs can typically offer a wider range of experiences to their customers, while accepting many more payment options from them too. They’re also more likely to be able to offer travellers bundles and simpler pricing – streamlining and enhancing the customer experience.
VANs don’t just benefit end-users; they also unlock value for other parties involved too:
The fraud risk is also near zero, thanks to the multiple card controls and unique card numbers that eNett VANs use. In addition, payments processes such as reconciliation are much easier, quicker and in many cases can be automated – freeing up teams to spend their valuable time on more important tasks
In its latest research report, “Experiences in Travel”, eNett International explores the market for experiences, one of the most exciting and fastest growing segments in travel. The report covers market definition, size and growth, dynamics, customer behaviours, and the opportunities for agencies to capitalise. The market for experiences is significantly different to the market for transport and accommodation. Getting B2B payments right is key to bringing travel experience bookings online. Find out more by downloading the report here.