Flywire Research Highlights Payment Automation as Key to Hotel Revenue Growth

What's Happening?

Flywire Corporation has released new research emphasizing the importance of automating payment processes in the hospitality industry to enhance guest experiences and boost revenue. The report, based on a survey of over 300 General Managers and Event Directors at multinational hospitality brands, reveals that outdated payment systems are causing revenue losses and impacting customer satisfaction. The study found that 94% of hotel leaders recognize the need for streamlined payment processes, with 77% of sales teams losing revenue due to uncollected deposits. The report suggests that integrating contract and payment workflows can reduce manual errors, improve efficiency, and increase guest loyalty. Additionally, the research highlights the issue of chargebacks, which are costing hotels significant revenue and contributing to staff turnover.

Why It's Important?

The findings from Flywire's research underscore the critical role of modernizing payment systems in the hospitality sector. By automating payment processes, hotels can recover lost revenue, enhance guest experiences, and build customer loyalty, providing a competitive edge in the industry. The report highlights the financial impact of inefficiencies, with many hotels losing substantial revenue due to uncollected deposits and chargebacks. Addressing these issues through digitalization can improve operational efficiency, reduce staff turnover, and ultimately drive revenue growth. The insights from this research are valuable for hotel leaders seeking to optimize their payment systems and improve overall performance.

What's Next?

Hotel leaders are expected to explore and implement automated payment solutions to address the challenges identified in the Flywire report. By adopting digital payment systems, hotels can streamline operations, reduce errors, and enhance guest satisfaction. The industry may see increased investment in technology to improve payment processes and integrate systems, leading to better revenue management and customer experiences. As hotels focus on modernizing their workflows, they may also address staff turnover issues by reducing manual tasks and improving job satisfaction.