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Fintech: Creating an Easier, More Secure World for Hotel Payments

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by Mark Dubrow in Blog , Hospitality Trends & Research ,

Reading Time: 2 minutes

It’s one of the hot new buzzwords in the business world today: Fintech, short for financial technology.

But, as with many technological revolutions, it’s an area where the hospitality industry has lagged.

While many businesses threw away their fax machines years ago, many hotels still rely on them daily to receive credit card details for “card not present” advance payments or deposits. All it takes is one missed or jammed fax to create headaches and frustration for travelers, hotel workers and travel agencies alike.

Thanks to a rise in startups and new technologies, travel companies now have an expanding array of options for reducing the customer service and bookkeeping nightmares created by these outdated systems.

Some also hold promise for reducing the costs of traditional credit-card transactions.

But as with all new technologies, the rewards can also come with risks. That’s why we put together a white paper, “Fintech brings hotel payments into the future,” to help our customers navigate the pros and cons of the most promising new payment solutions, including virtual credit cards, virtual currencies, mobile wallets and payment services, like PayPal.

The white paper also addresses one of our newer solutions – PayRoute − which can be used by travel distributors and hotels alike to make secure, transparent and efficient payments to anyone, anytime, anywhere in the world.

Here at Onyx CenterSource, we are focused on helping our customers overcome payment challenges. We hope you will take the time to read this paper, check out our solution and give us feedback on what more we can do to help in this arena.

We’d also like to hear about your experiences in the hotel payment world. Have you tried any of these new solutions? If not, what’s holding you back?

CEO Mark Dubrow

Have you adopted new forms of payment? Do you see opportunities to boost payment efficiency? Or do you fear new ideas could create new problems? Let us know your opinion. We would love to hear from you!

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