Processing payments online have come a long way from the early days of the internet. In the past, online payments were slow and cumbersome, and users had to input a great deal of personal information and wait for long periods for their payments to be processed. Today, online payments are much faster and more secure.
That being said, the current payment systems are still not perfect. One of the most significant issues is that many payment systems still require users to enter some of their critical personal information, such as credit card numbers or bank account numbers, which can be vulnerable to hackers and fraudsters.
Another issue is that payment systems often have high transaction fees, making them less attractive for businesses and customers who shoulder the added cost without knowing. Finally, many payment systems are slow, with transactions taking days or even weeks to process. This can be a significant inconvenience for customers, especially for urgent purchases.
This is where embedded payments can come in and change the game.
What are Embedded Payments?
Embedded payments are a payment system that allows businesses to securely and seamlessly accept and manage payments directly within their applications or websites. They are designed to enable customers to make payments without leaving the merchant’s platform, making the checkout process faster and easier. If you’re still on the fence about investing in embedded payments, here are five ways it can boost your hotel business.
1. Improved Checkout Experience
Embedded payments provide a fast and convenient way for customers to pay for their bookings without ever having to leave your website or application. This payment method eliminates the need to fill out lengthy forms, enter credit card details, or wait for a payment to be processed, resulting in a smoother and faster checkout experience.
With embedded payments, customers can complete their purchases in seconds. This benefits businesses who will find it easier to manage payments, leading to increased customer satisfaction, conversions, and cart abandonment rates.
2. Increased Security
Embedded payments are encrypted and secure payment processing forms integrated directly into a merchant’s website or app. Customers can enter their payment details directly on the merchant’s website or app without being redirected to a third-party payment processor.
This provides an additional layer of security, as the customer’s payment information is never stored or shared with the merchant.
3. Reduced Transaction Fees
Regarding transaction fees, traditional payment processing methods are often more expensive than embedded payments. This is because traditional payment processing relies on third-party payment processors, which charge a fee for each transaction.
On the other hand, embedded payments are integrated directly into the customer experience and therefore don’t require any third-party payment processors. This means that businesses can save money on transaction fees and keep more of the payments they receive.
4. Improved Customer Loyalty
Embedded payments provide a more seamless checkout experience, which can help you create customer loyalty. This can lead to more repeat customers and more positive reviews.
5. Increased Conversion Rates
For customers, embedded payments offer a seamless and secure way to make payments. Customers can complete their purchases without leaving your page by integrating the payment process directly into your website. This means that customers can quickly and easily complete their purchases without worrying about security or entering their payment details multiple times.
For businesses, embedded payments can help streamline the checkout process. Customers don’t need to be redirected to a third-party payment processor by having the payment process built into your website. This can reduce cart abandonment and increase customers’ likelihood of completing their purchases.
Embedded payments are an excellent way for businesses to manage payments, speed up checkout, and reduce payment processing costs. They remove the need for customers to re-enter their payment information each time they purchase while also improving the customer experience.
Adopting embedded payments can help hotels and other businesses in the hospitality industry create a more seamless and efficient payment process for both customers and staff. By increasing customer satisfaction and reducing payment processing costs, embedded payments can help businesses to increase profits and grow their business.
Try Kovena today and start taking advantage of our revolutionary embedded payments system With Kovena, you can streamline the checkout process for your customers, improve customer satisfaction, and increase your profits. Sign up now and start using Kovena to revolutionize your hotel payment system!