Wrap hotel finances in a neat package
The accounting systems of an average hotel can potentially get quite confusing without a streamlined, all-encompassing system. This can make the job of a hotel revenue manager considerably more difficult, resulting in reduced efficiency and wasted time scouring balance sheets and expense sheets to reconcile expense and revenue.
The lifeblood of any hotel – reservations – is one of the ways in which streamlining payments can have the greatest effect. A hotel’s room inventory for any given night can be spread across dozens or even hundreds of websites, including theirs. To complicate matters further, issues like tactical pricing, promotions, exclusive offers and more – all of which can potentially result in as many different pricing sets as there are websites to promote them on.
Then you have the hotel services themselves once the clients are there. Restaurants, in-room dining, day spas, events, meetings and conferences and many other services – some of which may even be operated by an external supplier or licensee. The money comes in and the money goes out. From the outside, anyone unfamiliar with the industry might be forgiven for wondering how anyone does it.
However, as fintech constantly evolves and continues to innovate, a number of payment consolidation platforms have emerged with systems designed to help a hotel streamline their financial ecosystem and improve the efficiency of their operations. his company.
Adyen’s global hospitality manager, Mark Rademaker, said successful hotels understand the value of a strong payment provider, able to deliver an integrated and flexible system that can be scaled to cover new channels in the world. ‘to come up.
âWe know hotels work with multiple vendors and systems, and many hotels are looking for ways to meet the challenges, including integrating both existing and new infrastructure,â Rademaker said.
âFinding a solution that seamlessly integrates into a hotel’s entire technology stack will help streamline processes and costs. “
Those with longer memories in the industry may recall a few, though sometimes large, rather embarrassing and damaging leaks of personal and financial guest information in recent years among major hotel brands. global. Perhaps exacerbated by this, investment in payment security has taken a big step forward.
Rademaker said hotels must have the trust of their customers and data security is paramount to achieving this. âHotels work with many external parties, systems and distribution channels to support guest bookings. This can be extremely difficult and complex, and the burden of managing so many different payment systems often falls on the hotel. With the additional complexities that come with the European Payment Services Directive 2 and other regulations that aim to improve payment security, hotels need to get a head start on fighting fraud and securing their payments. customers and comply with industry compliance.
Part of these security upgrades revert to the guest profiles that hotels have created to improve the personalization of services and, in turn, dramatically improve the guest experience. Aside from the pandemic, technology upgrades now allow guests to seamlessly check in and out and spend their time inside the hotel without even seeing a single employee. Since a hotel’s evolving fintech fabric works alongside the way guests move around a hotel, hotels need a system that can keep pace.
âDigitizing the customer journey doesn’t have to come at the expense of the customer experience,â says Rademaker.
âIn fact, it’s quite the opposite, as frictionless payments can reduce the time spent on manual tasks, freeing up even more time for staff to better engage customers.
âA concrete example of this can be seen at Raffles Hotel Singapore. Delivering tailored, authentic services is at the heart of the legendary Raffles experience, and he has recognized that payments are essential to enable frictionless, personalized services.
âThanks to Adyen, Raffles Hotel Singapore has leveraged its unified commerce offering, delivering simpler, faster and more customer-centric payment experiences across all sales channel touchpoints, both online and offline, including reservations for suites, restaurants and bars, the Raffles Spa and the Raffles Boutique. .
“Imagine that your guest could arrive at your hotel, check in, dine, shop or have fun – and never have to touch a payment terminal during their entire stay.”
Download Adyen’s Hidden Stars Guide to learn more about how payments can unlock new opportunities for your hotel.