Payment gateway for travel website
What is a payment gateway for travel website and how does it work
Being able to accept online payments is crucial for travel businesses, and payment gateways make it possible. But before describing the features and benefits of a payment gateway for the travel industry, let's get acquainted with its concept.
A payment gateway can be described as an intermediary service that authorises electronic transactions and routes payment information between merchants, banks, and other processing participants through a single communication protocol. It accompanies each transaction from start to finish, ensuring the protection of credit card details and preventing possible data breaches and fraud. Payment gateways allow merchants worldwide to accept online payments 24/7, ensuring a smooth checkout process for every customer who wants to pay for their services instantly.
Let's find out exactly how the payment gateway is involved in online transaction processing:
- A customer selects the product or service on a merchant’s website. They select a preferred payment method and enter credit card details on a checkout page.
- The gateway receives the information, encrypts it, and sends an authorisation request to the acquiring bank.
- The acquiring bank sends a request to the card network (Visa, Mastercard, or other) serving the cardholder.
- The card network contacts a customer’s issuing bank to check if the card is valid and if there’re enough funds to withdraw.
- The issuer authorises the transaction and sends a confirmation to the acquiring bank. If the transaction is successful, the money will be debited from the customer's account and credited to the merchant's account.
If you’re a group travel company, car rental agency, tour operator, hotel booking website, or airline, you’ll definitely need an efficient solution for processing electronic transactions from travellers around the world.
What are the benefits of a payment gateway for travel website
The primary purpose of setting up a payment gateway for a travel business is to enable fast, secure, and convenient payment acceptance and processing. Now, we will list and describe the benefits that a payment gateway provides to travel-related companies.
Multiple payment methods and currencies
With an integrated gateway on your travel website, travellers can book hotels and buy tickets in a few clicks, selecting their preferred payment method and local currency. Given the global nature of the travel business, the international processing solution allows you to accept various currencies while avoiding high interchange fees. The list of supported currencies is also extensive. For example, Corefy’s platform supports 200+ currencies and 1000+ currency pairs, providing favourable conditions for global expansion.
Every travel business knows how important it is to ensure a simple and intuitive customer journey. If you offer your travel services worldwide, covering a global audience, you need to satisfy every customer, regardless of their region, currency and payment preferences. To accept transactions on-site, ensuring smooth and secure authorisation, you need to integrate a platform that supports checkout customisation. The customisable checkout page allows travellers to pay for your services without being redirected to third-party websites and from any device.
Except for impulsive travellers, most people choose travel dates days and even months in advance. Given the unpredictable situation with coronavirus in different countries, travellers very often have to cancel their bookings and initiate chargebacks. There are also fraud chargebacks when a cardholder finds a way to abuse company policies. This is the main reason why travel-related businesses belong to a high risk category, and many banks and PSPs aren’t willing to cooperate with them. To avoid financial losses, choose a processor that handles chargebacks.
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How to choose a payment gateway for travel website
Whether you provide rental, hotel booking, or ticket services, integrating a robust processing platform is a must if you want to attract more customers and stay competitive. Let your clients go on vacation, business trips, or package tours in the knowledge that their payments are protected and successfully completed. Of course, you can't do without a payment gateway here. Now, we will provide you with some guidelines for choosing a payment gateway for your travel business.
Fees make up the bulk of the costs in the case of an international travel business. Payment processors have different pricing models and fee structures, and you need to be clear about them before opting for a certain payment gateway. Most of the PSPs charge a fee per transaction; someone may offer a monthly fee for a fixed number of transactions. Plus, there’re additional fees, such as chargeback fee, cancellation fee, currency conversion fee, etc. Do thorough research on the pricing policies of different providers and choose the one that suits you best. For example, at Corefy, you can pay for a plan annually or monthly, based on your preference. Plus, you may cancel at any time.
As a travel merchant, your main goal is to instil confidence in the reliability of your company. This applies both to the services you offer and the measures you take to protect your customer’s privacy. Regardless of the type and size of your business, there is a huge need to protect you and your customers from data breaches and identity theft. In addition to PCI DSS compliance, pay attention to the security tools that a particular processor uses in daily work. Among them are encryption, tokenisation, SSL, penetration testing, and others.
The travel industry is about 24/7 work without weekends and holidays. Whether it’s a Sunday or late night, your customers can easily book a trip from you and pay for it instantly. In the event of a failure in transaction processing, it is crucial to fix the problem quickly. Otherwise, you can miss out on a good profit. That’s why you should choose PSPs with around-the-clock support. At Corefy, you can get expert advice, recommendations, and support whenever you need it.
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