How Payment Orchestration Platform Helps Travel and Tourism Businesses Minimize Abandoned Bookings and Increase Conversions

The UAE’s travel and tourism sector contributed more than USD 45 billion to its GDP in 2022. By 2028, this contribution is likely to reach USD 62.8 billion. Hence, if you are running a tour agency, it’s time to ride the wave of growth and take your business to new heights. Enhancing customer experience is crucial for that though. A payment orchestration platform for the travel industry can especially make a difference.

Such platforms help you to coordinate and manage numerous online payment gateways, processors, services, networks, and methods, so that operations become more efficient, costs are minimized, transactions become seamless, checkout becomes simpler, and customer satisfaction improves. After all, happier customers translate to fewer instances of abandoned bookings and a higher conversion rate. Let’s understand how a payment orchestration platform can transform your game in the dynamic travel landscape.

Importance of Payment Orchestration Platform for Travel Industry

Your travel agency offers intangible services to customers, which is different from selling physical products. Moreover, someone can choose to travel to any country, even in the remote pockets of the world. Apart from booking flights or arranging for visas, you also need to handle accommodations and activities. Since the prices of every aspect of a trip can fluctuate based on the season, demand, availability, and related factors, a platform that ensures payment optimization for the travel industry can go a long way in easing your life.

Here are the top benefits of embracing orchestration:

• Increased Authorization Rate – One of the biggest advantages is that every payment request gets automatically routed to the most suitable processor, so that more transactions get authorized. This not only implies greater customer satisfaction, but also more conversions.
• Multiple Payment Methods – A platform that facilitates payment orchestration for travel industries allows you to offer various payment methods, including credit and debit cards, digital wallets, buy now pay later schemes, cash on delivery, bank transfer, and mobile payments. When shoppers get more options and flexibility, they are less likely to abandon their bookings and more likely to check out.
• Multiple Currencies – The best payment orchestration solutions for travel businesses support multiple currencies, so that customers from any corner of the world can transact smoothly and comfortably. Being able to pay in their local currency helps a customer to trust your business more. Also, you can easily expand your reach beyond the UAE this way. Orchestration platforms also ensure transparency with their currency conversion feature, whether a UAE resident plans to fly to another country or a foreign national decides to visit the UAE.
• Security – Orchestration of payment processes for travel agencies strengthens the security of sensitive data related to transactions and customers. Robust fraud prevention measures and multi-layer authentication mechanisms instill confidence in your customers, thereby boosting the conversion rate.
• Compliance – It is essential to comply with payment regulations in the UAE as well as other countries in which you conduct business. Payment orchestration for the travel industry makes it easy to do so, thereby building customer trust and driving more people from the consideration to the purchase stage. In other words, you witness a significant jump in the revenue through payment orchestration.
• Mobile Optimization – In the UAE, more and more consumers are using their mobile devices to make purchases. This is mainly because of the high penetration of such devices as well as the affinity Gen Z and millennial shoppers feel towards technology. Payment Orchestration for Travel Industry can optimize your web store for mobile devices and simplify the checkout experience. This lowers the chances of a customer abandoning their bookings at the last moment due to technical glitches.

Adopt Payment Orchestration to Go Places with Your Travel Business

By now, you surely realize why your revenue through payment orchestration is bound to shoot up. Remember that as a travel agency owner, you need a platform that is easy to integrate with your website and set up for action. It should also align with your specific requirements and budget. With the right platform, you can leverage automation smartly, maximize efficiencies, minimize expenses, and enhance the customer experience like never before. A provider like PayTabs can particularly help with the latest AI-powered technologies and tailor-made solutions.