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Global payment orchestration platform FinMont recently commissioned a survey* to European consumers to understand how they are purchasing travel online, what they expect during the process and what can put them off completing the purchase. The results have highlighted how many travel bookings are being missed due to complex payment processes, lack of transparency or by not offering preferred payment methods.
The survey highlighted that nearly half of consumers (47%) are dropping off mid-way through booking flights or holidays online if the process is too long or complicated and will then look for an alternative provider.
The results also showed that a quarter (25%) of all travellers would be more likely to rebook with a travel company that was completely transparent about costs upfront rather than upselling during or at the end of the process.
With nearly a third (32%) of those surveyed confirming they intend to travel more in 2024, losing potential customers due to complicated processes, lack of transparency or even not offering the right payment methods could cost some travel companies millions in bookings as travellers move to rival firms who offer more a more customer-centric payment solution.
The founders of German airline, Hahn Air, launched FinMont to offer the travel industry a unique solution that, unlike other options available, streamlines not only B2C payments but also B2B payments. Combining both payments into a single view will help decision-makers identify and fix inefficiencies in their current payment processes. The firm’s mission is to help travel merchants use payments as a strategic tool to stand out from competitors.
Suby Valluri, CEO of FinMont, commented, ‘As a global travel payment orchestration platform we help our clients provide a more customer-centric payment solution for travellers and this survey gives us the insights we need to ensure we offer the right solution for those looking to book their travel online.
As consumer expectations for online bookings increase travel merchants must offer a seamless solution that delivers a similar experience to other sectors.”
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