What Makes Online Travel Agency Payments Challenging?
The industry faces headwinds that have the power to impact online travel agencies’ financial stability and operation. From the unpredictability of early bookings to the complexities of regulatory compliance and foreign exchange risks, OTAs require a payment processing partner that understands their challenges and offers innovative solutions.
Top 5 OTA Payment Headaches
- Early Booking and Cancellations
- Unpredictable External Events: i.e., weather, personal emergencies
- High Average Transaction Value (ATV)
- Chargebacks
- Regulatory Compliance
Online Travel Agencies need solutions to accept payments and support their entire business model, including sending payments to business partners anywhere worldwide. OTAs also need a solution that can collect funds from customers and automatically divide the funds into different accounts, helping these companies minimise their accounting overhead and pay hospitality and travel partners.
Top 5 OTA Payment Must Haves
- Accept & Send Cross-Border Payments
- Pay Vendors & Business Partners
- Flexible Deposits
- Fee Collection & Distribution Options
- Multi-Currency Acceptance
Rapyd’s Innovative Payment and Payout Solutions For Online Travel Businesses
Rapyd’s payment platform is engineered to support the travel industry’s diverse and global nature. It provides robust infrastructure for accepting and sending payments across borders, which is crucial for OTAs. Rapyd’s global reach also includes the ability to handle multiple currencies, making transactions smoother and more convenient for businesses and their customers.
Rapyd’s Directly Licensed Card Acquiring
Rapyd is a directly licensed Visa and Mastercard acquirer in Europe, the UK and Singapore. With Rapyd, OTAs can accept payments in various forms—credit cards, e-wallets, direct bank transfers, and more. This flexibility is key in catering to a global audience with different payment preferences.
Global Real-Time Payouts Are A Reality
Rapyd’s efficient payout systems enable OTAs to send real-time payments to suppliers and business partners. With Rapyd Disburse you can send card payouts with Visa Direct and Mastercard Send instantly. Send single or batch payouts worldwide to 190+ countries with same-day delivery in over 80% of destinations and use the same instant payout methods to issue customer refunds.
Built-in Security is Standard
In an industry where transactions are high-value and global, the risk of fraud is a constant concern. Rapyd addresses this with sophisticated eCommerce fraud protection. Rapyd’s platform includes built-in identity verification, continuously monitors transactions, employing advanced risk mitigation measures to detect and prevent fraudulent activities before they can impact the business.
Transparent Transactions & Complete Account Management
Transparency in financial transactions helps OTAs to manage their cash flow effectively and maintain trust with customers and partners. Rapyd provides detailed insights into transactions and currency exchange rates, enabling OTAs to optimise their cash balances and financial strategies.
Multi-currency Settlement Account with Rapyd
Online travel businesses and other high-risk industries benefit greatly from Rapyd’s Multi-Currency Settlement Accounts, a single solution that combines card-acquiring and multi-currency account capabilities. This comprehensive financial tool simplifies international transactions by creating an account that mimics the functionality of an international bank, empowering businesses to accept, hold, and dispatch funds globally. This account is designed not just for travel businesses but for any enterprise searching for global commerce solutions.