The pandemic has expedited the transition towards digital and alternative payment methods. As non-cash transaction volumes are projected to surge to $2.3 trillion by 2027, it has become essential for hoteliers to embrace a variety of payment options to enhance guest satisfaction. To harness these evolving trends, hoteliers should consider adopting modern fintech systems and establishing partnerships with leading payment processors.
Payment processing solutions and point-of-sale (POS) can help hotels streamline transactions. Beyond payment processing capabilities, they also provide additional capabilities, such as business intelligence, financial reporting, and fraud management.
Payment technology should no longer be looked upon as just an enabler but more of a revenue opportunity for hoteliers. Seamless integration and offering multiple payment choices can lead to an increase in direct bookings, high-value reservations, and, overall, greater guest satisfaction.
Data in this report is accurate as of September 2023. For the latest updated information, Skift Research subscribers can access our Hotel Tech Benchmark dashboard, which is updated periodically as we collect more data from hotel tech vendors.
What You'll Learn From This Report
- Current and future growth potential of Point-of-Sale and Payment Processing Systems
- Total market penetration
- Top Vendors' market penetration
- Revenue distribution for vendors
- Total market penetration for vendors based on the total number of hotels and rooms they service