1、Five Best Practices to Unlock the Hidden Potential of Payments for Hotel Chains2 Five best practices to unlock the hidden potential of payments for hotel chainsExecutive Summary The hotel sector was heavily impacted by COVID like all retail and travel verticals but has demonstrated strong recovery s

2、ince the pandemic.However,the industrys strong recovery comes with a significant caveat.EDC estimates$21 billion to be attributed to direct payment acceptance costs alone in 2024.This number is further increased by adding indirect payment costs due to fraud,chargebacks,and reconciliation.Beyond cost

3、s,current payment practices lead to substantial lost revenue opportunities with our research showing that a quarter of guests experience booking difficulties due to payment issues leading to reservation abandonment or booking with a competitor/OTA.And most critically,not optimizing payment strategie

4、s risks undermining the guest experience and long-term competitiveness.In this white paper,we will delve further into understanding the current state of payments in the hotel sector and examining pain points that are undermining business performance.The current state re-iterates the fact that leadin

5、g hotel chains need to re-imagine payments not just as a cost of doing business,but as a strategic asset that can be managed proactively to drive growth and deliver the seamless experiences guests expect.Through our analysis,EDC has identified five actionable best practices forming a comprehensive f

6、ramework aiding hotel chain in this transformation.These include:1.Establish centralized payment systems 2.Implement an omnichannel payments strategy 3.Offer the right mix of payment methods and currencies 4.Maximise value from payments data 5.Monitor and optimize payment related KPIs Based on our e