COVID-19 has become one of the biggest threats to the global economy. Many countries around the world are taking measure steps including, travel restriction, closing public transportation, working from home, maintain social distance, and limiting people’s movement from one place to another. As a result, there happened to be a big disruption in the economy, that declined business activities for all small, medium, and large-scale industries. However, digital payment volume has been rising in airlines, hospitality, e-commerce, entertainment, and another sector.
Innovative technology and processing have made digital payment simpler and more convenient to both merchants and customers. Especially for any private Jet or commercial flight, it is very likely to see a credit card reader anywhere around. When you are in the air and need to buy any drink or snacks, your flight attendants will ask you to tap in via card reader. Thus, from check-in to arrival, digital payment and card transactions had been so popular, that it has completed the phase-out cash for in-cabin transactions.
Digital Payment in the Air
Credit card and card readers were not the long-lasting solutions for the private airlines to provide a hassle-free travel experience to their customers. Payment processing companies are providing various digital payment solutions that are preferred by the customers. Thus, Airline Companies need to consider alternative payment solutions as credit cards are slowly becoming out-of-date and digital payment is gaining popularity. Digital payment is considered more responsible as they are directly linked with the user’s bank account.
Since digital payment are directly linked from customer’s account to merchant’s account, they are viewed as more reliable cash alike format and are less likely to be considered debt. It started in China where the airlines first accepted digital payments for air tickets and in-flight purchases. This trend started to go global in a very short period when the airline companies realized that consumers preferred digital payment rather than carrying cash or credit card with them. Finnair started digital payment for in-flight transactions and book tickets and got a 200% increase in in-cabin sales.
Benefits of Digital Payments for Airlines Industry
In the new age of digital innovation, airline companies need to prioritize the payment process to maintain customers’ needs and boost their sales revenue. Here are some of the benefits of Digital Payment that can provide an advantage for the Airlines Industry.
Increase Brand Value
In this digitization era, the first interaction of a traveler would be the airlines’ website. It travelers whether the traveler would like to proceed or consider other airlines. Therefore, a user-friendly website with integrated payment options will make your customers’ journey seamless and ultimately increases your Brand Value. With CloudBanking virtual terminal, provide a hassle-free travel experience to your passengers and increase the volume of booking.
Boost Sales Volume
When any company offers varied payment options, it can easily attract more customers from different parts of the world. The same is the case with Airlines and Private Aviation Companies. Digital payment system enables customers from different parts of the world to pay via their preferred mode of payment. Partnering with a payment gateway provides your customers an option to pay via mobile pay, Mastercard, or credit card. It reconciles your financial statement at a given specific period and provides real-time data.
Increase Conversion Rate
With a digital payment option, a customer will not have any specific reason for not buying a flight ticket. Once a customer decides to travel, a convenience payment processing on the airlines’ website will convert the thought into sales. Therefore, integrating your airlines’ booking engine with a digital payment system will prevent potential customers from diverting off your website to reserve a flight. CloudBanking digital payment uplifts your airlines’ website into one junction for all your customer’s traveling requirements and do not miss any opportunity for a potential sale.
To maintain your brand value and existing customers on board, it is important to set up a security measure to protect you against fraud. Airline fraud is not an easy thing to handle as it usually costs very high. The PIC-compliance feature of CloudBanking provides a secure card transaction and thereby protecting airlines from online fraud.
Track Your Activity
With reporting feature of the Payment processing dashboard, you can get access to real-time information of your transaction within a given period of time. It will help your airline company to keep a track of your sales activity and prevent mismanagement of company property and resources.
An Airlines Company that embraces technology and innovation will retain its customers and increases the Brand Value and Market share. Though Considered as High Risk, it is a challenging task to choose a payment processing partner. Thus, the CloudBanking payment solution helps you boost your revenue while managing risk. With our innovative fraud tools and feature-rich plugin, you can identify potentially fraudulent transactions and give ultimate protection.
Boost your revenue while managing risk with our innovative fraud tools. Our feature-rich and fully customizable plugin-in identifies potentially fraudulent transactions and provides the ultimate protection.
As a payment partner, CloudBanking offers billing with an affordable processing rate and no lock-in contract, that helps you meet long-term goals and grow your business.
Contact us today to learn more about our payment processing and many other services we provide.