If you are taking bookings online a major consideration is which payment solution to use. Credit cards have long been the predominant way of making online payments. This post looks at the advantages and disdavantages of accepting credit cards online to help you decide on the best payment solution for your tour and activity business.
The most common way of accepting online payments has always been by credit card. If you are considering accepting credit cards as part of your online booking system there are a number of things to keep in mind. Lets start with the advantages:
1. Security – Consumers are now more aware of the level of consumer protection in place when using credit cards. This means they are more likely to make a purchase using their credit card
2. Get Paid Faster – By accepting payment by credit card it means you have access to the funds quicker than older methods such as waiting for a cheque to clear.
3. Impulse Purchases – The speed and ease by which a customer can pay by credit card means they are more likely to complete a transaction. This is more of an advantage if you can instantly provide a ticket or a voucher as the whole transaction can be completed in a matter of minutes.
1. Credit Cards Are Not Cheap – The charges associated with taking payments by credit cards can turn out to be a little expensive. Transaction fees, service fees and statement fees can all add up and must be taken into consideration when deciding on your payment solution.
2. Protection For Consumer But Not For Merchants – As outlined in the advantages, the protection in place for consumers means they are more comfortable using credit cards when booking online. The flipside of this is that if a dispute arises over a credit card payment the outcome will usually go against the merchant. However, there are precautions that can be put in place to safeguard against this
3. Increased Security Requirements – Due to the information requested when accepting credit cards online there are significant security requirements for merchants such as PCI compliance and secure certificates. These requirements can be costly for businesses. However, the good news is that our software partner, Rezgo, handles all the PCI requirments for you saving you significant technology costs.
t Vivit Booking Solutions we understand that each business has different needs. That is why we work with you to determine which of the available payment solutions is best for you and your business. Contact us today and let us show you how to increase your bookings online with the best payment solutions that work for you.