Why every accommodation owner needs a payment service provider (PSP).
You’ve all heard about the PSD2 regulation somewhere... What is it exactly and how does it affect your hotel business? What about your online payments, do you need to change your process? We’ve laid out the basics for you!
The importance of online payments
First things first. How important are online payments in the hotel industry?
As a hoteliers, you must have a clear picture of the modern consumer behavior. In this age, mobile devices rule the world. Travellers are very reliant on their mobile devices and they just love the convenience of paying online with it. Offering online payment methods is a real advantage and increases the chance of direct bookings.
The booking process is one of the first steps in the customer journey of your guest. A smooth, frictionless online payment experience is a great start to the overall guest experience. A lot of guests also see it as the more sustainable and responsible option.
The fact that online payments are the way to go is beyond dispute. However, if you want a payment guarantee in case of no-shows, you have to take into account the new PSD2 regulations.
It is advisable to use a payment provider (PSP or Payment Service Provider) when you offer online payments or want guarantees in case of no-shows.Stardekk
What is PSD2?
PSD2 stands for Payment Service Directive 2 and is a European directive whose purpose is to make online payments safer.
PSD2 states that it is no longer sufficient to simply ask for a customer's credit card details when you want to make an online payment. (In the absence of the guest, that is). To be sure of receiving your online payments, European credit cardholders must be sure that an additional "verification factor" is present.
E.g. Code sent to guest's smartphone, which has to be entered to confirm payment.
How to ensure reception of online payments?
So what about your online payments? How can you ensure a payment guarantee if asking the credit card details is no longer sufficient?
It is advisable to use a payment provider (PSP or Payment Service Provider) when you offer online payments or want guarantees in case of no-shows. This way both you and your customer are assured of a safe online payment.
Payment Providers (PSPs) connected to Cubilis Booking Engine
Mollie is a pioneer in the payment industry and is one of the fastest growing payment providers in Europe. Connected to this payment provider you can offer international guests various payment methods in a uniform way. Mollie supports all major online payment methods. Discover more about Mollie on our Marketplace.
Those secure payment partners are in accordance with the PSD2 regultation and take care of that extra ” verification factor”, needed to install an online payment garantee. Discover all our payment solutions on our Marketplace.
Note: If you (also) work with other partners (OTAs, PMS, etc.), ask these third parties for more information about their solutions for online payments.
Let’s connect with a Payment Provider
Do you want to connect your Cubilis Booking Engine to a secure payment provider like Mollie, Payconiq or Worldine? Fill out the form below to demand your PSP-connection.