A recent survey conducted by FinMont, a global payment orchestration platform, has unveiled a significant challenge facing the travel industry: nearly half of the European travellers are abandoning flight and hotel bookings due to complex and lengthy payment processes. The survey’s findings underscore the critical need for travel companies to simplify their payment systems or risk losing millions in potential bookings.

According to the survey, 47% of consumers drop out mid-way through booking flights or holidays if the payment process is overly complicated. This trend indicates a substantial gap in the customer experience that travel companies must address urgently. Furthermore, a quarter of all travellers (25%) preferred companies that are transparent about costs upfront rather than surprising them with hidden fees during or after the booking process.

The implications of these findings are profound, especially as travel demand is expected to surge in 2024. Nearly one-third (32%) of those surveyed plan to travel more in the coming year. Failing to offer straightforward, transparent, and customer-friendly payment options for travel companies could significantly lose business. Travellers are increasingly likely to switch to competitors who provide a more seamless and honest booking experience.

FinMont, founded by the creators of the German airline Hahn Air, aims to revolutionize the travel payment landscape. The platform offers a unique solution streamlining B2C and B2B payments into a single, integrated view. This comprehensive approach allows travel merchants to identify and rectify inefficiencies in their current payment processes, ultimately enhancing the customer experience and boosting loyalty.

Suby Valluri, CEO of FinMont, emphasized the importance of understanding and meeting consumer expectations. “As a global travel payment orchestration platform, we help our clients provide a more customer-centric payment solution for travelers. This survey gives us the insights we need to ensure we offer the right solution for those looking to book their travel online,” Valluri stated.

The survey results highlight a growing demand for payment processes that are as seamless and user-friendly as those found in other sectors. Travel companies that adapt to these expectations by simplifying their payment systems and being transparent about costs will likely stand out in an increasingly competitive market.

For more information about how FinMont is helping travel companies enhance their payment processes, visit FinMont’s website.

Written by: Octavia Koo

=======================================