A recent survey commissioned by FinMont, a leading global payment orchestration platform, has uncovered a significant challenge facing the European travel industry. The survey reveals that nearly half (47%) of European consumers abandon their online flight or holiday bookings if the process is too long or complicated, opting for alternative providers.

The findings indicate a critical area of improvement for travel companies aiming to capture and retain customers in an increasingly competitive market. Notably, the survey highlighted that 25% of respondents are likelier to rebook with a company that maintains complete cost transparency throughout the booking process rather than springing unexpected fees at the end.

This issue is further exacerbated by the fact that nearly a third (32%) of consumers intend to travel more in 2024. This potential surge in travel activity underscores the financial risk for companies that fail to streamline their booking processes and offer customer-centric payment solutions. Complexities in the booking process, lack of transparency, and the absence of preferred payment methods could cost travel companies millions as frustrated customers turn to more user-friendly competitors.

In response to these insights, FinMont is positioned as a vital solution for travel merchants. Founded by the visionaries behind German airline Hahn Air, FinMont aims to revolutionize payment processes within the travel industry. Unlike other solutions, FinMont’s platform streamlines B2C and B2B payments into a cohesive view. This comprehensive approach enables travel companies to pinpoint inefficiencies and optimize their payment strategies, ultimately enhancing the customer experience.

Suby Valluri, CEO of FinMont, emphasizes the importance of meeting rising 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 solutions for those booking their travel online. As consumer expectations for online bookings increase, travel merchants must offer a seamless solution that delivers a similar experience to other sectors.”

The implications of this survey are clear: travel companies must prioritize simplifying their booking processes and ensuring transparency to prevent losing valuable customers. With FinMont’s innovative solutions, travel merchants can transform payments into a strategic advantage, setting themselves apart in a crowded marketplace.

For more information about FinMont and their groundbreaking solutions, visit the FinMont Website.

Written by: Christine Nguyen

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