Payment processing can be intimidating–especially if you aren’t familiar with all of the nuances of the payment industry. For hotel owners, here are the top three things you should know to avoid overpaying for credit card processing and offer a better guest experience:
#1: Interchange and Other Fees
How much are you spending on credit card fees when running your property? It comes as no surprise that most business owners do not know the answer to this question. The fact is that there are many specific terms and fees related to credit card processing and most people get confused.
The most important fee for you to understand is the “interchange”. This is basically how much the different card brands (Mastercard, Visa, Amex, etc.) charge businesses to accept their cards. This fee varies widely across card brands, card types, how you process cards (swyped, keyed), and is also tied to your industry type.
There are also hundreds of other fees your credit card processor can charge you. From sign-up fees to assessment, equipment, and cancelation fees, these charges can add up a lot to how much you pay for credit card processing.
For this reason, make sure to review your monthly credit card statement and check for the rates and fees being charged.
#2: Every Industry Has Unique Payment Needs
No two businesses are alike, especially when they’re in different industries. Within the payment space, each industry has its own unique needs, and often on the business level as well.
For example, hotel owners are more apt to find features such as chargeback support more beneficial than split or recurring payments, which medical facilities prefer. It all comes down to the type of customers your business primarily serves, how they’ll pay, and the level of payment processing you wish to offer them.
“FortisPay was founded by hoteliers, for hoteliers. When you partner with us, you know that a team of hospitality experts will help your hotel become the best it can be!”Nirav Shah
President of Global Operations
Certified Hotel Administrator (CHA)
#3: Payment Integration Is Essential, Regardless of Hotel Size
No matter the size of your hotel, payment integration is critical to success. If you’re a small hotel owner, you may think that payment integration is too expensive or causes more headaches than it’s worth. The reality is payment integration can be very affordable and save your business even more money.
Here are just a few benefits of payment integration:
- Save time with automatic postbacks
- Reduce errors when typing in card details
- Greatly reduce reconciliation time
- All transaction and report data in one secure location
- Improve tracking and forecasting
- Consolidated reports
- Performance management
- Improve strategic business decisions
FortisPay can help your hotel become fully integrated, improve your efficiency, and more all while saving money.