James Lemon’s recent LinkedIn post revealed how outdated prepaid rate processing is costing hotels billions.
While some avoid real-time online payments to save on fees, this approach is leading to massive losses.
A major hotel chain reported that 12% of prepaid bookings are canceled, with half not charged correctly due to manual processing.
This results in around 14 million lost transactions annually, equating to over $2 billion in missed revenue.
James goes on to say that by switching to real-time online payments, hotels could
While processing fees may be higher, the potential pros clearly outweigh the cons. It’s time to modernize the payment process!Oh, and once you've finished reading James' post, be sure to check out Rohan Watt's take, especially the section on the 'Risk of losing payment processing privileges due to non-PCI compliance.'
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