A recent survey by FinMont highlights significant barriers in online travel bookings, with complex payment processes and lack of preferred payment options leading to high dropout rates.
Global payment orchestration platform FinMont recently commissioned a survey to European consumers to understand how they are purchasing travel online, what they expect during the process and what can put them off completing the purchase. The results have highlighted how many travel bookings are being missed due to complex payment processes, lack of transparency or by not offering preferred payment methods.
The survey highlighted that nearly a fifth (17%) of European travellers are using travel agents to manage their travel requirements as nearly half (47%) admit they have dropped off mid-way through booking flights or holidays online due to the process being too complicated. A further 16% admitted they found booking travel online too lengthy and unclear and 15% admitted online travel solutions weren’t as easy to use as other services such as retail.
With nearly a third (32%) of those surveyed confirming they intend to travel more in 2024, losing potential customers due to complicated processes, lack of transparency or even not offering the right payment methods could cost some travel companies millions in bookings as travellers move to rival firms who offer more a more customer-centric payment solution or turn to travel agents.
The founders of German airline, Hahn Air, launched FinMont to offer the travel industry a unique solution that, unlike other options available, streamlines not only B2C payments but also B2B payments. Combining both payments into a single view will help decision-makers identify and fix inefficiencies in their current payment processes. The firm’s mission is to help travel merchants use payments as a strategic tool to stand out from competitors.
Suby Valluri, CEO of FinMont, commented, “As a global travel payment orchestration platform we help our clients provide a more customer-centric payment solution for travellers and this survey gives us the insights we need to ensure we offer the right solution for those looking to book 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.”
* European Consumer Survey carried out by Research Without Barriers – RWB – commissioned by FinMont GmbH – Jan 2023
