B2B payments specialist eNett International has created a customer experience calculator to show travel firms what benefits they can derive from automating payments.
The firm, in which Travelport has a majority stake, has released a new digital report with case studies to illustrate the impact of one-off virtual Account Number payments.
It claims moving away from time-consuming manual financial and operational processes allows firms to free up employees to spend more time with customers.
This means higher value customers can be more of a focus which in turn is more rewarding for employees.
Anthony Hynes, managing director and chief executive of eNett, said: “In the fast-moving, competitive travel industry, customer experience is an important differentiator for brands and has a direct impact on the bottom line.
“Leveraging innovative payment solutions like eNett Virtual Account Numbers (VANs) can power an increase in the number of listings and suppliers, driving customer experience and advocacy.
“Employees throughout the organisation are freed up from manual tasks, enabling them to spend more time talking to customers and delivering the best possible customer service.”
Research and analysis for the report was conducted by leading CX consultants Smith+Co. It identifies a number of learnings for the travel industry:
• The analysis reveals a 5% increase in customer loyalty can boost profits by up to 85%;
• Customers are looking for more choice and more exotic destinations. Travel agents offering more choice have more satisfied customers who are prepared to share their experience with others;
• Offering more destinations means expanding the network of suppliers, currencies and security checks required. The number of European travel companies accepting payments in more than ten different currencies has doubled from 6% to 12% in the past three years;
• A direct correlation has been found between staff satisfaction ratings of their employer within the travel industry and the willingness of customers to recommend the brand. Critical but time-consuming tasks like payment reconciliation can impact employee motivation and reduce the time available for more interesting and higher value activities such as spending time with customers.