June 17, 2024

CPS

Travel Adventure

FinMont research reveals 1/5 turn to travel…

2 min read

Travellers would rather travel agents manage it instead

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 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 found 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 FinMont – and also founded German airline, Hahn Air – launched the payment orchestration platform in a bid to offer the travel industry a “unique” solution that,  streamlines B2C payments and B2B payments.

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, said: “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.”

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