Why should you go the extra mile to protect travel payments?
The UK Package Travel Regulations (PTR) and the EU Package Travel Directive (PTD) are important protections for travellers booking package holidays. Travel providers offering package holidays are legally obligated to meet these regulations, usually in the form of a bond or a trust account, to make sure customers are refunded should a travel provider go bust.
What about the providers who aren’t legally obligated to meet them? Which payment solutions should they use to gain travellers’ trust (and boost bookings in the process)? Should they also purchase financial protection to appeal to their customers, even if they’re not legally obligated to do so? This article explores how the Trust My Travel solution benefits your travel business—even if you don’t need to adhere to package travel rules.
Why are travel companies choosing Trust My Travel?
While our solution is PTR and PTD compliant, travel providers that aren’t legally obligated to meet these regulations still choose us as their go-to merchant processing and financial protection solution. Here’s why:
We help you build trust with travellers and suppliers
If you haven’t already gathered from our name, trust is a big thing for all of us at Trust My Travel. The travel industry needs consumers' trust to thrive, but it isn’t easy to come by in a sector prone to unexpected disruptions (and the insolvencies resulting from these disruptions).
That’s where we come into the picture. Our pay-as-you-process travel payment solution gives you greater financial security and peace of mind, even if your travel business falls outside the PTR/PTD.
With us, your customers’ funds are ring-fenced until travel has taken place, meaning they can be sure they’ll get their money back if something goes wrong between purchase and delivery. Finding a travel provider that keeps their money safe is a priority for travellers, and we believe that all travellers deserve financial peace of mind, regardless of the type of holiday they book.
We help you reduce risk
The travel industry is fraught with risk. Insolvencies, disruptions, chargebacks, reputational damage and high insurance premiums mean proactive risk management is essential.
As a travel business owner, you understand the risks, particularly in payment processing and financial protection. That’s precisely why we created our travel payment and protection solution—to help people like you reduce risk.
Our financial protection and payment processing solution was created by travel industry insiders who understand your varied needs, making it a good option even if you don’t need to adhere to the PTRs.
For example, our trust account promotes better financial management, and our secure payment processing solution reduces fraud and chargebacks, resulting in a stronger bottom line that secures the future of your business.
We help you boost operational efficiency
Combining a merchant account, payment processing and supplier payment stops you from juggling multiple systems—you can manage all three on one easy-to-use platform. You’ll spend significantly less time moving between platforms, giving you more time to focus on making your customers happy.
Having all your financial data in one place makes monitoring your business’s overall financial health easier. You’ll also see the difference when tax season rolls around, as you’ll spend less time cross-referencing information between platforms. With our solution, your financial data is consolidated and consistent.
We help you prepare for the future
Instead of focusing on risk mitigation and reactive measures, it’s crucial to create a resilient business that customers and your suppliers can rely on, allowing you to trade for many years to come.
Creating a future-proof travel business isn’t easy—there is a lot for you to consider. For example, customers want more sustainable travel options, flexible booking policies, greater payment security—the list goes on. As a devoted business owner, you’re keen to cater to their wants and needs wherever you can.
However, choosing what to focus on isn’t easy. You have finite resources and can’t spread yourself too thin trying to prepare for every eventuality. If you have to focus your resources on just a handful of these futureproofing considerations, make preparing for potential regulatory changes one of them.
The fluidity of regulations is a challenge, and you face several types of risk when regulations change, such as compliance, operational and reputational risk. Our solution, which combines trust, security and convenience, helps you manage payments and protect against financial risks, giving you a solid foundation to grow and adapt to an industry ever in flux.
Ready to start protecting your travel payments? Contact us today.
