Tourism operators having to painstakingly wait for the approval of a payment gateway provider is now a thing of the past thanks to a new innovative tech being integrated into online booking system Booking Boss.
Today the Sydney-based tech start-up will introduce Booking Boss Payments, powered by the Westpac funded fintech PromisePay, into their new auto sign-up offering.
Booking Boss CEO Renee Welsh says it means operators can sign-up and take bookings online in under two minutes, which is a first for the industry.
“Payment gateways have always been a challenge, especially for tour, activity and attraction operators because the big banks lump these smaller, micro businesses into the same categories as hotels and airlines,” Mrs Welsh said.
“Typically an operator might spend weeks completing the paperwork required, only to be rejected as they’re deemed a risk or just not a fit for their model. It’s unrealistic and this happens at bank after bank. It can be an incredibly frustrating process.
“If the operator cannot get a gateway they might then transact credit cards in an unsafe and non-compliant way.”
Booking Boss Payments has essentially flipped the traditional gateway model on its head. Operators need to supply their company details and bank account and can begin instantly transacting on the Booking Boss platform.
With Booking Boss Payments, industry standard risk assessments are made on a per-transaction basis, rather than at the initial sign up stage – which is the usual procedure operators would experience when going to a traditional bank.
The new system is secure, reduces risk, combats fraud and is licensed and compliant – something some businesses completely overlook. But the best perks are the instant approval and the simple, user-friendly interface.
Under the Booking Boss model the 1.99% and 30 cents per transaction fee is paid by the customer, Mrs Welsh says it’s essentially a free platform to use.
“I believe for our sector this option is going to open up so many more opportunities for smaller businesses who struggle to gain access to a secure gateway,” she said.
“The ability to take payments seamlessly without any hassle will transform a number of businesses.”
Booking Boss Payments will launch alongside Booking Boss’ free 14-day free trial and auto sign-up offering on May 17.