Streamlining Operations & Maximizing Revenue: The Power Of Payments Technology

Good Afternoon, Everyone!

My name is Edward Kennedy, co-founder of The Percentage Company. I know your time’s precious, and let’s face it, payment technology isn’t the most thrilling topic.

But I promise to keep this short, informative, and worth your while—plus, cocktails await us afterwards!

WHO WE ARE

We’re primarily a digital marketing agency, but we also develop software in-house and do a lot of hospitality tech consulting. I’ve been building websites since 1997 in the real estate sector, but have been working in hospitality in Thailand since 2007 in lots of different types of hotels.

We founded The Percentage Company in 2018 and we believe that hotels marketing & technology strategies shouldn’t be separate – the best results come from unified marketing & technology strategies, so that’s what we do.

We help hotels thrive in the digital age by providing tailored, innovative solutions that drive growth, deliver operational savings & enhance guest experience.

WE’RE GLOBAL

Since 2018, we have provided services, software & consulting services to over 600 hospitality businesses all around the world and we’re just getting started!

THE PERCENTAGE COMPANY + STRIPE

We share a common goal with Stripe: We empower businesses with tech to help them thrive.

We work with lots of different tech stacks and we’re always looking to recommend the very best solutions. Stripe’s cutting-edge financial infrastructure allows us to provide comprehensive, tailored solutions for clients of all sizes.

For context, Stripe processes around 1 trillion USD worth of payments each year and provides solutions for Accor, Marriott, Booking.com, Airbnb, Amazon, Google, Spotify, Twitter/X, Microsoft, Shopify, and many more.

WE’RE CERTIFIED

As I said, we like to partner with best-in-class solutions as they get results, so that’s why we spent several months of our time and money becoming officially Stripe certified, without a direct return from that.

We’re a certified specialized services implementation partner, which is the highest level of partnership available in the Stripe ecosystem!

1. 1 of only 29 companies worldwide
2. 1 of only 8 companies in APAC region & only 8 in APAC
3. Other partners include giants such as WPP, Accenture & PWC.

THE CURRENT PAYMENTS LANDSCAPE

There’s huge competition in the payments landscape in Thailand. As hoteliers you have lots of options, here are some of the solutions we have worked with, but I’m here to tell you that all solutions are not created equal and I have data to prove it!

• Hands up, who here is using a bank-provided solution?
• Who is using a 3rd party solution currently?

CHALLENGES FACED BY HOTELIERS IN THE PAYMENT SPACE

Let’s unpack some of the biggest headaches hoteliers face with payment systems and explore how the right technology, like Stripe, turns these into opportunities:

1. Security & preventing fraud

• Hotels handle sensitive customer data, making them a prime target for cyberattacks & data breaches.
• Disputes and chargebacks can lead to financial losses and admin burdens.
• Hotels are very vulnerable to fraudulent activities like card cloning and identity theft.

So – what’s the solution?

• Fraud detection tools help to prevent fraud and protect you and minimize your losses. As hoteliers, we need secure and compliant payment processing to protect both the hotel and our guests. Stripe’s AI-powered Radar is a game-changer for preventing fraud before it happens.

2. Compliance & complexity

• We need to accept a variety of payment currencies and methods, including credit cards, debit cards, mobile wallets, and online payment systems.
• We need to be able to keep up with the constantly evolving financial regulations and be fully compliant with PCI DSS standards to protect cardholder data and limit our liability.
• Payment processing can be complicated with group bookings, corporate rates, credit, and complex payment schedules which end up making things very difficult to manage.

So – what’s the solution?

• Stripe has a global network which means we can quickly scale and expand our reach by accepting payments from emerging payment methods such as wallets, crypto with more support for even underbanked regions, making us future-ready.
• Stripe has some of the world’s most robust security measures in place and ensures PCI compliance to protect both parties.
• Stripe’s platform enables us to create unique payment flows, like installment plans, group billing, or automated split payments for group bookings with low-code, no-code, and pre-built options available. Stripe’s by far the easiest system for developers in my opinion.

3. Operational inefficiencies

• Payment processing at hotels often involves manual data entry, manual reconciliation, and reporting can be time-consuming and error-prone.
• Integrating payment systems into a hotel’s tech stack can be complex and require a lot of technical expertise.

The solution

• Stripe’s API enables seamless integration with all manner of systems (PMS, POS, booking engine, CRM / productivity apps etc.) and opens the door to automating payment processing, eliminating manual processes, reducing manual errors, optimizing workflows, and saving time. From payment reconciliation with your accounting system (QBO, Xero, SAP), to invoicing, and more.
• You can use Stripe’s real-time reporting and analytics to make more informed decisions and understand what’s happening at the sharp end of your booking process and stay on top of payments.

4. Guest experience

• Slow payment processing is as painful online as it is offline at the hotel and leads only to frustrated guests.
• To compete with the OTA (many of whom use Stripe), we need a robust frictionless payment system that minimizes payment failures – guests will not appreciate it if they get all the way to the end of your booking funnel and get rejected. The reputation damage is incalculable. This is not the place to save.
• We must also offer enough payment options to ensure that guests feel comfortable with the payment method and currency.

The solution

• Stripe has a best-in-class checkout experience which helps to improve website conversion and avoid abandoned carts. Stripe’s automatic card updater and smart retries also help to recover from declined transactions.
• Stripe supports a huge number of currencies and payment methods, making it easier for us to accept payments from guests from every corner of the globe.
• Stripe even has a range of products to help make the customer experience smooth such as secure payment links, split billing, scalability for events and conferences without limits, pre-authorization & more.

THE ROI CASE FOR STRIPE

• Higher revenues – Stripe’s customizable checkout pages provide a seamless and secure checkout experience that reduces cart abandonment and payment failures.

• Lower total ownership costs – With lower failure rates, lower fraud rates and the ability to leverage pre-authorization, Stripe means less of your potential revenue is lost.

• Less time spent – Stripe is a low-stress solution and by far the easiest payments ecosystem to develop with, it just works! From KYC to administration to developing, you will save time vs competing solutions. Stripe also has a great support team and we are also available if you want something more advanced!

Here’s some quick examples of how Stripe helped us take 2 clients’ businesses forward:

CASE STUDY 1: SIMON CABARET

Simon Cabaret is one of Thailand’s leading theaters & tourist attractions. It has a 600-seat theater in Phuket, hosting 3 to 4 shows per day, all year-round. In 3 years, they have processed in excess of 700,000 seats and almost 500 million THB in ticket sales.

We built the front and back office systems which run the show from scratch and provide a wide range of sales & marketing services, including the implementation of the payment systems connected to the seat booking platform we designed for them.

I know this isn’t hotel specific, but it provides a great illustration of my points as it is a similar clientele and during this project we worked with 2 different payment processors for 1.5 years each. There is quite a difference!

• Local gateway payment failure rate = 28.49%
• Stripe payment failure rate = 3.81%
• Revenue uplift from Stripe = 24.68%

These savings represent tens of millions of THB. Choosing the right payment provider is about more than just finding the cheapest option, it’s about finding the right solution that gives you access to the revenue you would not otherwise see!

CASE STUDY 2: PURIPUNN CHIANG MAI

Puripunn Hideaway Chiang Mai is a 35-room 5-star Lanna style hotel in the center of Chiang Mai. We provided a full-service package to this property to relaunch them after 2 failed attempts to relaunch the property after a 3-year COVID shutdown. As an outsourced partner we provide OTA/revenue management, digital marketing and implemented an entirely new, custom tech stack (PMS, POS, accounting, booking engine) including a payment solution.

By implementing a Stripe-connected PMS and our own Stripe-connected booking engine, we were able to significantly reduce the manual admin work, reduce lost revenue from cancellations/no-shows by 48%, and provide an all-around better guest experience at the point of sale and at check-in/check-out.

KEY TAKEAWAYS

• Assess your current provider – is it giving you the tools you need?
• Reduce inefficiencies – is your current provider helping streamline your processes?
• Get best-in-class – take advantage of the next-gen payment tech that Stripe offers and don’t let invisible inefficiencies hold you back.

Remember: your payment system isn’t just a backend utility; it’s a critical part of your guest experience and revenue strategy.

Please don’t hesitate to reach out to us for guidance or to schedule a consultation call. Like Stripe, we’re here to help you thrive in the digital age.