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More payment options needed in Hospitality

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By Abdulwasiu Usman

The sector's contribution to GDP is expect to rise to about 12.3 trillion.

Amid recent headwinds, the Nigerian hospitality sector is poised to increase its advances by capitalizing on advancement and optimistic prospects. The World Travel & Tourism Council’s Economic Impact Report (EIR) projects that Nigeria’s travel and tourism sector’s contribution to GDP would rise at an average annual rate of 5.4% between 2022 and 2032, which is higher than the country’s overall GDP growth rate of 3%. It is predicted that by 2032, this would increase the sector’s contribution to GDP to almost 12.3 trillion, representing 4.9% of the economy.

There is much anticipation among travel and tourism companies about the forthcoming progress, especially concerning servicing foreign business tourists. Conversely, this necessitates the adoption of new digital payment methods to provide consumers with various digital payment methods needed, it also poses an edge to the companies in the competitive market. Fortunately, a robust and secure method of accepting payments through foreign and virtual cards will enable businesses to capitalize on emerging opportunities and provide adequate service to their clients. Customers nowadays prefer performing transactions via the internet.

Inadequate payment facilities hindered hotel operations.

According to Chidinma Aroyewun, country manager of DPO Group in Nigeria, which provides the DPO Payment gateway, in their four years as an authorized payment solution service provider in Nigeria, the company has encountered various hotels having difficulty receiving payment. She noted that inadequate payment facilities had hindered the operation and capacity of standard, substandard as well as low-level hotels to receive payment via international and virtual cards. Moreover, often, it is due to the staff’s inability to comprehend the payment methods option.

Businesses have suffered financially due to inadequate payment capabilities as they are unable to charge checked-in guests or recover cancellation fees, which leads to a loss of customers. Aroyewun stressed the convenience and universal acceptance of credit cards as the predominant means of payment for business travelers. She claimed that the company’s bottom line would benefit from accepting international credit cards and foreign currencies like the US dollar as a result of the increased inflow of foreign currency.

Companies may accept bookings using online virtual card terminal.

In addition to the benefits of receiving direct bookings, offering a card service would allow companies to charge cover fees in the event of a cancellation. Nonetheless, many business owners are wary due to the ever-present risk of fraud, which has made them reluctant to provide a more diverse payment option. Alternatively, companies may accept booking deposits using an online virtual card terminal and process payments manually in any currency without the need for a physical POS device.

Given the system’s inherent openness, customers can clearly see the base price, the current exchange rate, and the total amount in their preferred currency at checkout. Aroyewun said that the company’s hotel now allows merchants to charge visitors over the phone when they make a reservation request on the internet or in person. Businesses may increase client retention by fostering a sense of confidence in them by accepting only the best and most effective implemented payment methods.

Collaborating with a reliable payment service boost sales.

With Virtual Terminal, businesses do not have to invest in expensive devices or wait for confirmation of customer payments to begin processing. It is simple to get set up, and they may add the service to their current method of payment without any hassle. Ultimately, Aroyewun said that the company’s customers are fast to spread the word that the company’s attractiveness increases as additional payment alternatives are made available. She added that collaborating with a reliable payment service that is well-respected across Africa will boost confidence and sales in the long term.


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Ask Nigeria
Admin
1 year ago

More payment options needed in Hospitality  – The sector’s contribution to GDP is expect to rise to about 12.3 trillion. – Express your point of view.

Last edited 1 year ago by AN-Toni
Abusi
Abusi
Member
1 year ago

Hospitality is one creative business venture on its own. More reliable payment services need to be provided for ease of businesses. The sector should be well managed so it can be attractive to customers.

jdpumping
Member
1 year ago

Hospitality is one way of increasing ones GDP and our government needs two into these and era t better hotels,motels that are of international standards for use in the whole country not specify area for the rich with better facilities.

Tonerol10
Tonerol10
Member
1 year ago

The sector’s contribution to GDP is expect to rise to about 12.3 trillion. Hospital is creative moving sector but government need to do more to improve our hospitals for the betterment of the country

theApr
theApr
Member
1 year ago

Fortunately, a reliable and safe method of receiving payments from foreign and virtual cards will let companies take advantage of new opportunities and give customers acceptable service.

Remi1
Remi1
Member
1 year ago

By only taking the best and most successfully implemented payment options, businesses may build a sense of confidence in their customers and enhance client retention.

Hassan Isa
Hassan Isa
Member
1 year ago

In spite of recent obstacles, the hotel industry in Nigeria is positioned to increase its progress by leveraging on technology and hopeful possibilities.

Godsewill Ifeanyi
Godsewill Ifeanyi
Member
1 year ago

There is tremendous optimism among travel and tourism companies about the anticipated progress, especially concerning servicing foreign corporate travelers.

Adesanyaj72
Adesanyaj72
Member
1 year ago

In the travel and tourism industry, there is a great deal of excitement about the upcoming developments, particularly in regard to the provision of services to international business travellers.

Chibuzor
Chibuzor
Member
1 year ago

In light of this, the implementation of new digital payment methods is required in order to supply customers with the various digital payment methods that are required.

Haykaylyon26
Member
1 year ago

Hospital is one of sector that contribute to GDP a lot if we can improve and make it more standard it will generate more revenue for the country

Nwachukwu Kingsley
Nwachukwu Kingsley
Member
1 year ago

Standard, inferior, and budget hotels’ ability to operate and accept payment via foreign and virtual cards was hampered by a lack of suitable payment capabilities.

Iyanu12345ogg
Iyanu12345ogg
Member
1 year ago

Hospital is creative moving sector even at that the government needs to do more in the aspect of improving our hospitals for the betterment of the country

Taiwoo
Taiwoo
Member
1 year ago

As a result of the increased influx of foreign cash, the bottom line of the company would gain by accepting international credit cards and foreign currencies like the US dollar. This is because the US dollar is the most widely used foreign currency.

Christiana
Christiana
Member
1 year ago

Businesses may boost consumer confidence and retention by offering only the best payment choices.

Tolaniiii
Tolaniiii
Member
1 year ago

With a secure and dependable way for accepting payments from international and virtual cards, businesses can seize new prospects and provide satisfactory service to their clientele.

Bola12
Bola12
Member
1 year ago

new digital payment mechanisms are needed to provide customers with the necessary options.

Kazeem1
Kazeem1
Member
1 year ago

Our government needs to invest in the hospitality industry to improve the country’s gross domestic product, and that means building more and better hotels and motels up to international standards and making them available to the public as a whole.

Ultra0711
Ultra0711
Member
1 year ago

Companies will be able to take advantage of new prospects and provide satisfactory service to clients if they have a secure and dependable way to accept payments from international and virtual cards.

SarahDiv
Member
1 year ago

With the constant increase in hospitality contributions to the GDP of the country difficult experienced in payment options should be resolve to allow further increase in hospitality contributions to the GDP. Government should allow more payment options in this sector and training of the officials in hospitality in the payment options should be carried out consistently.

DimOla
DimOla
Member
1 year ago

Hospitality has contributed to the GDP of Nigeria and is still increasing. Government should make more payment options available to be able to easily accept other currencies electronically.