Instant payments are electronic payments that are processed and settled almost immediately, allowing money to be transferred from payer to payee within seconds.
Instant payments enhance customer experience by ensuring immediate confirmation of bookings and payments, particularly for last-minute travel plans or time-sensitive arrangements.
Implementing instant payments requires robust technology and security measures to protect against fraud, especially given the rapid transaction speeds involved. Travel companies must ensure their systems are capable of reliably supporting instant payments.
- Instant payments enable immediate fund transfer and booking confirmation.
- They require strong technology and security frameworks.
- Beneficial for last-minute and urgent travel arrangements.
Felloh enables travel companies to leverage PISP (Payment Initiation Service Provider) capabilities for instant payments, allowing customers to initiate direct bank transfers without using card networks. This improves payment speed, reduces processing fees, and enhances security by eliminating intermediaries. With Felloh’s integration of instant payments through PISP, travel businesses can offer faster and more efficient payment options to customers, improving booking experiences and cash flow. The platform ensures seamless integration and real-time tracking of these direct bank transfers, benefiting both businesses and customers.
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Felloh’s Open Banking payments initiate a bank transfer from your customer’s bank account directly to your business’s bank account, along with booking reference data for easy reconciliation.
