Settlement refers to the procedure by which payment transactions are concluded, involving the transfer of funds from the customer's bank to the merchant's account. In the context of travel enterprises, settlement is essential for ensuring that payments for services are successfully processed, thereby confirming the receipt of funds following a booking or purchase. Effective settlement mechanisms are vital for sustaining cash flow and delivering a smooth payment experience for both businesses and their customers.
In the travel industry, settlement is crucial for confirming that payments for bookings, such as flights and hotels, have been completed. Timely settlement is essential to maintain cash flow and ensure that service providers are paid.
Travel businesses must navigate the complexities of international settlement, including dealing with various currencies and banking regulations, which can lead to delays and additional costs.
- Settlement finalises payments, transferring funds to the merchant.
- It ensures travel companies receive payments for services.
- International settlement can be complex and requires careful management.
Felloh simplifies the settlement process for travel businesses by providing real-time tracking of transactions from authorisation to final settlement. With transparent reporting and detailed insights, Felloh helps companies understand when payments will be deposited into their accounts, improving cash flow management. The platform ensures timely and accurate settlements, reducing delays and discrepancies, and enabling businesses to reconcile their transactions more efficiently. By streamlining the settlement process, Felloh ensures that travel businesses can focus on operations while maintaining control over their financial processes.
Felloh’s automatic reconciliation feature matches and verifies transactions from three payment methods—card payments, Open Banking, and bank transfers—ensuring that every transaction is tracked and settled accurately with your back-office systems.
