Guesty has added a payment processing solution to its hospitality and property management operating system.
The new GuestyPay is available to customers in the United States and is to be extended in the middle of the year to those in the United Kingdom and the European Union, Guesty said in a Tuesday (Jan. 10) press release emailed to PYMNTS.
“GuestyPay is another milestone in our brand’s promise of delivering a one-stop shop for full, flexible property management in the hospitality industry,” Guesty Co-founder and CEO Amiad Soto said in the release.
PYMNTS research has found that real estate firms have been taking steps to make their payment processes more efficient. Fifty-nine percent of real estate chief financial officers (CFOs) said in 2021 that they have digitized these processes, according to “The Treasurer’s Guide to AR Payment Optimization.”
Digital wallets and embedded payments will help PropTechs turn renting an apartment into a community-based, digital experience, Bond CEO Roy Ng told PYMNTS’ Karen Webster in an interview posted Friday (Jan. 4).
“PropTech itself is an enormous space,” Ng said, as the processes surrounding everything from buying properties to renting them to managing them is done by a fragmented roster of providers and myriad, paper-based processes.
GuestyPay is designed for vacation rental and property managers, integrates with the Guesty operating system to sync with business data and operational processes, and gives users control of their payment processing, according to the release.
The solution handles chargebacks, settlement payouts, accessible payments reconciliation, credit card verification and payment reporting, the release said.
It is backed by Guesty’s internal payment operation team that manages risk mitigation, monitoring and flagging of market threats, per the release.
“We know our customers best from all aspects of their operations and have designed a compatible product that complies with their business model, fully integrates into the Guesty platform and is serviced by an in-house payments team, offering customer support and risk management,” Soto said in the release.
The addition of this new solution comes about five months after Guesty raised $170 million in a Series E funding round to fuel its growth and new product development.
The popularity of alternative accommodations has escalated as people changed how they work, live, travel and mingle, creating a need for hospitality operators to optimize and scale their operations, the company said at the time.
“Despite an exceptionally challenging fundraising climate, the funding Guesty has raised is a vote of confidence in the travel and short-term rental ecosystem and an endorsement of our pioneering technology and position as the market leaders of the hospitality and property management software sector,” Soto said Aug. 16 when announcing the new funding.
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