Instant Payments Book a Long Stay With Independent Hotels

Instant payments have become a mainstay for small to mid-sized businesses (SMBs) in the hospitality sector.

For example, more hospitality SMBs used instant PayPal to send payments than used any traditional method, such as automatic clearing house transfers, credit cards and checks. Transaction speed is only one of many benefits hospitality SMBs cite.

Nonetheless, nearly 6 in 10 hospitality SMBs still identify a non-instant option as their most used method for sending payments.

PYMNTS Intelligence’s latest study finds that misperceptions are holding back adoption. There is strong growth potential for instant payments — especially for providers who can dispel these concerns.

These are just some of the findings detailed in “Small Business Real-time Payments Barometer: Hospitality Edition,” a PYMNTS Intelligence and The Clearing House collaboration. This edition examines the use of instant methods among hospitality SMBs, including key factors behind payment preferences. It draws on insights from a survey of 693 companies generating $10 million or less in annual revenue, conducted from Jan. 31 to April 1.

This report explores crucial information that providers need to know to capture additional market share.

Inside “Small Business Real-Time Payments Barometer: Hospitality Edition”:

• How many hospitality SMBs are sending payments instantly
• Which payment methods do hospitality SMBs prefer when sending payments
• Which non-instant methods remain popular
• How instant methods are stacking up to traditional methods in the hospitality sector
• The relationship between revenue performance and instant payment preference
• What benefits do hospitality SMBs get by sending payments instantly
• How use of instant methods relate to balance sheet health
• How do hospitality SMBs use instant methods compared to SMBs in healthcare, transportation and logistics, and restaurant spaces?
• Misperceptions hospitality SMBs have that are limiting their instant payment adoption

Hospitality SMBs are poised to increase their use of instant payments. Download the report to learn more about what’s next in payments for SMBs in the hospitality sector.