Fastpayhotels signs a global deal with Mastercard
PALMA, SPAIN – Fastpayhotels, the B2B accommodation distribution platform, announced an alternative payment offering for hotels in partnership with Mastercard. This digital payment solution offers card payment guarantees and efficiencies, and reduces the costs that hotels have had to bear to process legacy forms of payments.
The Mastercard Wholesale Program has multiple tiers from 1% up to 2%, and hotels can choose which product suits them best and have total flexibility to agree terms. Fastpayhotels has adopted the lowest tiers, offering substantial savings in the market, and has partnered with major channel managers and global chains to make sure this is available to properties around the world.
“COVID-19 and its consequences are having a dramatic effect of the profitability of hotels globally and all help is welcome right now. Hotel rates and average length of stay continues to fall. We are sensitive to the fact that hotels will be operating on lower margins; therefore, we have adopted this new card program that will allow us to pay our hotel partners with the lowest tiers, thus minimizing their card acceptance costs," said Sandra Chinappen, CFO at Fastpayhotels.
Mastercard Vice President of Travel, Chiara Quaia said: "The Mastercard Wholesale Program allows more flexibility to travel buyers and suppliers through additional pricing tiers and provides a predictable set of mutually beneficial economics to players across the industry. Through this new partnership, Fastpayhotels will be offering more and lower payment choices to hotels, which is vital during these unprecedented times.¨
"I hope many hotels, vacation rentals or channel manager partners that do not work with us today that are looking for tangible improvements to their profitability, will sign up online to this new initiative and open their distribution to our 15,000 travel agents in 78 countries at a lower cost of distribution." added Chinappen.