As more consumers look to book a post-pandemic trip, ‘buy now, pay later’ (BNPL) services can provide much needed cash flow for battered tourism industry operators.
In 2020, the global travel industry was hard hit by the COVID-19 pandemic. In Australia, international and domestic borders slammed shut and many people were largely confined to their homes. Now, with many people eager to book holidays, the leading global buy now pay later company, Zip Co, says BNPL services can support the travel industry’s recovery.
According to Zip, travel expenses present an opportunity for consumers to take advantage of BNPL products, as holidays often represent big purchases that many consumers might not have the cash on hand to pay for at the time of the booking. With BNPL services like Zip Pay, consumers can spread the expenses over time into more manageable, interest free payments.
For holidaymakers, BNPL presents an opportunity to lock in travel plans early, when prices are lower and then spread the cost of the trip over affordable repayments. Travel expenses can quickly add up, so for holidaymakers, the possibility of spreading the cost of their travel makes it more appealing and affordable, giving them flexibility with their budgeting.
Zip says for the travel industry, BNPL services can inject much-needed cash flow into businesses that have struggled to stay afloat during the pandemic. When a customer uses Zip Pay, the business gets paid on the same day by Zip, with payment of approved transactions guaranteed. Zip supports many leading online and POS payment platforms, so it’s easy for businesses to get up and running and processing payments.
Businesses can also benefit from Zip’s Trade and Trade Plus products, which provide business owners with an interest-free line of credit to help them settle invoices, pay bills and purchase supplies. In a period where rolling COVID-19 lockdowns are creating significant uncertainty for the travel sector, Zip Business solutions can support companies across the industry to manage their cash flow.
As an industry leader, Zip simplifies how consumers pay, by offering fast, fair and seamless payment solutions online and instore, as well as small business loans. To learn more, contact Zip directly.
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