Flywire, a high-growth vertical payments company, today released a playbook to help companies within the travel industry adapt to the changes brought on by COVID-19 and kickstart growth into 2021. The guide, “Bouncing Back 2021 Playbook: Tips, Trends, and Strategies for Resilient Travel Companies,” draws from industry experts to share actionable insights into how companies can grow their business despite the headwinds posed by the coronavirus.
“The coronavirus has upended the travel industry to such an extreme that, for most companies, the old way of doing business is not sustainable,” said Colin Smyth, head of travel at Flywire. “Consumers have completely reset their expectations for what constitutes a safe, yet enjoyable experience. By adapting to current customer demand and putting the right tools in place, travel companies will set themselves up for long term success.”
The key takeaways from Flywire’s new framework for travel companies include:
- Adhere to updated Health & Safety Guidelines to mitigate risk. Follow the new standards set out by The ATTA and Cleveland Clinic to manage COVID-19 risk factors and create a safe environment for travel customers.
- Reset Terms & Conditions to protect your business interests. Update your terms and conditions to include more transparent communication around refund and cancellation policies. This will help preserve cost and minimize risk for the business.
- Adapt travel insurance policies to meet consumer demand. The Google search term “travel insurance” surged 92% once the coronavirus hit. Providing customized and flexible insurance policies will cater to the changing expectations of clients and protect the business from unanticipated events.
- Master social media marketing to attract new customers. Effective social media marketing can yield significant ROI. Certain tips, like turning customers into content creators, will help grow your customer base overtime.
- Digitize payments to reduce costs. Leverage a digital payment platform, like Flywire, to reduce fees, simplify processes, mitigate risk and improve the guest experience.
Flywire and a team of industry experts will be hosting a live webinar that unveils the findings of the playbook in detail on November 12th at 12:00 pm ET. Interested participants can sign up here.
Resources
- Read the complete report here
- To find out how much your travel business can save, request a free payments assessment today at flywire.com/assessment.
About Flywire
Flywire is a high-growth vertical payments company trusted by organizations around the world to deliver on their customers’ most important moments. Unlike other companies, Flywire is proven to solve vertical-specific payment and receivables problems for organizations that deliver high-value services. Whether in education, healthcare, travel or technology, Flywire has vertical-specific insight and technology that allows organizations to optimize the payment experience for their customers while eliminating operational challenges. To date, Flywire has processed over $16 billion in total payments volume for over 2,000 clients around the world. The company is headquartered in Boston, USA and has offices around the world. For more information, visit www.flywire.com. Follow Flywire on Twitter, LinkedIn and Facebook.
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