WeTravel, an all-in-one business management platform for multi-day travel businesses, has launched a Future Cash Flow Dashboard service to enable travel businesses that use its platform to track upcoming installment and past-due payments to analyze their cash flow, as more travelers rely on installment payments in 2023.
Available to WeTravel Pro clients, an annual, paid subscription that unlocks additional services, the Future Cash Flow Dashboard provides a report of expected month-over-month and annual earnings. Access to the dashboard’s forecasting analytics enables travel businesses to view month-to-date expected payments, expected payments and past-due payments to provide an accurate analysis of projected revenue, enabling better financial control and revenue management.
In 2023, more consumers will opt for installments and buy-now, pay-later (BNPL) payment options when purchasing travel. In a recent study, Amadeus found 68 percent of 5,000 polled travelers confirmed that a BNPL option would encourage them to spend more on their holiday. In December 2022, WeTravel surveyed nearly 200 tour operators and travel organizers in the wellness, student group, travel advisor and destination management company categories and found that more than 85 percent of these businesses receive traveler payments by installment. They survey also found that four or more—going up to eight for 15 percent of respondents—installment payments being most common. In 2019, only 70 percent of the surveyed businesses offered installment payments to their travelers.
While it’s important for travel businesses to offer their travelers the flexibility to pay for trips as it works for their financial situation, it adds complexity to forecasting a business’s revenue. Travelers have grown to expect flexible payment options and with that comes the need for travel businesses to have the tools to predict and track their future cash flow. The feature allows clients to manipulate data in order to visualize past due trip payments and set up automated emails to follow up with travelers who have overdue installments.
Visit www.wetravel.com.
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