The ease of paying online through credit cards and non-cash transactions has been a big driver in the global economy. According to a recent Worldpay report, global eCommerce is expected to surpass $4.6 trillion globally by 2022. Purchasing goods and services in other countries through a payment gateway has become routine and will continue to gain popularity.
Allowing guests to pay in the currency of their choice
Localizing the vacation rental payment experience is one way that business can expand globally.
Giving guests the option to pay with the currency of their choice is a feature of KigoPay, which provides verified vacation rental managers the ability to accept multiple currencies and all major debit and credit cards from most countries with enhanced fraud protections for high-risk markets.
KigoPay processes multi-currency transactions quickly and safely from one centralized location so it’s easy to monitor the flow of funds from different countries.
The payment gateway specific to the vacation and short-term property rental industry solves many of the international currency headaches that can be costly. In many countries, compliance and regulations must be addressed or stiff fines can ensue.
Complying with international regulations
Uno Veski, RealPage Manager, Product Management, said payment and screening regulations vary from country to country. He discussed that topic, as well as tips for processing multiple currencies when bookings originate from different countries, in an recent webcast.
“If you book a short term rental in certain markets in Europe, you have to file names of guests and certain identification information,” he said.
KigoPay tracks those processes and is compliant with regulations involving foreign currencies to ensure that the guest and property management experience is seamless.
KigoPay, which is part of the Kigo Marketplace property management suite, accepts multiple credit card types and pays in local currencies. When prospects view a Kigo website, they see the cost to lease in the country’s currency along with the translation to other currencies.
All major currencies are supported, and when the transaction is complete, the property management company is paid in the currency of choice. KigoPay processes multi-currency transactions quickly and safely from one centralized location, making it easier to monitor the flow of funds from various countries.
KigoPay also offers a secure and seamless vacation rental payment solution with The Payment Services Directive (PSD2), which requires that banks give third-party providers access to customer account data (when customer permission is given).
Relieving the strain of foreign transactions
KigoPay provides PCI compliance and eliminates some fees in foreign countries that can put a strain on doing business, especially for those just starting out in short-term rental and vacation property management, Veski said.
"In the United Kingdom, some payment processors hold reserves," he said. "They keep a percentage percent back for themselves, kind of like a financial buffer, in case you get a lot of charge-backs. They keep that for financial protection."
With KigoPay, there are no reserves. Just seamless integration so property managers can keep pace with business, Veski says.
“For a small business, that’s important.”