By Ian Pellicano on 2018, August 29

6 reasons why you need to accept online credit card payments for travel insurance

By Ian Pellicano on 2018, August 29

As a travel insurance agency or provider, there are many reasons why you would want to accept credit card payments.  One thing is however certain, this practice will have a positive impact on your business from day one.

Why would a travel insurance company want to accept credit card payments online?

  1. As the saying goes, ‘The world’s your oyster!’

Travel insurance is a global affair. You can grow into new territories quite quickly and systematically once you have the right automation systems in place. The top spot to begin the process with is via credit card payments.  Once these are received online, the world really is your oyster!

  1. It’s faster

People want speed. Ask any customer, in any industry, what would make them happier. The answer is always related to speed. Our world thrives on instant gratification, and technology is making this possible in many aspects of our life, on a daily basis. Therefore if your business cannot catch up, it is not future proof.

  1. You can integrate it with third party offers

Once you have your online ducks in a row, you can approach people to help integrate your travel insurance as an add-on to their travel product or service. This means that third parties can automatically sell your product for you. All you need to do is organise the partnership - your gateway and tech team will do the rest.

  1. People expect it

If, as a travel agency, you are not yet accepting online credit card payments, chances are you will not be taken seriously.  99% of your customers do not want to travel to your office to buy your insurance products. They might call you, but that’s about as far they might go to purchase the right product. They expect the buying process to be easy. If it isn’t they will look elsewhere, even if they were ready to buy from you.

  1. You can automate it and scale up

By accepting credit card payments online you can automate the process of buying, and also delivering, the policy.  Insurance policies make great digital products because you can deliver the policy instantly by email.  Once this process is automated, you can scale it as much as you want without putting too much pressure on your administrative resources.

  1. The gateway and website will make sure you’re charging the right tax and requesting data based on their location.

    When you partner with a gateway for online payments you will be able to plug into a worldwide database of tax computations and other information that would have otherwise been very difficult to process manually. This makes growth and scalability highly achievable.  It also allows you to enter new markets and forge new agreements more easily!