travel & lifestyle blog by ruth dela cruz

Tech Life

Choosing the Best Business Banking Solution for Your Travel Business

July 5, 2024

Once a travel business starts handling more than just a couple of trips a day, it may need to prioritize
safe decisions that drive long-term efficiency over potentially risky moves that may or may not deliver
immediate gains. 

Though emerging travel businesses can derive repeatable efficiency gains from any number of
areas, it’s their finances that often get the most attention, not just from internal stakeholders but also
from potential investors. As a result, transitioning to a new, high-performance business banking solution
often follows as soon as a travel business transcends its initial success and gains a following among

Whether your travel business is undergoing such a transition or simply needs a better online business
banking partner,
you should make certain considerations when you switch banks. Incorporate these tips
into your transition plan to mitigate potential disruptions and guarantee continued growth, even in
challenging times:

1) Conduct a Comprehensive Needs and Solutions Assessment

Before selecting a new bank, identify your current and future banking requirements. Examine your
current and expected transaction volumes as well as the types of services offered by various commercial
banks. Look through the offers of leading digital banks like the Philippines’s Maya to expand your
selection pool and find banking products suited for rising travel businesses.

2) Involve Key Stakeholders

For the smoothest possible transition, you’ll need to engage key stakeholders across all departments,
not just your finance team. IT, operations, and other heads also need to be consulted early in
the process, since changes in your banking solutions may directly affect their respective departments.
For instance, having a bank that cannot easily facilitate overseas transactions can create serious
problems for IT teams running global travel websites.

3) Evaluate Potential Providers

All shortlisted banking solution providers must be carefully evaluated. You want your first choice to be a
great fit from the beginning since you’ll want to avoid another disruption from having to switch
providers yet again.

Though interest rates should be your main concern, you’ll also need to compare their solutions’ ease of
integration, customer support, and reputation, particularly within the travel and hospitality sectors.
Seek references from other businesses to gauge the suitability of a given provider for your own needs.

4) Ensure Compliance and Security

Given how sensitive financial data is, all shortlisted providers must, at least, comply with regulatory
requirements and guarantee data security for you as the client. If possible, prioritize banks that go
above and beyond the typical industry regulations and standards. 
Consult with your department heads to better assess each bank’s security measures, paying close
attention to their encryption, access controls, and cross-border fraud detection capabilities. Make sure
that your chosen system complies with regulations across all your key international markets.

5) Create a Detailed Implementation Plan

Once a provider has been selected, work with all transition stakeholders to develop a detailed
implementation plan outlining each phase of the transition, from initial setup to full deployment. Set
realistic timelines, and establish clear milestones to track progress. Transitions will almost certainly
come across roadblocks, so be prepared to adjust the plan and your expectations as needed.

6) Develop a Training Program

Successful transitions depend on more than just picking the right technology providers. They also hinge
on your team’s ability to effectively use the new system. Even before you choose a bank, you
must already develop a comprehensive training program that sets different user roles and
responsibilities within your travel business. 
Whichever provider you pick, you must be able to count on them to provide sufficient training and
documentation support for the transition. They should promise direct assistance as well as easy access
to online training materials that your staff can use to maximize the use of the new system later on.

7) Communicate with Your Bank

A bank that does not effectively respond to you during the initial inquiry process may not be the best
pick for growing your business. This is because you will need to maintain open communication with your
new banking provider throughout the whole transition. 

Effective communication is a two-way street, so it’s important to do your part to ensure success in this
area. Establish a dedicated point of contact to address any concerns and prioritize a collaborative
approach to keep the transition as smooth as possible.

8) Test the System Thoroughly

Before fully deploying the new banking solution, conduct extensive testing to identify and resolve any
issues. Test all functionalities, including international transaction processing, reporting, and integration
with other systems. Address any glaring bugs and staff training issues before the full rollout to ensure
your new system operates as expected.

Secure Long-Term Growth for Your Travel Business with the Right Banking Partnership
The right business banking partner will empower you to overcome the travel industry’s notoriously
volatile market conditions with minimal risk. Once your business’s financial position is on firmer ground,

you can adapt the same methodical approach in selecting your new bank to ensure fruitful partnerships
with airlines, hotels, and other travel suppliers to enjoy efficiency gains in

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