Running a travel company can be exciting. However, when it is time to collect money, you might find yourself chasing down payments, seeking follow-ups, and managing payment methods.
Traditionally, companies have preferred cash or check payments. But they are rarely convenient. They require manual work to track and match transactions, especially when one person is responsible for collecting money from a group. Payments are sometimes late or incomplete, causing cash flow problems that can mess up the entire trip planning.
Moreover, the responsibility for cash safety increases. This is why companies and customers now prefer online payments and money pools as their go-to method, making the process smoother and more secure for everyone involved.
Instead of maintaining spreadsheets or manually approaching people to pay, you can streamline the money collection process through online payment platforms. SquadTrip makes group collections hassle-free so you can focus on delivering unforgettable experiences for your customers.
In this article, we will explore some of the best ways to collect money from a group online. So, let’s get right to it.
Ways to Collect Money Online From a Group
You can collect money from a group online through several methods. Let’s see what they are below:
1. Bank Transfers
You can share the account details and the members will directly send payments to your account. People also prefer using a visa/debit card or credit card for transactions.
- Pros: Simple and convenient without third-party fees.
- Cons: Extensive manual tracking, especially when multiple payments are coming in.
3. Third-Party Apps
There are several third-party apps, such as PayPal, Venmo, Amazon Pay, and other digital wallets through which money can be sent and received. These online collection platforms charge a small amount of fee for seamless transactions.
- Pros: Widely used across the globe and offers quick payments.
- Cons: Payment tracking can be a hurdle, especially with no group money management options.
4. Group Payment Platforms
Group trip planning and payment platforms like SquadTrip offer special features for creating dedicated trip pages with customized payment options.
- Pros: Automated payment processing and tracking.
- Cons: Initial setup may take some time.
How to Collect Money Online From Travel Groups?
Still confused about the online payment collection process? Follow the steps below to streamline your tour planning finances:
Step 1: Choose Your Online Payment Platform
First, you need to pick a platform that allows you to collect money online safely and easily. Multiple payment platforms can sometimes create confusion and lead to more work than usual.
Tracking these payments across various platforms and transferring them to a common platform can be time-consuming.
SquadTrip is a trusted and secure money collection pot for tour groups where your customers can easily pay for the trip. It is trusted by over 200 trip creators who improved their business processes and customer experiences with the right tools.
Step 2: Create a Dedicated Trip Page
If you manage multiple group trips together, it is best to create dedicated pages for each where the group of people can see all the details. SquadTrip helps you streamline your travel itineraries and payment processes by offering a simple platform where you can organize everything in one place.
By creating a specific trip page, you can provide a detailed breakdown of the costs, such as accommodation, activities, and tickets. This removes all the guesswork for the members and gives them a clear idea of where their money is going and how much they need to contribute.
Step 3: Set Up Payment Schedules
Don’t forget to set up payment plans and schedules for the group on the page. Depending on the plan, you can ask for full deposits or installments throughout the trip. You can also set up auto-billing options for the group collections at once.
This way, you don’t have to worry about chasing everyone to collect money. The members will receive a notification when it’s time to pay and can easily complete their payment online, ensuring everything stays on track without any extra effort from you.
Additionally, both you and the group members can track each person’s contributions and the total costs. A transparent payment system like this makes it easy to track payments and focus on other logistics of the trip.
SquadTrip uses Stripe to provide trip planners with seamless money management. Once the platform collects payments, they are transferred to your bank account.
Is Online Money Collection the Best Option?
With 80% of global travelers preferring to book their trips entirely online, tour planning companies have a valuable opportunity to rethink their payment collection strategies.
Compared to manual cash payment handling, online money collection reduces the burden of never-ending follow-up calls, messages, and requests for on-time payments.
Here are some of the long-term benefits of using a digital platform like SquadTrip for online payment collection:
- Centralized Platform: All the payments are sent from a central location to your bank account. Hence, you can easily manage the trip finances and expenses when the trip begins.
- Customer Trust: Most of the time, customers are skeptical of making payments without proper verification. With online payment, they feel secure as they can view and track their money usage.
- Better Reach: With an online platform, you can reach international clientele. They can pay with different currencies, and you don’t have to worry about conversions.
- Business Growth: Online payment platforms can easily scale with your growing business needs. Without significant changes in your operations, you can set up payments to handle more customers and trips.
Streamline Payment Collection with SquadTrip
SquadTrip offers customization options that allow you to create dedicated trip pages, automate payment schedules, and provide a seamless, organized experience for you and your customers.
Create your trip for free and enjoy seamless management with customized itineraries and secure, automated payments.
