The collapse in income following the pandemic’s onset in March 2020 sent a shockwave through the travel and tourism sector. Large travel and tourism firms in the United States — those with at least $100 million in annual revenue — had 44% of their bookings either rescheduled or canceled. The result was a mad scramble to mitigate this sudden cash flow interruption and enhance payment efficiencies to help keep businesses afloat.
This is one of the findings uncovered in the Smart Receivables Playbook: Rethinking Payments Processing After The Pandemic, a PYMNTS collaboration with Flywire. We surveyed 459 payments professionals between Oct. 30, 2020, and Nov. 12, 2020, and conducted in-depth case study interviews in October to provide a front-line perspective of how the pandemic has impacted businesses in the travel and tourism space and how these firms view their approaches to payments management in this challenging environment.
These are just a few of the insights uncovered in PYMNTS’ research. SmartReceivables Playbook: Rethinking Payments Processing After The Pandemic explores how the past 20 months have impacted businesses in the travel and tourism sector and the steps they are taking to regain the financial ground they have lost since March 2020.
To learn more about how efficient receivables management can address pain points and improve margins in the travel and tourism sector, download the playbook.