How can I improve my passenger margins?
Many businesses are now actively looking for opportunities to increase their passenger margins for those customers who still wish to travel and who are continuing with their bookings. Spendology is one such opportunity. Our technology allows tour operators and travel agents to create a new line of profit by selling travel cash to their leisure or business customers pre-departure and making a profit from it. The service is fully outsourced to Spendology so no resource is required to deliver it, making it a timely and helpful option.
Will I earn enough to offset our cancellations?
Sadly it’s unlikely to do that. But it will give you a bit more profit than you’d have otherwise whilst also offering convenience and service to your valuable customers and potentially improving your retention as a result.
Is it really worth selling travel cash?
It’s a much bigger market than you might think. A staggering £27bn is exchanged in the UK each year by Brits prior to departure, and 70% of us exchange some money before we travel. So if 70% of your customers are ordering currency and it’s not available through you, then another company is picking up the margin instead. Spendology offers a great new service proposition – it’s quick and easy for you to help your departing customers get the money they need for their trip whilst allowing you to earn an extra profit, something that’s particularly appreciated at this time.
How would I get paid?
Spendology works on a fully transparent P&L model so you can view all the actual costs associated with processing each order (eg the actual currency cost, KYC check, delivery etc) and the amount the customer paid. The difference between the two is yours and you pay us a small share of your travel cash turnover. We only earn money when you earn money.
How does Spendology work?
We offer a white label, fully outsourced mail order travel cash service and we use technology and API’s to deliver an award-winning service that has a 92% five star excellent rating from thousands of independent users. You’ll get your own travel cash website and smartphone app that look like you – fully branded with your logo, colours etc – but everything is outsourced to us including order processing, payment, fulfilment, dispatch, order tracking, 7 day customer support and legal compliance. The only thing you need to do is promote the service to your customers just before they travel and we take care of everything else.
What are the options for me?
Larger travel businesses:
Larger businesses transacting online and with a sizeable customer database, would benefit from a full implementation of the Spendology Cloud platform. This offers a dedicated travel cash site, mobile app and Alexa Skill with widget integration into their consumer marketing site and a pre-departure email programme
Smaller travel businesses:
For smaller businesses with a smaller programme, who may sell over the phone or online and who may have a more niche product and customer profile, would benefit from taking certain elements of the Spendology Cloud platform, delivered in a simpler way. The key element of this is the pre-departure email programme which triggers currency orders and maximises conversion.
An independent travel agent whose size doesn’t warrant Spendology Cloud could still make money from our referral platform Exchngr. This is a simple delivery with fixed exchange rates and commission earnings and ensures a good service for the customer.
How much money can I make?
There’s no set answer to this question. Various factors affect how much you could make but the two key ones are how you choose to price the currency you’re going to offer – for example, beat the Post Office, or be broadly in line with the high street – and the mix of currencies you’re going to offer since you can have a very attractive margin on exotic currencies whereas euro and US dollar are modest. We work with each client to understand their business and recommend the best course of action.
How can I find out more about the COVID-19 Coronavirus