OYO has partnered with Stripe, a global financial infrastructure platform for businesses, to ease the payment experience for its customers and hotel owners in the U.S.
The integration will provide hotel owners with a flexible and seamless solution for in-person payments with a Stripe Terminal at their hotels, the companies report. OYO hotels in the U.S. will also be enabled with real-time payouts through Instant Payouts with Stripe, which will improve their cash flow.
With Instant Payouts, OYO can allow hotel owners on their platform to access their balances immediately following a successful charge. Instant Payouts are available at any day or time, including weekends and holidays, and funds typically settle in the associated bank account within 30 minutes.
In addition, the collaboration will equip OYO hotels in the U.S. with a secure online payments platform for guests to make bookings. With robust fraud protection mechanisms in place to safeguard against online fraudulent activities, hotel owners will see a reduction in the overall processing charges, minimizing chargeback costs.
OYO seeks to enable higher authorization rates with the Stripe integration as lower payment success rates result in customers dropping off, directly impacting revenue. The company anticipates increased success rate which will translate into faster and more efficient bookings and check-ins, allowing guests to focus on enjoying their stay without unnecessary delays.
“Today’s consumers are used to lightning fast and smooth search and transaction experience,” said Gautam Swaroop, CEO, OYO. “By teaming up with Stripe, we will simplify and quicken the payment process, ensuring a smooth and hassle-free experience for our customers as well as hotel partners. With Stripe, OYO will offer secure online transactions and its low-cost payment infrastructure will streamline financial operations so that we can allocate resources more efficiently, ultimately providing guests with better value and services.”
Nikhil Heda, head of business development, OYO USA, added, “The integration with Stripe will reduce the overall transaction cost for OYO and help in better fraud detection mechanisms. Stripe’s robust security measures and sophisticated algorithms will work in tandem with OYO’s existing protocols to create a fortified defense against potential threats, instilling confidence and trust in every transaction.”
