New payment Solution – Bokun Pay

I thought I would investigate further and see how Bokun Pay compares to other payment providers and if there were any advantages to changing to a different payment service.

Incidentally, if you are wondering where to see information about payment providers inside your Bokun account – navigate to the cog wheel then scroll down to Payment Providers. From inside there, click on connect a provider to see the complete list of compatible card processing services for Bokun.

Benefits of Bokun Pay

Trust My Travel are Reaching Out

Only last week I was talking to a client in Belize who mentioned Trust My Travel and to be honest, I had never heard of them.  He was telling me that a lot of companies in Central America don’t have access to more familiar payment services like Stripe or Paypal. And so, Trust My Travel looks like an interesting company to watch, opening doors to countries where natural beauty and activities have been part of the tourism industry for years and the banking systems seem to be underdeveloped.

Who are Trust My Travel?

Trust My Travel - Payment ProviderSpecialists in travel payments including financial protection for packaged travel products – a major benefit for consumer protection and of course travel businesses. Basically, you are covered if something goes wrong. Trust My Travel are a UK based company.

Bokun Pay advertise the following features for this payment solution:

  • To be able to automatically incorporate the service fee into the total cost of the customers’ booking.
  • Guaranteeing low credit card processing fees for all major credit cards. In fact, any card.

Here’s my take on both of these points.

First point –  when you incorporate a service fee into the total cost you are adding the fee on top. Now, if you use any other payment provider, the same would apply. So, I don’t see this as a unique feature.

Second point – depending on where the buyer is located fees will be higher in certain locations as compared to other payment providers.

Online Payment Processing – Bokun Pay Versus Stripe?

To be able to show comparison, I will list two examples:
Someone who is buying from the EU
Bokun Pay Charges – 2.5% Fee + 0.25 EUR + 2.9% Booking Fee
Stripe Charges – 1.4% Fee + 0.14 EUR + 2.9% Booking Fee
Someone who is buying outside of the EU
Bokun Pay Charges – 2.5% Fee + 0.25 EUR + 2.9% Booking Fee
Stripe Charges – 2.9% Fee + 0.14 EUR + 2.9% Booking Fee

For any bookings outside of the EU, Bokun Pay will be more profitable. Many companies in Europe will benefit from this solution from overseas visitors.

Added Value from Trust My Travel

There are some selling points that Bokun have missed out on, I only discovered this while looking at the sign up process for Trust My Travel and started to notice the payment & financial protection insurance offered in their terms. This has got to be worth more than saving a few pennies on commission, so check them out – especially if you are looking after the welfare of your business and your customers.

To Sign Up

To sign up to Bokun Pay you will need an account with Trust My Travel, since they take care of your payments. You can sign up within your Bokun account.

And you will need the following information:

  • Incorporation document for your business
  • Documentation showing Shareholding
  • Copy of any other Travel Protection Memberships (ATOL/ABTA/SATSA ETC) (If Applicable)
  • Photo of utility bill for the businesses’s registered address
  • Link to your published terms & conditions

Hope that was some help to someone reviewing Online Payment Gateways!