Q1 2023: Solving Payment Issues for Stays

Staykeepers is excited to share our insights from the first quarter of 2023. This report highlights our performance across various channels, booking patterns, and trends in the flexible stay market. We aim to provide valuable information that can help property owners and operators make informed decisions and adapt to the ever-changing market dynamics. In this article, we’ll focus on Staykeepers’ cancellation analysis.

In Q1, 5.6% of total reservations were canceled by Staykeepers due to payment issues. 

What are guest payment issues?

Guest payment challenges can arise from a multitude of factors, such as insufficient funds, declined transactions, or miscommunication between guests and property owners. These challenges can cause complications for both parties, necessitating swift and effective resolution measures.

Our dedicated guest verification and communications team addresses payment issues and cancels reservations where necessary to protect property owners.

Being aware of these potential issues is crucial for property owners and operators, as they can impact their revenue and overall guest satisfaction. By proactively tackling payment challenges, we strive to create a seamless and enjoyable experience in the flexible stay market. 

How do Staykeepers highlight and resolve issues?

To tackle payment challenges, Staykeepers implements extra checks and security deposit collections, safeguarding property owners from potential losses. Our team is dedicated to addressing these issues while ensuring smooth transactions for all parties involved. Moreover, we continually invest in the development of tech and processes to prevent future occurrences of payment challenges, allowing property owners and operators to focus on their core business objectives.If you're interested in exploring more about the various services and solutions Staykeepers offers to support property owners and operators, you can find additional information HERE.

How are guest payment transactions reconciled?

In the first quarter of 2023, Staykeepers have already successfully reconciled 96.7% of guest payment transactions automatically. This remarkable achievement exemplifies our commitment to providing seamless and efficient financial solutions for property owners and operators. By leveraging advanced proprietary technologies and refining our processes, we continue to enhance the reconciliation process.

Aleks Male, Finance Supervisor at Staykeepers, emphasizes the critical role of reconciliation in the flexible stay market: "Reconciliation is vital as it enables us to monitor and manage reservation reconciliation in real-time. This process allows us to identify and address any issues related to payments or non-reconciled reservations and transactions promptly."

At Staykeepers, we are committed to empowering property owners and operators with invaluable insights and data-driven strategies to effectively navigate the dynamic flexible stay market. Our Q1 2023 report showcases our unwavering dedication to comprehending market trends and staying ahead of the curve in this competitive industry.

By analyzing and adapting proactively to these trends, we ensure the sustained growth and success of our clients. Our focus on continuous improvement, innovation, and client satisfaction drives us to deliver exceptional service and results, making Staykeepers a trusted partner in the flexible stay market.