Why businesses in the wellness segment should switch to digital payments

The global wellness economy has grown rapidly in the aftermath of the pandemic and reached a new peak of $6.3 trillion in 2023 (representing 6.03% of global GDP), according to the Global Wellness Economy Monitor 2024. 

The Global Wellness Economy Monitor 2024 also makes a significant point – wellness tourists spend more per trip than the average guest. In 2023, international wellness tourists on average spent $1,668 per trip, which is 36% more than the typical international tourist. For a tourism-focused economy like Mauritius, wellness can be a powerful tool to unlock the full economic potential of travellers visiting the island paradise. However, independent wellness centres remain a largely untapped area, primarily because of challenges in accepting online payments.

Here, payment gateways can help wellness centres such as spas, gyms, clubs, hair salons and medical clinics avail secure and seamless payment solutions. This will allow them to easily accept payments from their customers, and enhance their overall customer experience to better tap into the lucrative wellness traveller segment.

So says Uways Kureeman, Country Head and Director of Peach Payments Mauritius, a payment gateway working with scores of successful local businesses in the hospitality sector.

He adds that, apart from increasing their appeal for wellness tourists, wellness centres can also woo Mauritian customers - who are showing a growing tendency towards non-cash payment options. In addition, wellness centres can benefit from instant settlement of funds, get instant notifications of payments received, enjoy reduced transaction fees, and eliminate the risk of handling cash. 

Uways outlines five reasons why businesses in the wellness segment should switch to digital payments:

#1 Eliminate cash handling issues

Wellness centres accepting cash transactions must secure the cash, transport it to banks and ATMs, and lose work time while going to deposit money. Research by retail and hospitality consulting firm IHL Group puts the cost of handling cash to more than 15.5% of the value of the retail transaction for bars and restaurants.

Uways says: “Not only do digital payments cost less but they also reduce attendant risks of theft and fraud. They are also more convenient for wellness centres that get credit instantly, and consumers who don’t have to carry cash around.”

#2 Streamline transactions

“Automated payment processing speeds up the transaction for both your clients and staff. Your clients can enjoy a swift and hassle-free checkout experience and pay with their preferred payment types, including fast and secure online payment options,” Uways explains.

Staff time is critical in wellness centres where employee counts are low. Online payments mean that front desk staff don't need to spend hours sifting through manual records to reconcile payments, as they have a digital record of payments received. 

#3 Enhanced client experience

“Customer loyalty is gold in any business. But, in a wellness centre where pampering is key, customer loyalty is the ultimate goal. Why should the payment point not add to the overall experience?” questions Uways.

Imagine a client walks in, gets treated to a luxurious service, and then, when it’s time to pay, they are forced to spend valuable time at the counter doling out cash and awaiting change. 

Fortunately, with a digital payment option, such a stressful situation is neatly sidestepped. Checking out becomes a breeze for clients, while your staff can focus more on serving them than handling transactions. 

#4 Avoiding no-shows/cancellations

With an automated payment system, your wellness centre can ensure deposits or pre-payment on bookings to reduce the possibility of cancellations or no shows. 

“Advance payments or deposits on bookings not only reduce the likelihood of no-shows but also secure partial revenue for your wellness centre even if cancellations occur,” notes Uways.

No-shows traditionally lead to customer dissatisfaction as recurring cancellations can cause businesses to overbook to compensate for potential no-shows. Overbooking in turn can result in long waiting times and poor customer service experiences. A payment gateway that allows your wellness centre to prevent no shows by instituting pre-payments helps to promote overall customer satisfaction as well by ensuring that bookings are done at an optimal level.

#5 Competitive advantage

“Ultimately, competing in the hotly-contested wellness industry means standing out from the crowd. Digital payments aren’t just a good-to-have upgrade – they are a must-have for your wellness centre to scale to the next level,” avers Uways.

Global wellness players are already delivering a superior payment experience by moving to digital transactions. A smooth payment process ensures that your wellness centre in Mauritius can stand out not only with a more cost-effective treatment, but also delivering convenience over complexity at the check-out point, Uways explains.

What about security?

Protecting your client’s payment data, from credit card details to insurance information, isn’t just a legal obligation — it’s vital for building client trust. The last thing you want to do is have to inform visitors that their billing information has been leaked online. 

That’s why robust payment gateways are so crucial.  “Peach Payments adheres to the Payment Card Industry Data Security Standards (PCI DSS) and other client data protection laws. We ensure that your wellness business scales safely and securely, while taking all its clients along,” concludes Uways.

#GlobalWellnessEconomy #PeachPaymentsMauritius