Travel agents and providers use Cocoon to reduce costs, eliminate chargeback risk and avoid manual reconciliation.
Travel agents and providers typically have high payment processing fees due to the risk associated with taking payments in advance of delivering services. Cocoon helps reduce reliance on cards by replacing them with Instant Bank Transfers, greatly reducing fees.
The merchant of record is typically not the provider delivering the travel service, meaning that travel agents are exposed to chargeback risk if there is an issue with a supplier. Cocoon's Instant Bank Transfer eliminates this chargeback risk.
Due to the costs and risk associated with card payments, travel agents and providers often revert to manual bank transfers for customer payments. Cocoon's platform enables automated reconciliation to remove manual work.