Travel-technology Start Up, Inn Style, Exceeds £5 million Of Bookings Through Payments Partner, StripeSeptember 14, 2016
Inn Style, an the IM-based travel-technology company, which provides online accommodation booking systems, has passed the milestone of £5,000,000 total transactions, processed through Stripe, since the company was launched in Jan 2014.
Co-founder and Head of Product Development Chris Waters commented “This is a really exciting milestone for Inn Style to reach and testament to how well the Inn Style product and Stripe Connect work seamlessly together to provide a slick, smooth booking experience”.
Inn Style is an online booking system for accommodation owners, which incorporates diary management and online payment functionality. Inn Style’s customers include Bed & Breakfast and Self Catering cottage owners, those managing small hotels and also campsite or glampsite operators.
Chris continued, “When we developed Inn Style, we chose Stripe because it offered a full stack of features, from subscription plans through to the highest security standards and the most sophisticated fraud prevention tools. What appealed to us about Stripe Connect in particular was that it enables our clients to set up accounts and connect to Inn Style in a matter of minutes, with no cumbersome contracts and simple, reasonable fees.” He added, “We also like the fact that no sensitive credit card data hits our users’ servers, saving security headaches and ensuring PCI compliance.”
Inn Style began trading in Jan 2014 and has seen impressive growth in that short time. Launching the company with just a handful of clients, Inn Style’s user base has increased by 4x in the last 18 months, largely based in the UK but also attracting customers worldwide.
Revenues have grown by an impressive 16x during the period Jan 2015 – June 2016. Inn Style processes secure credit and debit card transactions, through Stripe in excess of £600,000 every month, on behalf of property owners. That monthly figure is projected to exceed £1 million by the end of 2016. Based on current trends, Inn Style could expect to pass the £10m of bookings in early 2017 – the second £5m achieved in less than a quarter of the time taken to reach the first £5m.
Since the booking system was launched Inn Style has processed confirmed bookings for a total of 425,312 room nights – that’s over 1,165 years!
Inn Style has customers around the globe, making use of Stripe’s multiple currency options. Businesses with an Inn Style account, and using Stripe, can elect to accept payments in GB Pounds, US Dollars, Australian Dollars, Euro, Swiss Francs, Norwegian Krone and Thai Baht. US Dollars is the second most popular currency after Sterling – highlighting the fact that Inn Style and Stripe are a great combination for accepting payments from US holiday-makers!
Research indicates that 57%* of travel reservations and accommodation bookings are made via the internet. Without an online presence, destination organisations and accommodation owners are potentially denying themselves access to over half of the marketplace. Smart phones are used by 51%* of all guests who book online, reinforcing the importance of mobile-friendly booking technology. (*emarketeer)
More than 20% of all bookings made through Inn Style occur between 10pm and 8am – times when most potential guests are unlikely to phone to make a reservation and, times when most accommodation owners may not welcome enquiries. Online booking through Inn Style enables sales 24 hours a day.
Designed primarily for individual accommodation owners, the Inn Style booking platform has been developed to also enable Destination Management Organisations and Tourism Associations encourage direct bookings for their members and ensure that tourism revenue remains within the local economy. Inn Style has in excess of 1,100 such account holders, linked to key destinations across the length and breadth of the UK. This figure is anticipated to rise to over 2,000 by the end of the year.