TurnStay: The Company Revolutionizing Payments in African Travel

TurnStay Graph | Source: TurnStay

TurnStay: Revolutionizing Payments in African Travel

The African travel industry is on the rise, with a growing tourist base and a surge in domestic travel. However, travel and tourism businesses in Africa often face challenges in payment processing. High credit card fees, a complex international payments landscape, and reliance on Online Travel Agencies (OTAs) with hefty commissions can significantly impact their bottom line.

This is where South African travel fintech startup, TurnStay, is making waves, as they recently received funding of a whopping $300,000 (USD) from Silicon Valley and New York-based investors, DFS Lab and DCG, TurnStay is set to revolutionize how travel businesses in Africa get paid.

Lowering Costs

Founded by seasoned entrepreneurs Alon Stern (co-founder of Slide Financial) and James Hedley (co-founder of Quicket), TurnStay offers a suite of solutions designed to help African travel and tourism businesses, with their primary focus being on reducing payment processing costs, a significant pain point for many players in this sector. TurnStay leverages strategies employed by the world's biggest booking companies, offering merchants lower card fees and a streamlined payment process. Their solution integrates seamlessly with leading booking engine providers like Benson Software, making it easy for businesses to adopt.

Increased Sales

The advantages for travel businesses using TurnStay are compelling. Reduced credit card processing fees directly translate to increased profits. Additionally, TurnStay facilitates a better checkout experience for customers, allowing them to pay in their home currency using familiar payment methods. This convenience can significantly improve conversion rates, leading to more bookings and higher revenue.

But the benefits extend beyond cost savings. By facilitating direct bookings, TurnStay helps businesses reduce their dependence on OTAs and the hefty commissions they charge. This empowers travel companies to take control of their pricing and customer relationships.

Alon Stern and James Hedley co-founders of TurnStay | Source: Techpoint Africa

Building on Traction, Expanding Horizons

TurnStay's success is evident in the "significant traction" they have already achieved. The company has processed over R50 million in transactions, and their solution has demonstrably reduced costs for some clients by a staggering 70%. This success story resonated with investors, leading to the recent funding round.

TurnStay CEO, Alon Stern:

"Securing funding from these US investors is a vote of confidence in our business model, which has already processed more than R50 million in transactions."

The $300,000 injection will fuel TurnStay's expansion plans across Africa. The company aims to build on their existing traction and take their innovative payment solutions to new markets, empowering more travel and tourism businesses across the continent. The impact extends beyond businesses. By simplifying the payment process and offering competitive exchange rates, TurnStay creates a smoother travel experience for international tourists and can increase tourist spending, further boosting the African travel industry.