TravelPerk has added a flexible refunds feature, titled FlexiPerk, which will allow users to cancel all of a trip to obtain a refund. However, a 10% fee will apply to individual booed elements of the trip. This means that the flexible refunds feature would allow travelers to cancel right up until the flight. Cancelation is also a streamlined process that only requires a few clicks. It is also indicated that there is no limit placed on the number of cancellations a user can make.
To access the feature, users will have to sign a FlexiPerk contract which states that they will pay a 10% cancelation fee should they cancel their travel plans.
The new feature is catered toward business trips, where flexibility is often a priority. TravelPerk states that 20% of businesses are altered from their original plan and this feature would allow for more flexibility for users.
Travel Platform Flexible Refunds
TravelPerk Creates FlexiPerk Which Allows Users Cancellations
Trend Themes
1. Flexible Refunds - The trend of offering customizable refunds to travelers provides a competitive edge in the travel industry.
2. Streamlined Cancelation Process - Simplifying the cancelation process becomes a significant differentiator among travel platforms.
3. Contract-based Features - Offering feature add-ons through contract-based agreements provides new opportunities for personalized pricing models.
Industry Implications
1. Travel Platform - Travel platforms can take advantage of customizable refund options to differentiate themselves from competitors and attract more users.
2. Business Travel Management - Flexible refund options can become a valuable selling point for business travel management companies seeking to offer more affordable and flexible travel options for their clients.
3. Insurance Industry - Offering coverage for flexible refunds can open new revenue streams and opportunities to tailor insurance policies that suit the specific needs of travelers.