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.
Image Credit: TravelPerk
What's Driving This Trend
- Flexible Refunds
- The trend of offering customizable refunds to travelers provides a competitive edge in the travel industry.
- Streamlined Cancelation Process
- Simplifying the cancelation process becomes a significant differentiator among travel platforms.
- Contract-based Features
- Offering feature add-ons through contract-based agreements provides new opportunities for personalized pricing models.
Who This Affects Most
- Travel Platform
- Travel platforms can take advantage of customizable refund options to differentiate themselves from competitors and attract more users.
- 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.
- 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.
