HTMP Year 1 Chapter 5: Financial Processes and the Guest Cycle
Point of Sale (POS)
The device or location where a sale or financial transaction occurs.
List three types of sensitive guest information employees must protect from theft or fraud.
- Flow of Cash - Payment Card Information - Guest Privacy
What are some examples of financial transactions during each stage of the guest cycle?
- Pre-Arrival: Send a deposit or guarantee hotel room nights - Arrival: Purchase attraction tickets -Occupancy: Pay for meals, local transportation, or purchase souvenirs -Departure: Settle bill for hotel room nights or buy a plane ticket home
Profit and Loss (P&L) Report
A financial statement that summarizes the revenues, costs, and expenses incurred by a business during a specific period of time.
Sensitive Information
A person's information that is confidential and not available to the public, such as Social Security Number, a driver's license number or state identification card number, bank account numbers, or credit/debit card numbers.
List two employee actions that build guest confidence in the employee's ability to correctly handle a financial transaction.
A sense of responsibility and a feeling of belonging to the company.
List three of precautions an employee should take to protect sensitive guest information used during a financial transaction.
Accepting payment, deposit, or prepayment to be sure it's accuracy deposit, collecting overdue payment to keep on top and let the guest know about their payment, and declining of a credit card to let the guest know that there card is no good and need to be replace.
List the five things an employee using the correct processes and procedures will demonstrate to his or her company.
Be committed to both the guests and their job, control the financial transaction, protect guest privacy, follow company policies, and represent the company culture correctly.
Explain why you believe guests and companies consider the handling of money to be an important employee job responsibility.
Businesses take it very serious to protect against identify theft and help build guest confidence.
What is one of the most intricate tasks a hospitality employee might be asked to perform?
Communicate with guests about financial transactions.
What type of cards are included in the term payment card?
Credit, debits and cash
Payment Cards
Group term used for credit, debit, and cash cards used for all types of financial transactions.
List three examples of sensitive guest situations that could occur during the guest cycle. Explain why each one needs to be carefully handled.
Guest hotel and guestroom to have the right guest in the right room, and bank account information, and guest name and other personal information to keep their privacy from other people.
What happens in level 5 of the employee engagement cycle?
It has become emotionally engaged in the company that's feels invested in the job.
Why do you think making a guest feel comfortable discussing financial information is important to a business?
It's designed to protect guest's rights to privacy.
Is it acceptable for an employee to ask a guest to verbally share sensitive information such as a Social Security Number?
No, because saying it can cause someone to hear it and steal someone's identify. It's best to write it down.
When in the guest cycle is a guest most likely to go shopping or make other purchases?
Occupancy
Which stage in the guest cycle is a good time for employees to influence guests' spending?
Occupancy
What does the acronym POS stand for?
Point of Sale
List three things an employee using approved processes and procedures will demonstrate to guests. Explain why each is important.
Provide outstanding guest service to exceed their needs, protect guest privacy to prevent theft and fraud, and prevent identify theft and payment card fraud to build guest confidence and protect their private information.
Fraud
Refers to all types of crime in which someone wrongfully obtains and uses another person's personal data in some way that involves criminal activity or deception, typically for economic gain. Information obtained is then used to commit illegal purchases or other financial transactions without the consent of the person to whom the information legally belongs.
Why is it important to prevent fraud from occurring?
The business will be held liable if the guest's right to privacy is not protected and their information will be taken away.
Emotional Engagement
The emotional connection that an employee feels for his or her job, that causes him or her to perform the job to the highest standard.
Bottom Line
The last line of a financial statement that shows the net profit or loss of a company or organization.
Identity Theft
The term used for a crime in which an imposter obtains key pieces of personal information, such as Social Security or driver's license numbers, in order to impersonate someone else.
What will guests do if they see an employee is invested, engaged, and committed to his or her job?
They'll built their loyalty to the company based on the employees' ability.
For what illegal purpose could criminals use sensitive guest information?
To have the POS system in high-traffic, public areas for success.
Why is identity theft a crime?
You're stealing someone information to use and to impersonate them.
Since this is a huge responsibility to know the processes and procedures to follow when handling a guest transaction, one can be easily accomplished by:
● Following company policy ● Being in control of the financial transaction process ● Moving guests to private, secure locations when discussing sensitive information when necessary ● Keeping cash and sensitive guest information safe and secure
The processes and procedures to follow when handling a guest transaction are:
● What general information is safe to ask for verbally ● What sensitive information is never to be asked verbally ● How to protect guest privacy ● How to protect guest sensitive information against criminal use ● How to properly collect payment to protect his or her company against fraud
