Recently, the global car rental platform QEEQ announced the completion of tens of millions of dollars in financing. The funds will be mainly used for R&D, product planning, team expansion, global market advancement and customer service improvement, to provide users with better products and better experience.
Ben Lee, Founder of QEEQ, said, “We are pleased to announce the closing of this funding round. It would strengthen our financial reserves and mark a key step in the development of QEEQ’s business. QEEQ is now able to allocate more money and resources to fine-tuning products, improving user experience and achieving its long-term goal of creating value. Going forward, QEEQ will focus on leveraging our resources to expand the market, thereby generating returns for all stakeholders. »
QEEQ is one of the leading international online car rental platforms. Formerly known as EasyRentCars, QEEQ was officially upgraded to a new brand in March 2020. Its business covers nearly 200 countries and regions, and it has more than 200,000 suppliers in 6,000 cities. Users can find all car rental information such as prices, services and location of the rental company on the platform, make the reservation at the lowest possible price, then pay by credit card or currency Virtual.
QEEQ Diamond Membership Enables Consumers to Take Advantage of Cheaper Travel Product Deals
QEEQ launched QEEQ Diamond Membership in May 2021, a service with exclusive offers on car rental and travel, as well as free airline accident insurance for one year.
Ben Lee said, “We are building a strong hybrid business mode with a focus on large-scale flow diversion. Once we scale up, we will be able to offer benefits and discounts to travelers and a personalized set of recommendations based on all the information we have, including information on hotels, flights, car rentals and travel experiences.
According to Edmunds, car rental costs have increased since the outbreak of the COVID-19 pandemic. The average monthly cost of renting a car in February this year was $560, 19% higher than the same period two years ago. Meanwhile, the average monthly auto loan price was $637, up about 12% from February 2020.
QEEQ’s Diamond Membership allows every user to enjoy more than 10% discount. Member users will enjoy great convenience in a series of digital applications. QEEQ ensures that everything is simple and user-friendly, giving consumers a better experience. For QEEQ, it can attract more loyal users and bring substantial benefits to users, which is a win-win situation. So far, the redemption rate of QEEQ users is over 50%.
The first car rental platform supports cryptocurrency payments
Cryptocurrency is now accepted for its store of value. The advent of the era of cryptocurrency payments also significantly increase the liquidity of cryptocurrency, which further underlines its value. Data shows that in the past year 2021, more than 150,000 businesses worldwide accept Bitcoin payments, most of which are located in developed countries and regions such as North America and Eastern Europe. EU.
The number of people using cryptocurrency payments worldwide grew by 178% in just one year in 2021, from 106 million in January to 295 million in December. According to a study published by BrandEssence Market Research in June 2022, the global cryptocurrency payment gateway market is expected to grow at a CAGR of 22.8% between 2022 and 2028.
As of February 2020, QEEQ launched the cryptocurrency payment function, becoming the first car rental platform in the world to support cryptocurrency payments.
QEEQ’s support for cryptocurrency payments has several advantages. First, while credit card fees are typically around 2% to 4% of transaction fees in most regions, cryptocurrency fees are only half of that, or even less. Second, when transacting across borders, credit card exchange rates are much higher than cryptocurrency. Also, unlike electronic bank transfers which can take days to process, cryptocurrency transfers can be completed almost instantly.
Ben Lee said adding virtual currency payments in addition to other payment methods will help users and business partners take full advantage of the convenience brought by rapidly developing internet payment technologies. Virtual currency will also become more convenient, dramatically lowering the threshold for ordinary users to access a better payment method powered by blockchain technologies.
QEEQ will create a free and efficient car rental ecosystem
The car rental market has recovered quickly from the pandemic in recent years. Thanks to advances in digital technology, the car rental market is now more dynamic, with greatly increased service capabilities of the rental industry to meet user expectations and improve their customer experiences of car rental service. cars. However, it is well known that most small and medium-sized car dealerships cannot develop a large information management system. Therefore, exorbitant service fees are required if they want to buy a large car dealership system.
Today, many small and medium-sized rental companies using online booking platforms still manually generate invoices and chase unpaid charges or spend a lot of manpower and resources on routine fleet management and preventive maintenance. It is clear that the human costs of using cars far outweigh the revenue these companies derive from renting them.
QEEQ, a membership-based car rental service provider, plans to open its vendor management system to global car dealerships for free. The rapid deployment of SAAS can help more car rental companies accelerate and complete digital applications. QEEQ has used a vendor management system in conjunction with major car dealerships around the world to help users get smart and fast car pick-up and drop-off. One example is the contactless self-service pickup and return service, which allows users, through the QEEQ online platform, to achieve “contactless online ordering, contactless offline pickup and return” . The streamlined process greatly reduces contact between users and staff, which not only gives users a sense of security, but also saves time and cost of offline car pick-up and drop-off, providing users a memorable car rental experience. At the same time, it gives the car dealership effective inventory management capabilities, which ultimately helps the dealership increase their revenue.
Today, assuming a car dealership needs to process order information more efficiently to improve service and operational capabilities and ultimately reduce operating costs, the SAAS platform launched by QEEQ can help. This SAAS platform can ensure that dealerships achieve this qualitative change in their operations to the fullest extent possible. Through systematization and automation, the platform can improve order processing speed and support multi-dimensional management of brands, stores, vehicles, insurance, users, etc. The industry’s best inventory management algorithm ensures that the exact vehicle can have a higher rental rate. In addition, this platform provides API interface to facilitate self-service access to more channel platforms, offer smart analytics of market environment, order status, time of store operation, etc., reduce store excess inventory, improve operation efficiency and reduce costs.
Ben Lee said, “The successful completion of this funding round will help QEEQ refine its business. In line with the brand mission of making travel easier, QEEQ, with unique service advantages and innovation capabilities, will reach potential users around the world, continuously optimize the ecological chain of global travel services, continue to provide users with new travel experiences and will strive to become a world-class travel platform.
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