At a time when the travel industry is witnessing efforts pertaining to making the best rate guarantee even better, a new hotel booking site says it is taking the gamble out of booking and refunding travellers’ money when rates drop.

Smarter Travel Media, a subsidiary of TripAdvisor, has launched its new site, Tingo.  The site provides its travellers with a simple proposition: Book a “Money Back” room and Tingo watches that room’s rate to see if it changes. If the price drops, Tingo rebooks that same room at the lower rate and refunds the difference to the booking credit card.

The company shared that more than 95 percent of the hotels on Tingo have the potential to earn travellers Money Back refunds.

“Travellers could have saved millions last year had there been a simple system in place that automatically rebooked their rooms,” said Smarter Travel Media general manager David Krauter. The company highlighted that last year alone Americans could have saved nearly $314 million if they had access to a site like Tingo.

Tingo’s worldwide hotel inventory is being powered by the Expedia Affiliate Network.