Best Credit Card Processing for Travel Agency
Visa Mastercard Merchant Processor for Travel Company
travel business is an evergreen industry and every year more and more
people travel to exotic destinations. If you are a travel agency,
then you will have customers from around the globe.Being able to
accept credit card payments online or over the internet will not only
improve your business but has become a norm in today’s internet
What is a merchant account?
merchant account is a temporary bank account where all the money from
your customers are held before it is paid to you. In order to open a
merchant account, you should apply to a bank, a third party card
processor or other financial institutions.
a merchant account, you can receive payments from your customers in a
number of ways.
is a high-risk business?
merchant account provider will not underwrite your business if they
consider it a high-risk business. This is because they need to
safeguard themselves from financial losses. Your business does not
have to be illegal or involve fraudulent payments to be considered
high-risk, though those factors definitely make it one. g
are various factors that can make your business fall under the
high-risk category. What’s even surprising is that you may be
considered high-risk by one merchant account while you may be
accepted by another. Here are the features of a high-risk merchant
– It is simply the credit card reader where the credit card is
physically swiped. These are also called as card present
transactions that require a signature and are considered low-risk
payment gateway is the online equivalent of the cash counter or the
point of sale (POS). A merchant account provider uses a third party
company or has their own payment gateway. A payment gateway
comprises a virtual terminal and a shopping cart. The virtual
terminal lets the merchant to log in securely and makes transactions
by keying in card details. The shopping cart, on the other hand, can
be used by customers to directly make online card payments for
products of the merchant from a website. These type of transactions
are called as ‘card not present’ and are considered high risk as
card details can be easily stolen and misused.
or shut-off merchant account
or a new business
associated with a travel agency business
business is completely risk-free, but when it comes to a travel
agency it is considered high-risk due to the following reasons.
the case of travel, customers like to plan ahead. So typically the
reservations are made at least a good 60 to 90 days in advance. So
the card processor has to not only wait out the period, but the
payment may not be guaranteed at the end of the wait. Last minute
cancellations due to a change in the plan are very common. g
refers to the price of the tickets. Though package deals can be much
cheaper, most other travel destinations can be very expensive. What
this means is that, in the case of a chargeback, a huge amount of
money needs to be refunded to the customer by the merchant bank
account. In situations where the merchant is unable to pay back the
customer, the card processor will have to endure a chargeback
travel industry also has a large transaction volume. When the
transaction volume is high, it naturally translates into a higher
chance of chargebacks. Large ticket sizes and high transaction
volumes can put any card processor into trouble in case of
you absolutely need us?
business has its own set of requirements when it comes to payments.
With a travel agency business, your customers can be located in
different parts of the world. Hence the payments will also be in
different currencies. You will need a merchant account that can
process transactions involving multiple currencies.
as the customer base is not restricted to a particular geographical
location, many different types of credit card payments will be used
by customers. Your merchant account should be able to accept payments
through all the popular credit cards like Visa, MasterCard, Discover,
have experience working with many travel agency businesses and truly
understand your needs. We also understand that your business is
considered high-risk by other merchant account providers. But we are
more than willing to underwrite your business and offer competitive
rates. Here is what you will enjoy.
or same-day set-up
and easy online application
domestic and offshore merchant account options