Best Credit Card Processor for Travel Industry
Businesses that provide traveling services require merchant accounts to accept debit and credit card payments from their customers. A merchant account is a financial account that enables funds to be transferred from card-issuing banks to the business owner's bank account. Merchant account services cover payment processing for various types of businesses, including high-risk businesses such as a travel service provider.
Whether your business is a tour guide company that requires a high transaction volume account that accepts large group payments or a travel agency that books vacations for its exclusive clients, our company can get you a merchant account along with its services to fulfill the requirements of your business. We have done the legwork and ensure that we offer cost-effective rates in addition to a free application process.
Online Merchants Card Not Present
One of the many features of travel agencies is to allow the processing of debit and credit card payments online. For this reason, they require a merchant account that works in real time or uses a virtual terminal. As a traveling service provider, you need to choose the online credit card processing that works best for your business and go for it. All funds that come from these card transactions are automatically deposited to your agency's merchant account.
Denied by Other Merchant Card Processors?
Whether it is vacation packages, agencies, timeshares, hotels and motels, tour operators, ticket sales or any other travel-related service, obtaining a merchant account for your business in the travel industry is not as easy as talking to a local banker. The reason behind this is that for a credit card processor to accept a travel agency, its sponsor bank must allow the agency in its underwriting guidelines. Most large banks, such as Wells Fargo and Chase, usually do not allow their card processors to write travel agencies because their business is considered as a 'high-risk' business.
It is not uncommon for payment aggregators and low-risk processors like Stripe, PayPal, Square, Chase Payment Tech and TransFirst to reject the application of most travel businesses. These companies do not have a lot of risk management systems in place that high-risk credit card processors do. At times, some of these companies may approve applicants without doing any underwriting of the travel agency on the front end. However, soon, the agencies get shut down or dropped a few months later when the actual underwriting on the merchant account is done.
It is understandable how terribly disruptive it is for a business to get denied or shut down by low-risk card processors. Since these processors offer cheaper rates, many traveling service providers cannot save themselves from falling into the same trap over and over. Nonetheless, you do not need to live in fear of your business getting suddenly frozen anymore, as there are inexpensive high-risk travel credit card processors available that you can reach via reliable merchant account providers, like our company. Being one of the best and most trustworthy merchant account service providers, our company will work hard to help you get set up with a merchant account to accept funds via card from your customers. Our experienced and professional team is well aware of the ins and outs of the travel industry and is capable of getting any high-volume and high-risk merchant accounts approved for card processing.
Accounts for Newly Established Businesses and Startups
As it was mentioned earlier, starting a travel service company is considered as a high-risk business because there is a risk of financial loss to the credit card processor or the sponsor bank. The risk of financial loss is in the form of chargebacks that go unpaid by the agency. Consider a situation where a travel business accepts the payment via credit card, but then the customer initiates a chargeback. If the business is not willing to pay for the chargeback, then it becomes the responsibility of either the sponsor bank or the credit card processor.
The traveling industry is mainly considered high-risk because it has a high average of tickets. This means that they cost a couple hundred dollars or more, the fulfillment time horizon is long where customers often pay way before they have availed the service, and the business failure rates are high as a lot of agencies are unable to fulfill the service that they have received money for. Another reason is that historically, travel agencies have high chargeback rates.
However, we have solutions for all those individuals who are willing to establish their traveling business despite its risky nature. Our company provides merchant accounts for most travel service startups, including online vacation packages, cruise ship packages, exotic tour operators, timeshare companies, adult industry travel like swinger cruises, international travel destinations, new hotels and motels booking, and an airline ticket booking industry.
We have various benefits to offer to our clients stepping into this business venture. With our online credit card processing facility, business owners can process credit cards online without the need to go the bank to deposit checks. We provide merchants with online shopping cart solutions for the website as well as real-time payment processing facilities. Merchants no longer need to worry about the security and safety of their business as we offer secure SSL services along with several state-of-the-art fraud protection tools.
In addition to this, we enable travel agency owners to expand their businesses without worrying about refunds and chargebacks. Our company accepts all major types of debit and credit cards, whether it is Master or Visa, as well as bank wire transfers. We also allow merchants to view their transaction reports online. One of our useful features is that we accept different kinds of currencies, such as US dollars, pounds, euros, Canadian dollars, yen, and Australian dollars. Moreover, we provide cost-effective solutions and risk management techniques to our travel merchant account clients. You can be assured that our services are one of the most reliable ones at the lowest possible rates with the best security. Our company provides secure and reliable virtual terminal and gateways with top-notch protection, and our technical support and customer care services can be availed at any time.