It`s essential for any travel business to take payments by credit or debit card. Additionally, allowing clients to have access to any travel agency anywhere and accept electronic card payments anytime is of utmost importance in any travel firm. The travel industry, however, is regarded as a high-risk venture, this is because a majority of travel related businesses transactions occur long before the actual product or service delivery. This has led to many financial institutions, including banks, restraining from offering travel merchant facilities. Tour operator merchant accounts, however, are now the ideal solution to travel operators and tour agents.
Roadblocks Getting Travel Processing Accounts
Apart from the high risks involved in the payment processes of the travel operator accounts, another major deterrent for many of the financial institutions is the frequent chargebacks. A chargeback should not be confused with a refund, which is simply a merchant refunding transaction. Often, processing of chargebacks is a costly affair. Therefore, most of the providers usually pass the charges onto your business. Keep in mind that the chargebacks are charged per occurrence, and may range from several dollars to more.
Also, financial institutions are leery of large-group, lump sum payments, or big-ticket items like vacations and packages. Therefore, if one is running a business in the travel industry, it`s only prudent that one has a Tour operator merchant accounts for a unique solution to your growth and prosperity.
Merchant Accounts for Travel Agencies and Tour Operators
Unlike the traditional method of taking orders over the phone or at a physical location, a merchant account allows one to take orders on the online front. With a majority of the people now connected to the internet, you can be sure of a boost in the revenue levels and business growth. Moreover, one can obtain an account that is tailor-made to address the special needs of the client. And the best part, is that the merchant account cover a variety of travel categories such as;
- Hotel and Lodging
- Online Travel Agency
- Airline ticket sales
- Vacation package
- Timeshare business
- Membership and club programs
Travel Merchant Account Solutions
When looking for a credit card processing firm, always ensure that you source for companies with the experience of working with high-risk merchants. It`s also important for companies to have a travel merchant account that offers flexibility and financial security.
An important factor to note that if one has a new company with a non-existent record, one is required to accept a highly managed relationship.
A common temptation that many companies in the travel domain succumb to is finding a big tent processing company, and understate the part about operating in the travel industry. Finding a consultant who specializes in high-risk tour operator merchant account is a surefire way of ensuring the success of the business.