Travel Agency Merchant Account at a Glance
Due to a high number of low-cost airlines, hotel and apartment booking sites, and global internet connectivity, traveling has become simpler than ever. Meeting the needs of clients, on the other hand, is a real challenge for travel companies. But, you’ll be able to keep ahead of the competition with the conventional travel agency merchant account.
Travel Industry is usually considered as high – risk
Largely because of the time between the booking date and the service itself, the travel industry is considered high-risk, meaning that transactions take place well before the service or product is provided. Also, as well as high-value transactions, a foreign client base makes matters much more complex, and there you have it.
Travel Business Enterprises
The travel industry aims to stay competitive at all times. Travel companies have to allow credit cards to remain in line with other retailers.
Having a greater amount of credit card processing for a travel merchant account. Many are granted a travel merchant account with monthly credit card processing volume limits because of the experience and context of travel companies.
This ensures that only a certain number of credit card purchases per month are required to be processed by merchants. The retailer can no longer accept credit cards for transactions that month until the capped sum is reached. This prevents an organization from operating, particularly an e-commerce merchant that relies on credit card payments.
Caps cannot last forever. In as few as three months, travel merchants who need higher processing volumes will request new caps. They have to show at the point that they are paying their bills, have low chargeback ratios, and have some savings.
Travel Industry and Chargebacks
Because of different factors, including high average ticket costs, merchants in the travel industry are hit with too many chargebacks. Many travel-related services also cost a minimum of a few hundred dollars.
Because most travelers pay before they go on trips or use services for fares, tours, and other arrangements, travel merchants are considered to be at higher risk. Lastly, several travel companies end up struggling. When organizations close down abruptly, the bills for facilities and fares that were pre-paid by clients are not refunded.
Travel Agency Merchant Accounts-Tour Packages-Travel Clubs
If your company is a travel agency, a tour guide service, or associated with timeshares, it can be difficult for conventional banks that are more concerned about risk and legal liability to obtain a merchant account appropriate for your needs.
We have a merchant account you can rely on, whether you are a travel agent or you sell timeshares.
For your travel or timeshare company, let us locate the best merchant account solutions.
For travel, timeshare, and tour-related businesses, we have merchant accounts. For advance orders, we have processing services.
Travel Agency Merchant Account at a Glance
The same question is posed by most travel agencies: “Why travel is called high-risk?” and “Why has my application been refused?” ”.
The reply is quite clear. Travel is a very dynamic company. In certain situations, as a third party, a travel agent accepts payment. A travel agent may charge a client for a stay at a hotel, a holiday package, a cruise, an airline ticket, and so on. Any alteration in such tickets, often uncontrollable by the merchant, is responsible for a chargeback to the merchant.
Today, many travel companies do not charge their merchant accounts for airline fares, hotels, and other travel costs, but instead, charge them directly through the airline or travel company.
How does eMerchant Pro Approach to this?
At eMerchant Pro we assess and travel agencies separately, learn and research your business method so that we can embark on you with the acquirer who will be most comfortable with your business model. This is how we can have a secure account for travel merchants. By actually listening to your requests.
The process is reasonably easy, but to verify your records, some documentation is needed by the bank. To ensure rapid approval, a eMerchant Pro merchant specialist will direct you each step of the way.
A set of documents to open a merchant travel account
Take a look at the basic set of documents to open a travel merchant account that one should collect:
This document shows that it is a legal entity for your business. Usually, a certificate is issued by a public body or company. The length of receiving a document ranges from country to country, from three days to two months. When requesting a merchant account, keep it in mind.
The Incumbency Certificate (or similar document)
Copies of valid passports for all business officers and owners with visible bearer signatures. Service Application – It is a must to hand over a completed merchant request form.
Website criteria for opening an account with a traveling merchant
You need to make sure your website includes the following to open a travel merchant account:
- Page on Terms & Conditions;
- The business name on the footer;
- Contact us with an email and phone number on the button;
- Policy Page on Deposit & Refund;
- Visa and MasterCard logos [if you give them as a means of payment].
Opening a travel agency merchant account with two main steps
These moves, considering all the risks and odds, improve the chances of approval:
1. Get reimbursement.
To be brief, get insurance for visitors. Everyone who deals with travel must be prepared for unforeseen stuff. Jokes aside, because of an angry gorilla attacking a visitor, you don’t want to lose your business. The pay-out needs to cover death, accidents, and financial risks.
2. Prepare your past processing history
For your application kit, processing history is a must. It is a strong sign of the financial health of your company. Low-risk companies are expected to submit credit card processing statements for at least three months. What about travel can’t be told. It is also a seasonal organization, besides being high-risk.
Peaks and valleys are typically encountered. It is also easier to submit credit card processing statements worth a one-year charge. The PSP will review and make a final judgment on your amounts, refunds, chargeback operation.