TRAVEL MERCHANT ACCOUNT
We specialize in Travel Merchant Accounts and travel website merchant accounts. We approve practically every business type, even if you have been turned down for payment processing. With decades of experience, our team is here to help. Even if you have been shut down by your current processor, we have a solution for your situation. We’re available to answer any questions and provide ongoing continued support for our valued customers.
Don’t hesitate, to call us immediately for assistance. Our dedicated staff is standing by to assist you. Our typical turnaround time is 3 business days and, in some cases, the same day. We look forward to working with you Apply Today
High Risk Merchant Account LLC can accommodate travel merchant accounts for business selling travel related products such as vacation packages, including hotel accommodations, all-inclusive resort packages, car rentals, and sightseeing tours. The industry has always faced obstacles when seeking a merchant services provider do to the historic high chargeback ratios associated with the travel industry as a whole. If you operate a legitimate travel operation and are seeking merchant processing, we specialize in the high risk merchant account industry and can assist you in getting approved. We have separated ourselves from the pack and distinguished ourselves the leader in the high-risk payment space. Give us a call right now to get started immediately.
A travel merchant account facilitates the travel industry with the ability to procure payments on goods and services offered to customers. Payment processing is vital to the success of the industry and includes credit card processing, debit card processing, stored value card processing, gift card processing, and High-Risk ACH Processing. Equipment can include countertop credit card terminals, pos cash registers, mobile card readers, virtual terminals, and e-commerce shopping cart gateway integration.
Travel Merchant Accounts are a type of account that is used by travel agencies, tour operators, and other travel-related businesses to process credit card transactions. A merchant account is a type of bank account that allows businesses to accept credit card payments. These merchant accounts are also known as a "travel merchant services" or "travel payment processing" and "travel merchant processing". Merchant accounts are usually offered by banks and other financial institutions. They are typically free to set-up, but after that, there may be an annual fee. Merchant accounts can be set up in person at the bank or over the phone with a representative.
Travel is one of the largest industries in the world. Travel and tourism can be very profitable particularly when you consider the number of people that go on vacations or business trips each year. However, most banks are hesitant to provide merchant services to travel agencies mainly because they are associated as a high-risk industry. So, you will need a high-risk merchant services processor to process your credit card payments.
Simply put, a travel merchant account is a kind of business account that allows a travel business to accept and process card payments. A merchant account is required for any type of business that sells services and goods online and must deal with card-not-present payments (i.e., buying a flight ticket through a travel website). Merchant account helps facilitate such electronic transactions and ensures that they are kept secure and safe.
In many ways, travel merchant accounts are no different than regular merchant accounts that are designed for other businesses. The key difference is that travel merchant accounts are designed with high-risk business models in mind. A high-risk travel merchant account is very important in the travel industry because nowadays most consumers purchase travel-related products/services online. Therefore, many travel agencies operate via websites and allow consumers to purchase and book services like hotel stays, flight tickets, and activities from the comfort of their homes.
If you have a travel agency, then it is highly recommended that you offer variety of convenient payment options to your consumers. As many credit cards and other forms of payments start to include travel benefits, e.g., lounge access, air miles, insurance, etc., travelers prefer to partner with travel agencies that accept card payments.
Merchant accounts for travel Merchant accounts for travel industry are necessary for any travel business that accepts credit cards as a form of payment. Without one, you will not be able to process transactions and your business will not be able to grow. Since a travel company is a seller of a tourist product provided by a tour operator, its image and stability in the market, for the most part, depends on the quality of this product itself. If the trip is canceled due to the fault of the tour operator who organized most of the trip, the client will directly remember exactly the travel agency from which he purchased this very trip and is unlikely to ever decide to use the services of such, travel payment processing.
Travel merchant accounts are considered high-risk mainly because the travel industry historically has higher chargeback ratios than most industries. Billions of dollars in chargeback and fraud are lost in this industry on annual basis. Here are the key reasons why acquiring banks are hesitant to work with travel agencies and why such businesses are considered high-risk:
Apart from these risk elements, competition is also a factor. In the travel industry, startups must compete with large, well-established businesses every day. Payment processing service providers must adapt to this as most acquiring banks assess credit risk, credit scores, and credit history for business and principal owners to measure risk. Further, the travel and tourism industry has also been plagued by fraud and fraudulent credit card transactions for decades, and it has become more sophisticated over time. The fraudsters are now using new technologies to commit their crimes, such as hacking into hotel systems and stealing credit card information for fraudulent payment purposes.
The main reason travel merchants are considered high-risk is the historic high rate of chargebacks, plagued by the industry type. Most times, airline tickets, hotel rooms, cruise cabins, and resort bookings, are not refundable. This causes the customer to contact card issuers and request a credit card chargeback on the transaction. This greatly inflates the chargeback ratio and banks are faced with the consequences of unsettled chargebacks. The bottom line here is the risk of bank losses, due to unpaid chargebacks.
There are several things you can do to reduce travel merchant chargebacks. Here are some recommendations:
Chargebacks can be a major headache for any business. They are the most common form of dispute between buyers and sellers. Therefore, it's important to do all that you can to reduce chargebacks, as they will not only hurt your business but also your reputation. Merchants should also consider adding a Chargeback Alert Service instantly alert the business owner of the potential chargeback dispute, so they can refund the customer immediately. This prevents the chargeback before it is posted. You may also consider writing a chargeback reduction plan, to use internally to reduce your companies chargeback ratios.
Fraudulent Chargebacks are another major issue for merchants in the travel industry. They can be caused by a variety of reasons, but another common cause is fraud. The best way to reduce fraudulent chargebacks is to make sure that your website has an SSL certificate and is PCI compliant (PCI-DSS), to ensure transaction security. Another step may be to implement an anti-fraud product like 3D Secured into your payment processing, which adds a security layer for online credit and debit card transactions, that prevents credit card fraud.
For your travel agency, you will need to find a reliable high-risk merchant services provider. It is recommended that you shop around and get multiple quotes. Then compare services, software/equipment, fees, etc. to find a provider that meets your needs. Once you have found a reliable merchant services provider, you will need to take certain steps to complete the account-obtaining process. Here’s how to proceed:
The application process and document requirements for getting a travel merchant account will vary from one merchant services provider to another. Generally, the list of requirements includes the following:
Underwriting is the process in which a merchant services provider accepts liability and hence, guarantees payment in case of damage or loss. The underwriting team reviews the personal information of the applicant as well as other details such as business registration information, financials, credit history, and more. The goal of the underwriting process is to make sure that the business owner, the processor, and the clients will all be protected against fraudulent practices. The main things the underwriting team will investigate include the following:
The underwriting review process can take anywhere from 24 hours to a month depending on various factors. Most reviews are typically completed within 5-7 business days.
When it comes to acquiring credit card processing services for your travel agency, you will find that many merchant service providers are still willing to work with you even though your business belongs to a high-risk industry. It is recommended that you ignore them and look for a high-risk payment processor. There are several options available even when it comes to high-risk merchant account providers. You should do your research before choosing a credit card processing service for your travel agency. This is because it can impact how much time you spend monitoring payments and the impact it can have on your future finances.
Following are the key features to look out for when trying to find the best credit card processing service for a travel agency:
Apart from these key features, it is recommended that you work with a merchant services provider that has experience with the travel industry and understands the unique challenges travel agencies face.
It is important to obtain card processing for travel agencies and the best results, you want to get a payment processor that can provide reliable solutions to your agency and has a well-established reputation in the tourism industry in general. There are many things to consider when finding the best credit card processing for travel. Following are the qualities travel credit card processing should have:
Travel payment processing is the ability to accept and process various forms of payments from customers. In the travel industry, companies and agencies prefer to offer several options to their clients to pay for services and goods. Apart from the different forms of payments, various segments of the travel industry also typically require different kinds of equipment to process payments. For instance, an airline may prefer to take most of their payments online and hence, will need a reliable virtual terminal to process them. On the other hand, a sightseeing merchant may do more transactions in person at a kiosk and would need physical terminals to facilitate swiping credit cards and debit cards. The good news is, that most payment service providers offer both.
While there are many types of payment options you can choose to offer to your customers, there are some commonly used types that are prevalent throughout the travel industry. These include the following:
It is recommended that you discuss your travel agency’s needs with your payment services provider so they can offer the solutions that are best for you.
Travel payment processors and providers charge transaction processing fees when a traveling merchant accepts and processes a payment. These rates cover the handling of payments and, depending on the service provider, could vary depending on the form of payment used, the value of the sale, and any merchant account fees. Since travel agencies are considered high-risk businesses, they will typically have to pay more in fees to cover the extra risk associated with the nature of their business and industry in general.
Some of the rates and fees that travel agencies will likely experience include the following:
Average card processing fees vary from one service provider to another. According to estimates, major card brands charge the following rates:
Note that these are simply estimates. The actual card and payment processing rates may differ depending on various factors. So, when choosing a payment services provider for your travel agency, it is recommended that you do diligent research and compare.
Travel merchant services are the procurement of a central processing unit to accept credit card, debit card, and ACH Network payments from customers and clients for purchases of products & services related to travel and tourism.
As an applicant for travel merchant service, you must meet several key requirements and submit various documents. Acquiring banks and underwriters use the approval process to establish the creditworthiness of the company as well as its principles of financial responsibility and reputation. Various types of verification checks that are typically performed include the following:
As you see, there are several verifications and checks. Overall, if you have a decent credit history and you provide the requested documents, chances are that your travel merchant services application will be approved.
Each merchant services provider has its application process and eligibility requirements. Therefore, approval times typically vary from one provider to another. Generally, the application process is straightforward and document requirements are minimal. Hence, most merchant accounts can be approved in as little as 24 hours. Depending on the provider and the requirements/application process, it could take longer to get approved. That said, there are some things you can do to get approved faster. Here are some recommendations:
It typically takes 3-5 days to get approval for travel merchant services. If you are applying for international merchant services for travel, it will take 5-10 business days to approve.
Once all required supporting documents are submitted and the merchant agreement is properly executed, the file moves to underwriting for merchant services approval.
A payment gateway is a service that authorizes various forms of online payments, including Card Not Present Transactions that travel merchants provide to customers. It instantly declines or approves payments and authorizes the transfer of funds from the client to the agency. Choosing the right travel merchant account gateway is crucial. Following are some guidelines that will help you in this regard:
Operating a travel agency can be very rewarding until you try to set up a merchant account. Many banks and payment processors are skeptical to partner with travel agencies as they are considered high-risk. The good news is, that you can get an E-commerce payment system to process various forms of payments and stay competitive in your industry. The above-listed guidelines will help you achieve success when finding a reliable travel payment processor and getting a travel merchant account to cover all your specific needs.
We comprehend the individual payment needs in the warranty space. Processing your customer's payments fast and efficiently is our total focus. We can integrate your CRM to set up recurring payments while your customer is on the telephone. This tends to be the choice for most industry participants. If this is not the right solution for you, we offer website payment integration, telemarketing call center, virtual terminals, point-of-sale, or the traditional credit card terminal on your desktop. Our trained staff is standing by to assist you in determining the best payment choices for your business.
Our goal is to approve all merchants, regardless, if you have been shut down or turned down in the past. We understand mitigating circumstances such as chargeback ratios and exponential monthly volume growth can devastate a bank relationship, causing a merchant closure or substantial holds a place on an account to protect the bank from losses.
We are dedicated to making every attempt to resolve issues and get your account approved. Our commitment to excellence and going the extra mile to exhaust every opportunity is our mantra. We strive to exceed expectations and utilize our expertise and competence to deliver unsurpassed customer satisfaction.
With our team’s unique experience in the payment space, we bring the vital expertise to get your account approved quickly and painlessly. Our staff is committed to providing unsurpassed customer service and strives for 100% customer satisfaction. Give us a call today to discuss all your credit card & debit card processing needs.
High Risk Merchant Account LLC, can accommodate travel merchant accounts for businesses selling travel-related products such as vacation packages, including hotel accommodations, all-inclusive resort packages, car rentals, and sightseeing tours. The industry has always faced obstacles when seeking a merchant services provider due to the historic high chargeback ratios associated with the travel and tourism industry. If you operate a legitimate travel operation and are seeking merchant processing, we specialize in the high-risk merchant account industry and can assist you in getting approved. We have separated ourselves from the pack and distinguished ourselves as the leader in the high-risk payment space. Give us a call right now to get started immediately.
At High Risk Merchant Account LLC, your business success is our ultimate goal. Our dedicated staff is standing by to assist you in navigating the payment processing space. With decades of experience, our team is committed to providing competent knowledgeable advice and a plan of action to get your merchant account approved quickly. Call us immediately to get on the fast track for a merchant account for travel approval. Our typical turnaround time is 3-5 business days and in certain cases the very same day. We look forward to working with you! Apply Online Today Apply Online Today
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