Travel Merchant Accounts
The Travel Merchant industry is dynamic, filled with adventure and opportunity, but it also comes with its own set of challenges, especially when it comes to payment processing. Due to the nature of advance bookings, cancellations, and the unpredictability of global traveling, many traditional payment processors consider travel businesses to be high-risk. This is where travel merchant accounts come into play, offering specialized solutions tailored to the unique needs of this sector.
Why Do Travel Merchant Businesses Need Specialized Accounts?
Travel Merchant companies operate in an environment where payments are often made months in advance, leaving room for cancellations, refunds, and chargebacks. These factors make companies more susceptible to financial risk, and as a result, many conventional payment processors may decline to work with them. These accounts provide a solution by allowing these businesses to process payments securely and reliably, ensuring customer transactions are handled efficiently while mitigating risks
Key Industries That Benefit from Travel Merchant Accounts:
Such specific accounts are essential for a variety of businesses within the travel industry, including:
- Travel Merchant Agencies
- Tour Operators
- Online Travel Booking Platforms
- Vacation Rental Services
- Airlines and Cruise Lines
- Hotel and Accommodation Providers
- Travel Merchant Clubs and Memberships
Each of these industries faces specific payment challenges, making it crucial to have a customized account that is tailored to meet their needs.
Secure and Efficient Payment Processing :
We offer such specific accounts that enable businesses to accept credit card payments online, over the phone, or in person, ensuring a seamless experience for both the business and its customers. With access to a network of domestic and offshore acquiring banks, we can provide travel businesses with the best payment processing solutions to suit their operations. Here’s an expanded look at how we ensure a seamless experience for these businesses and their customers:
Multichannel Payment Acceptance:
- Online Payments: Wits our customized services , accounting companies can accept credit card payments directly through their websites. This is critical for online booking platforms, tour agencies, and vacation rental businesses that rely heavily on internet transactions.
- Phone Payments: Many traveling agencies also process orders via phone, especially for last-minute bookings or customized tour packages. Payment Pro enables these industries to handle these transactions securely through a virtual terminal, reducing the risk of fraud and chargebacks.
- In-Person Payments: For Travel Merchant companies with physical locations, such as hotels, airlines, or tour operators, we support in-person transactions via credit card terminals. These terminals integrate with various systems, making it easy for businesses to offer a range of payment methods to customers.
Seamless Integration with Domestic and Offshore Acquiring Banks:
Payment Pro partners with a network of domestic and offshore acquiring banks to provide flexible options for Travel Merchant businesses. Offshore acquiring banks are especially beneficial for international travel businesses or companies that deal with multiple currencies. By offering a range of banking partners, Payment Pro ensures that businesses can find the best possible processing solution that meets their operational needs.
Other Specialized Services Offered by Payment Pro:
We provide several other specialized services that cater to businesses in high-risk industries, subscription-based services, and beyond. Below are the details:
- High-Risk Accounts
- Subscriptions-Based Accounts
High-Risk Merchant Accounts:
Why High-Risk?
High-risk merchant accounts are designed for industries with a higher likelihood of chargebacks, fraud, or regulatory scrutiny, which includes not only Travel Merchant businesses but also sectors like multilevel marketing (MLM), telemarketing, and direct response advertising. Travel Merchant businesses often fall under this category because of the high volume of advance bookings, potential for cancellations, and high-ticket transactions.
- Tailored Solutions: We offer high-risk accounts that come with specific tools for risk management, including chargeback prevention and fraud protection. Businesses can benefit from customized security measures to minimize risks, ensuring that their transactions are processed smoothly.
- Access to Offshore Accounts: For businesses in extremely high-risk categories, Payment Pro provides access to offshore merchant accounts, which may offer more lenient approval processes and better acceptance rates for international transactions.
These services ensure that businesses operating in challenging industries, such as Travel Merchant, can securely process payments and maintain continuity in their operations.
Subscription-Based Merchant Accounts:
- Recurring Billing Needs: Many Travel Merchant companies, such as travel clubs, membership-based services, or subscription-based travel deals, require recurring billing functionality. These businesses need merchant accounts that can handle automatic payments on a regular schedule.
- Efficient Subscription Management: Payment Pro’s subscription-based merchant accounts are equipped with tools for efficient management of recurring payments. This ensures that payments are processed on time and that businesses can maintain their cash flow without interruptions. These accounts also come with features like automatic billing updates, secure storage of customer payment information, and automated dunning (collection process for failed payments).
Seamless Customer Experience: By offering reliable and automated payment solutions, Payment Pro helps subscription-based businesses ensure a seamless experience for their customers, reducing the likelihood of payment failures and maintaining customer satisfaction.
How to Obtain a Travel Merchant Account?
Securing a certain account with Payment Pro is a streamlined process designed to meet the unique requirements of Travel Merchant businesses. Here’s a breakdown of the application steps and the types of accounts available:
Offshore Travel Merchant Accounts (with payment processing history):
- Requirements: 3-6 months of payment processing statements showing chargebacks, refunds, returns, and total sales. Additionally, 3 months of business bank statements are required.
- Approval Time: 5 business days to 2 weeks
Offshore Startup Travel Merchant Accounts:
- Requirements: 3 months of business bank statements or a business bank letter. If unavailable, 3 months of personal banking statements are needed.
- Approval Time: 5 business days to 2 weeks
Domestic Travel Merchant Accounts:
- Requirements: Application, valid owner identification, voided check or business bank letter, business bank statements (at least 3 months), and incorporation documents.
- Approval Time: Up to 2 weeks
Virtual Check Solutions for :
- Requirements: Complete application, valid owner identification, voided check or business bank letter, and articles of association.
- Approval Time: 2-3 business days
Fees Structure:
Fees for traveling accounts can vary depending on several factors, such as the business’s processing history, type of industry (high or low risk), and projected sales volume. At Payment Pro, no fees are charged until your account is approved by the acquiring bank. Common fees for specialized accounts include:
- Chargeback Fee: Fees incurred when customers dispute charges.
- Discount Rate: A percentage of each transaction, depending on the agreement.
- Merchant Account Fee: An ongoing fee for maintaining the merchant account.
- Merchant Account Registration Fee: A one-time setup fee.
- Monthly Statement Fee: A fee for generating monthly account statements.
- Refund Fee: Fees for processing customer refunds.
- Transaction Fee: A fee for each transaction processed.
Payment Pro ensures a transparent fee structure, offering competitive rates and customized solutions to meet the specific needs of travel businesses.
- Chargeback Prevention:
Chargebacks are a common concern in the travel industry due to the nature of advance bookings and potential cancellations. Customers may dispute charges if their travel plans change or if they are dissatisfied with the service. Payment Pro offers robust chargeback prevention tools to help travel businesses manage these situations effectively, minimizing financial loss and protecting their reputation.
- Virtual Terminal Use:
For Travel Merchant businesses that handle bookings over the phone or by mail order, Payment Pro provides access to a virtual terminal. This feature allows businesses to accept credit card payments without the need for a physical terminal. However, a functioning website that complies with card industry requirements is necessary to qualify for this service.
Things to Watch For in a Merchant Agreement:
- Rates and Fees: Ensure that all associated fees, including discount rates, chargeback fees, and monthly maintenance costs, are clearly outlined in the agreement.
- Contract Length: Understand the duration of the contract and any penalties for early termination.
- Chargeback Policy: Be aware of how chargebacks will be handled and what fees will apply.
- Transaction Limits: Know any transaction limits imposed by the payment processor.
- Customer Support: Ensure that reliable customer support is available to address any issues that may arise.
Why Choose Payment Pro?
We understand the complexities of high-risk industries like travel and offers specialized trading accounts designed to meet the needs of these businesses. With features like multi-channel payment acceptance, chargeback prevention, access to offshore accounts, and subscription-based billing, we provide secure, efficient, and tailored payment processing solutions.
