Merchant Account for Travel Agency Services
Services for Your Company
Ecommerce has completely revolutionized the landscape of most financial transactions. Now people don't have to worry about getting mugged on their way to an important business transaction as they can just transfer the funds to the interested party online. Not only has e-commerce made business deals safe, but it has also made them fast and reliable. Due to the exponential rise in the popularity of ecommerce, most businesses are required to open up merchant accounts.
A merchant account, at its core, is an agreement between an acceptor and a merchant. Essentially, it allows businesses to accept payments made by their customers via debit and credit cards. Many businesses have been forced to create a merchant account simply because it has become a popular payment method for their clientele. A recent survey showed that more than 80% of all transactions were conducted via credit or debit cards.
This meteoric rise in the popularity of payment cards has forced the hand of the travel industry as well. Nowadays, it is expected of all travel agency service providers to have merchant accounts. Thus, whether you are a tour operator who puts together the most lucrative travel package for your clients or a startup airline ticket broker that's looking to plant itself firmly in the travel industry, you may eventually end up seeing potential clients go to your rivals simply because they are more ecommerce friendly. That's where we step in. Our services ensure that no startup businesses lose their customers just because they don't accept Visa or MasterCard. A detailed list of our services for travel agencies is mentioned below.
Online Merchants
Setting up a merchant account can be quite difficult for newly established organizations. Not only do they have to go through a rigorous application process, but there's also no guarantee that their application would be accepted. Technically speaking, credit card processors like PayPal reserve the right to deny travel agencies a merchant account without any justification whatsoever. We make sure that your startup doesn't suffer a major setback in its initial stages as we try and make the whole process of getting a merchant account as seamless as possible.
Another reason why you should opt for our services rather than those of our rivals is that we are well versed in the tools of the trade. For example, what our competitors won't tell you are the subtle advantages of using recurring billing on your website. Subscription-based billing allows you to charge your clients automatically from your website, which makes it ideal for things like newsletter or monthly membership fees.
Before you can start receiving online funds, you must also set up a payment gateway for your merchant account. Your gateway is what enables you to receive online payments from your clients. However, one thing that you must appreciate is the subtle difference between payment gateways and virtual credit card terminals. Your online payment gateway basically makes it possible for your customer's payment to reach the merchant bank's processor. On the other hand, a virtual credit card terminal is essentially another way of accepting credit cards. Virtual terminals permit the merchant to access their accounts online. From here, they are required to manually enter the credit card sales.
Before you opt for either option, it is important to understand the benefits of each. If you're a tour provider, there are many great payment gateways for you to explore. We recommend using us, High Risk Charge for your travel agency as it not only offers a dedicated success manager and 24-hour support, but it also costs very little and is easily affordable, even for new businesses.
Another thing that you simply must consider is the pros and cons of offshore and domestic banking options. While it may seem a no-brainer at first, there's more to this issue than meets the eye. Most US banks consider travel agencies to be a high-risk outlet and can reject your merchant account applications altogether. It is, thus, important for your firm to entertain the possibility of domestic banking options as they have lower rates and better banking security. However, startup businesses cannot forget about offshore accounts altogether because they're necessary for some business transactions. Therefore, it is necessary for you to make the right decision when it comes to choosing the best merchant account to better your newly founded organization.
Travel service providers must also entertain the possibility of using multiple underwriting banks. The first thing that you must understand is that using multiple underwriters has nothing to do with risk. There is no added risk if you switch from one underwriting bank to multiple options. Underwriting is basically a detailed analysis of credit so as to be well-informed before granting or approving a loan. One aspect that all underwriters consider is credit history. Simply put, a credit history is a record of a client's repayment of debts. A good credit history showcases that a client is known to repay his loans in the agreed duration of time and promotes goodwill for future transactions. Hence, it is important to consider your potential client's credit history before granting him a loan.
The industry has many complexities and subtleties that must be understood and appreciated if your firm wants to firmly establish itself in the market. Thus, it is important to opt for an organization that well and truly understands the tricks of the trades. This aspect differentiates us from our rivals. We always ensure that our clients are prepared for the fluctuations of the market and aren't caught unawares by unforeseeable circumstances. There are many travel agencies in the world and almost all of them use merchant accounts. Hence, it is a necessity of the industry to use these trading options. What would separate your firm from others in the travel industry (should you opt for our services) is that your business model will be optimized to not only survive in the current market but also thrive.