It’s kind of ridiculous that an industry that contributes $1.5 trillion U.S. to the total GDP and creates more than 5.5 million jobs in the U.S. alone has a difficult time getting a merchant account so they can accept credit cards.
This is an industry that is forecasted to increase that contribution to more than $2.6 trillion U.S. over the next decade. And yet it is considered High Risk for credit card processing.
Travel industry is risky business for merchant account providers. (Until now).
All of the various services that make up the travel industry have historically been considered a risky business for merchant service providers. It’s of no fault of your own, but the sheer nature of the business, that it ends up seeming like a high risk. Travel is one of the few things that people tend to purchase far in advance so that they are paying for a service long before they are enjoying the service, so to speak. Many times as much as a year in advance. A lot can happen in a year. Lives change or people just have a lot of time to reconsider. Because of this there are a lot more cancellations than with many other industries. The travel agent then must cancel the reservations with the corresponding hotels, tour companies and other providers resulting in what looks like chargebacks for the agency. Their high incidence of payment disputes and chargebacks have resulted in processors categorizing them in the High Risk category. Over the years it has been notoriously difficult to find processing domestically. This usually means going with a high risk processor and oftentimes settling for an offshore merchant account with exorbitant fees and poor customer service.
Millennials are going to have a huge impact on all areas of the travel industry in the coming years. Not only do they encompass the largest generation in history and are the generation driving the tech world, but they also have expendable income. Millennials are used to getting what they want and will have a big influence on the major trends in the coming years. Millennials also like to configure, book and pay for everything on the go, on all of their devices, from anywhere.
It’s time you were offered a merchant resource worthy of your patronage.
You need a merchant account with competitive fees that is packed full of features to help make your business more efficient and also offer the cutting edge technology and resources your clientele demands. Now! We have a solution to not only get you processing quickly but with competitive rates and the benefits of working with a domestic processor that is right here ready to support your business.
There is almost no other industry that is as global as travel. Your clientele comes from all over the world. Whether the services offered include online reservations, hotel rooms reservations or car rentals, group travel or adventure travel your clients need to pay you, you need to be able to pay your providers and you need to be able to manage all of those transactions in multiple different currencies. Accept and manage multiple types of currencies from countries all across the globe with dynamic currency conversion capabilities. Your business needs to be capable of taking payments in many forms, not just credit cards, from direct debit to e-wallets to bank transfers and many more. With these types of capabilities you enjoy global reach while allowing your customer’s all the options for payment they need.
Knowing that you can be approved for a merchant account domestically has a multitude of benefits. First of all, domestic processors tend to have a lower rate of declines versus international account providers. This translates to a quicker approval process overall so you can be up and running fast. You will also be able to get better rates than when you had to go offshore to find a merchant account and domestic processors tend to have lower or no additional fees compared to offshore processors too, such as no setup fee. And a domestic processor will be able to provide you with faster funding. How about getting your funding daily instead of weekly? Another benefit of domestic processing is not having to take on the extra expense involved with wiring costs.
Local customer service is an advantage that cannot be overstated! When you know that you can call and receive reliable customer service that is on your time schedule and understands your business model it is a huge weight off your shoulders. With the challenges that the travel industry faces with cancellations and chargebacks you may need to deal with your merchant customer service more often than most businesses and it’s a great relief to know they are there for you when you need them.
What type of travel distribution system are you working with? If you’re worried about having a system that will integrate seamlessly, don’t. Your free payment gateway will integrate with all of the most popular travel distribution systems like Amedeus, Sabre and many others.
This is a risky industry, but we know that and we’re not afraid of working closely with you to help to make it better. We know that with an industry that revolves so much around e-commerce it is imperative to install and practice fraud prevention safeguards to help keep your company safe. We can also help you manage those chargebacks that put you in the high risk category in the first place. When you take advantage of the robust chargeback management solutions you will be taking more control over the fate of your business and it’s profits.
At Bankcard Brokers we understand the unique challenges that the travel industry faces.
We believe you should be able to enjoy the same advantages other businesses have with their merchant accounts. We’ve worked hard to partner with acquiring banks that also understand and are sympathetic to the challenges of the travel industry. To find out more about what we can do for you or get started click the button below and one of our ETA-Certified payment professionals will get back to you right away.