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Get Success with Every Transaction-Time Share Merchant Services

With the resale market gaining popularity, and with a lot of exposure from media, the concept of sharing a vacation, which was probably unheard of in the past, over the recent years expansion of owners market has helped vacation ownership more affordable by property owners selling their timeshares to many families, and over seventy percent of timeshare vacationing is ruling the holidaying space, with advertisement and proper web promotion, there are more happy families enjoying their vacation, being lighter in their wallet too.

Concept of Timeshare

When one or more person owns a property and is willing to rent it out for a holiday season, is the best way to utilize the property by the other owners for vacationing which could otherwise be an expensive affair on hotels and resorts. When one buys a holiday home and does not use it for a time period, that is when the owners use it for enjoying the most on a budget travel.

Why is a Merchant Account Necessary for Timeshare Advertisers, resale?

The moment when a payment comes through for the stay in the timeshare property by the client, the money is parked in a temporary account, which is the merchant service providers POS terminal, before it gets into the property owner’s bank account. This intermediary service comes with a nominal fee charged by the service provider which could come from the swipe of a debit, credit cards, e-checks, mobile app payments, e-wallets through a payment gateway.

A merchant account is an inevitable part of the payments processing for selling, reselling, advertising their timeshare property. Since there is a need to advertise their timeshare services online to reach customers who are in different geographical locations, a merchant account is extremely essential. Setting up an e-commerce website for customers to make online payments for booking the timeshare services has eased the payment process, replacing the traditional way of payments.

Is Timeshare a High-Risk Business?

Due to the seasonal nature of the business and dispute laden business, banks often reject credit to Timeshares, advertising, resale companies and classify it in the high-risk category, also:

  • the volume of transactions is high, which is done over the phone, online, and are considered Card not present by banks

  • there are high chances of cancellation and refunds opted by customers

  • there a number of customer disputes due to the very nature of service expected by the customers

  • most of the bookings are made online well in advance and the time difference between the actual occupancy and payment comes in as a hindrance to the business

Different Types of Merchant Services

The retail space is growing and so is the requirement of merchant services for timeshare advertisement, resale, and marketing services. Let us understand the merchant account services which such companies require:

Credit Card Processing- Online services from a friendly Merchant account for the high-risk business is very essential for the success of the timeshare resale companies, a fully integrated terminal service on a virtual mode, and software enabling a complete digitized database of customers is essential, for all modes of service including :

  • mobile processing,

  • online credit card processing and,

  • e-invoicing

The rates of the services provided by the merchant account should be competitive in the industry and the setup and installation usually come free of cost.

ACH/Electronic Check Processing- a paperless transaction which is fast, safe and has ease of processing all the transactions electronically instead of a physical check, has the funds moved from customer’s account to the merchant account smoothly, which is more faster than the physical check being presented for transfer, and also the hassle of check return, signature, and check return fees which are totally eliminated and a saving for a retail timeshare reseller. The paperwork is reduced to a great extent, there is a check guarantee and the service a streamlined for easy and does the job similar to a POS once a debit or credit card is used.

Merchant Capital Advances-MCA- this is an alternate source of funding the business which is as common as banks and traditional money lenders. A small portion of the sale gets into the into the repayment of the MCA availed, hence it does not affect the profit margin of the timeshare company, whether it is a newly started business or an established company, being in the high-risk business due to the nature of service offered, as the occupancy rates, the seasonal nature of the business makes it difficult for the companies to get the timely funding from banks. The MCA can be used for:

  • the required amount of capital to grow the business, which is in a high demand mode form vacationers across the globe,

  • Convert the future MasterCard/Visa/Discover/Amex card sales into the immediate short-term capital with simple opting the cash on demand option with the merchant service,

  • make an additional value-add, investments to grow the business net worth,

  • make improvements in the timeshare property, refurbish,

  • inventory can be purchased availing the merchant cash advance

Mobile Apps/Card Swipes- Instead of using high-cost virtual terminals your very own mobile app is the future ready services which many timeshare resellers offer their customers, merchant service providers also offer this completely electronic mode, with android application. Mobile transactions are processed in a similar way, like that of an online debit card transaction, using the CVV number on the magnetic stripe of the debit cards.

A great option for this high-risk service setup is to choose offshore merchant service providers, in case the domestic merchant account comes in with high operational cost, with local currency acceptance making it difficult for customers from other countries. The offshore service providers offer:

  • very reasonable rates for their services

  • there are a number of service providers to choose from

  • currencies from everywhere are accepted

  • there is no tax on being a corporate, as it is an offshore service availed

  • quality of service is on par with domestic service providers

Whether your company is newly established, startup, or have been shut down by other processors there are many user-friendly merchant services providers who are ready to offer the best service feature for:

  • facilitating online account set up, application process,

  • accept all types of major cards like MasterCard/Visa/Discover/Amex

  • cater to having multiple underwriting banks

  • process a high volume of transactions

  • Good interface, payment gateway, and virtual terminal.