Give Wings to Your Travel Business with Merchant Accounts

With the world becoming one big global village people are keen on traveling more than ever. It is, therefore, no surprise that travel agencies are spurting everywhere. While the business itself is very rewarding, traditional banks do not think so and consider services related to the travel agencies as high risk. It is very common to get rejected but does not get dejected because every cloud has a silver lining and those who seek it shall find it.

Become an online merchant

You must be aware by now that the present-day world revolves around the plastic cards like Visa/Mastercard/Discover/Amex. If you wish to build your business you must be able to accept these credit cards and debit card payments. It has become paramount for every business that chooses to remain in the race to be able to process credit and debit cards. In your storefront, you must have terminals that allow you to accept payment with any of the above cards if you already don’t have it do not delay or you will be left far behind.

With the evolution of smartphones and internet, transactions are now taking place online. So, in order to be not left behind in this competitive race, you must become an online merchant meaning you must be able to receive payment via the internet.It is very easy to setup your website and become an eCommerce merchant. A virtual terminal will also take care of all your recurring billing.

You just need to set up virtual terminals and payment gateways and you are ready to give your business the wings it needs to reach greater distance and more customer base.

This is how a merchant account works - when you set up a merchant account with any service provider, the credit card payment by a customer gets transferred to the merchant account before reaching your account. Just like your regular merchant account pay start-up fees and transaction fees for an internet merchant account too; the rates though are higher because of the greater risk involved.

How can you set up a payment gateway?

You need a payment gateway to process the credit card and debit card payments online. This is similar to the physical terminal that is used in brick and mortar shops at the cash counter. A virtual terminal does do not require a signature and a card, then present transaction takes place because everything happens online. Some merchant account service providers help with the gateway setup and there are no setup fees.Usually, payment processors that provide payment processing services have contracts with other companies that set up the payment gateways.

 I have been denied and Shutoff am I still eligible

The travel industry is a dynamic one with constant fluctuations in price.In order to remain at the top travel agencies encourage advance booking which is done several months ahead of time to avail good rates. While this seems to be a good idea the repercussions are that people change plans and cancel tickets and demand their money back. Natural disasters affect travel plans, and chargeback frauds threaten the industry. That is the reason that that big credit card processors like Paypal, Square Stipe, and First Data do not associate with new corporations. This is also the reason that you face denial and rejection from traditional banks.

I am a new Startup with no experience

But travel business being a high-risk affair, processors are often wary of funding new ventures. Normally, processors resort to rolling reserve funds in such cases to cover their losses that result from chargebacks and online fraud. As a startup, every penny counts and it is not easy to part with a significant amount. But after facing denials because of your inexperience you will be forced to accept whatever aid comes your way. Stop! There are several merchant account providers like us who are well versed with the vagaries of the industry and are capable of handling it.

We understand your inhibitions and limited knowledge of the field and will be able to assist you right from processing the application process through the billing procedure to set up an account.

We never judge an applicant based on their experience, but are ready to lend the required support to new establishments and are constantly in the New Business OK status. That is the reason we have multiple underwriting banks to cover our clients at all times. Unlike other providers, we do not weigh your case in the high-risk vs low-risk balance scale due to which rates vary by startup vs history. We choose to be different and will trust your business acumen.

Domestic & Offshore Options

Once you decide to become an online merchant you have to choose between Domestic account and offshore option. It is quite tasking to open a domestic account given the risky nature of the travel industry. There are so many terms and conditions to be met before you can open a domestic account. But It is much easier to open an offshore account. These accounts are easy to open as they have fewer rules and regulations and even startups can open them without any trouble. Furthermore, most offshore accounts do not require an initial deposit, unlike the domestic accounts.

Though there are several advantages to the offshore options security is better with domestic accounts which come in the purview of the US law.

Parting words

Should you wish to open a merchant account with us we would like to tell you that there are no application fees involved. We have a friendly support team every ready to quell all your doubts and anxieties regarding your account. We are the leaders in this industry and hence we have our own iPhone and Android apps that make dealing with us a whole lot easier.

So, get ready to set up your own website and an e-commerce portal and move away from the retail, card present scene where you had to verify the signature of the customer each time. Let technology take over and bring prosperity into your business.