Merchant Services for Travel Agencies
With a growth in the number of individuals who travel overseas in recent years, as well as an increase in domestic travel since the COVID-19 pandemic, there is increasing pressure on travel agents to ensure that they are providing the appropriate payment services and solutions to their customers. As a result, excellent merchant services for travel companies are in high demand these days. When it comes to booking vacations and other travel plans, they are often high-value transactions. And, as fewer of us carry substantial amounts of cash on us, cashless payment methods are quickly becoming the preferred method of payment, particularly for higher-value products and services.
Customers are frequently seeking for their preferred payment method because there are so many various options for making cashless payments. In order to remain competitive, travel agencies must offer a diverse choice of payment methods. Credit cards, for example, are preferred by many consumers when making larger payments since they provide some level of security in the case of a disruption to their travel plans, such as the ability to seek a charge-back from the issuing bank.
Having such an account will permit you to begin taking cashless payment alternatives in-person, online, and over the phone. To do so, first create a merchant account for your business. Finding a good merchant supplier for travel firms might be difficult due to the industry's reputation as a high-risk one among many providers. Recent months have demonstrated how high the level of risk in the travel industry can be, with variables beyond the control of travel agents or travelers creating disruption and necessitating refunds or credit notes on a regular basis.
Why are travel agencies high-risk?
It might be difficult to obtain payment processing for travel agencies because of their high-risk status, but there are still a variety of choices accessible to organizations. Similarly, you may already have established a merchant account for a travel business that has given you notice that the contract between you and your current supplier will be terminated. Due to the fact that merchant account providers are always evaluating their risk profile, they may opt to eliminate a more dangerous, high turnover firm in favor of a large number of lesser risk enterprises.
Finding the best Travel Merchant Account Provider
Businesses in the travel and tour sector should take the time to investigate and interview possible merchant services providers. It is possible that partnering with a merchant services provider that is not capable of processing tour and travel payments will prove to be an expensive option in the future.
It is critical for the merchant to have first-hand confirmation that the payment processor and/or bank allows tour operators and travel agencies before proceeding with the transaction. Despite the obviousness of the query, many merchants enter into a contract with a payment services provider only to discover that their firm falls within a forbidden business category.
Chargebacks from consumers are one of the most common sources of concern for retailers today. Problems with client payments have plagued the tourism sector in the past, which is worrisome. The advantage of having a travel merchant account is that banks and payment processors are aware with the ins and outs of the travel industry.
Travel Merchant Account with Connected.co
Connected.co offers a thorough awareness of the difficulties that travel agencies, event brokers, and tour guide firms experience while operating in the online environment. This is especially true when dealing with a company plan that involves high-ticket transactions and services that are scheduled for the future. It might be tough to find a financial partner that is ready to take on that risk, much alone provide your company with the breathing room it needs to reach new heights. Don't be concerned. When you need help, we can take over the steering wheel and keep your company on course.
Over the past decade, we have built a diverse network of banking connections, all of which are eager to earn your business and provide you incredibly low interest rates. In addition, we have a state-of-the-art gateway ready to process your transactions, as well as a risk management staff equipped with industry-leading fraud prevention measures, to ensure that your travel merchant account continues to fly high for years to come. However, what truly distinguishes us from our competition is our commitment to offering top-tier quality service at competitive prices.
JW Epply has been a senior executive for over 10 years, during which time he has met and exceeded growth and revenue goals in exceedingly difficult verticals. Epply is recognized as an efficient, dynamic leader with a strong background in sales and sales process, management, and organizational strategy. He holds a Bachelor’s Degree in Organizational Management from the University of Wyoming, and is an accredited Certified Payments Professional (CPP) from the Electronic Transactions Association (ETA).