How to Choose the Best Payment solution for Your Travel Agency

Feb 10, 2017

The credit card processing industry currently classifies the travel business among the dreaded “high-risk” class of economic ventures. This due to the fact that most travel agencies finalize transactions prior to the day of travel, which means the customers pay in advance. The early payment leaves the merchants open to chargebacks due to unforeseen changes in travel plans as well as other payment disputes.

Finding a merchant account for your travel agency will therefore be a lot harder than you think. Furthermore, the suitability of an account for the particular needs of your business further brings down the number of options available. Regardless, asking around and doing a little extra research will reveal reasonable companies, which specialize in offering high-risk merchants the payment solutions they need to propel their businesses forward.

What a merchant account can offer your agency

Whether your agency is in the real world, online or both, you can take full advantage of the products that come with a merchant account, despite being a high-risk endeavor.  High-risk specialists offer a merchant both traditional and internet-based credit and debit card processing, as well as ACH and eCheck payment services to ensure customers have a broad range of payment options at their disposal.

Additionally, a reputable provider can get you a fully integrated online payment gateway, which will allow your clients to buy travel tickets directly from your website, without unnecessary redirects that might otherwise slow down the booking process. Leading players such as eMerchantBroker will even go the extra mile and evaluate your travel agency individually to provide the plan that best suits your method of doing business.

Other things to consider

A travel agent can benefit greatly from a merchant account, but before signing up there are a few essential things you should take into account.

Rates

For starters, high-risk providers generally match the risk associated with your business with their product prices. Expect therefore to see higher rates than you would pay with a standard payment processor.

Domestic vs Offshore accounts

Many high-risk processors offer domestic merchant accounts for travel agencies, but because the pull the provider into a contract that is bound by the law of the land, a merchant is better protected by the law against fraud and payment disputes.

Offshore accounts have the advantage of free international trading and exposure to international customers, but in the event of a dispute, merchants may lack legal means to defend themselves. Companies offering offshore payment processing also tend to charge very high rates and fees.

Before settling for a payment services company, ensure you know exactly what is right for your agency, and whether the options you have lined up have the capability to meet your requirements.

Let us help you get a high risk merchant account today!

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

Live Chat