The Online Travel Industry is On Fire!

Jul 23, 2015

Booking-dot-what? Online traveling booking is hot right now, thanks to many discount travel apps and websites. According to a recent survey, nearly 180 million people visited travel websites in June 2015. This number is huge, and it is expected to rise in the coming months. The prices are great, and the service is quick, but are these websites really worth it?

Well, yes and no. If someone is wanting to operate an online travel agency or discount site, they need to know that there are challenges. Usually the biggest challenge for a business is finding a customer base and a merchant account. However, with these sites the customer based comes easily, and you can find a good travel merchant account with a little research. While these are two are of concern, you need to make sure that you know the ins and outs of this business. For instance, while booking an all-inclusive plane, hotel, rental car package is convenient, it often leaves issues if the flight needs to be rebooked. For consumers, it is quicker to rebook a flight if the original flight from booked directly from the airline.

You also need to make sure that if you have a cancellation plan, that it is clearly stated. Chargebacks can cost you dearly, and they can complicate your relationship with your travel merchant account provider. While most know that these charges are simply part of the industry, other processors will hike up processing rates, which could make you raise your prices. Another tip is to keep tabs on the “hot” travel areas for the seasons. The popular time often mean higher prices, and you could steer your customers to “like” areas with a lower fee. Of course, if someone really wants to go to Cabo, they will pay more, but the suggestion show that your company is not all about money.

You need to make sure all of your bases are covered. From a merchant account, to a cancellation policy, and everything in between, you need your business to operate smoothly for you and your customers benefit.

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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 on 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.

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