Merchant accounts can be easy to find for many merchants, but for those in the travel industry it can seem like an impossible task. Travel agencies, booking agencies, and websites promoting various issues can be seen as “high risk” by the processing industry, leaving you in a jam. Instead of just Googling for a random merchant account, you need to look for a travel merchant account – which can be found if you do the right research.
A travel merchant account, such as the one offered by EMB, is specifically targeted to those in the travel industry. These merchant accounts know how to deal with the challenges that can engulf a travel agency. These challenges come from the high risk labeling, and the overall nature of the business. There are things that you need to look for in a merchant account provider – all which are not available with all who claim to understand the travel industry.
You need to look for industry-standard processing fees. This is something that should be available to all high risk merchants, but it is not. Few high risk merchant account providers do this, and it is important for you to search for it. A fast approval is also something that is great to look for, as it helps you get your business moving faster. Waiting weeks for approval is terrible, but many merchant account providers do this to their potential clients.
Perhaps the biggest thing you should look for in a travel merchant account provider is their ability to understand chargebacks. We all hate chargebacks, but all high risk merchants know that they are simply just part of the business world. Some merchant account providers who are not familiar with chargebacks can panic when one happens, and they can end up closing an account without really any reason. Yes, a chargeback does cost time and money, but a knowledgeable merchant account provider knows that this is not a reason to close an account.
Finding a travel merchant account can be hard if you do not know where to look. Be sure to do your research, as this is one of the most important choices you will ever make for your company.