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Travel Industry Uncertainly Plagues Future Of Novice Travel Merchants

In 2016, the travel and tourism industry brought in $7.6 billion, which makes the industry one of the largest that affects the economies of all nations. 

The industry also plays a huge role in other areas – transportation, accommodation, entertainment and attractions, which amounted to $2.3 trillion in 2016. And, with so much money to be made, the lesser-known countries have attempted to garner some of the action.  This is not a big surprise!

Most people love the idea of taking a vacation, but vacations cost money – a lot of money.

Travel merchants are often denied an accredited account due to the financial industry’s reluctance to extend credit based on uncertain variables such as cancellations, high-ticket prices and chargebacks.

Any business that handles reservations via Wi-Fi or phone must have the ability to process credit card payments. Where banks fail, (Name Removed) will extend a travel merchant account to any legal, reputable company that needs their credit card payments processed, efficiently and effectively.

Attaining Your Travel Merchant Account: What You Need To Know

Travel merchants accounts are typically approved for reputable companies. An underwriter is assigned to analyze company records and determine its foundation in the industry, looking specifically for any possible illegal activity.

Underwriters assess the potential risk to processors by reviewing businesses’ credit card processing history, credit scores, bank statement, etc.  These investigations are conducted to determine there is no outstanding debt or a history of high chargeback ratio before approval for a merchant account. They are also looking for the SSL secure connection on websites to ensure customer privacy. 

Customers should be able to easily locate the refund and privacy policies.

Once these requirements are satisfied, underwriters typically grant the business a travel merchant account. Businesses, following the above guidelines and are approved for merchant accounts, are not hit with restrictions like lower rolling reserves and high processing volume caps.

How To Raise A Travel Merchant Credit Processing Cap

The uncertainty within the travel industry has resulted in lower caps for monthly credit card processing payments. Simply put, they are limited to certain amount of monthly credit card transactions. Once this threshold has been reached, merchants cannot process any more credit card transactions either by phone or Wi-Fi.

With a proven track record, travel merchants can ask for higher caps in as little as three months.

Travel Industry Riddled With Chargebacks

Travel industry merchants are faced with chargebacks of all types such as high ticket prices. The majority of travel-related services can be costly.

Travel merchants are deemed risky due to upfront payments for services rendered such as tickets, tours, accommodations, etc. Unfortunately, travel businesses tend to shut down and not refund their customers, This forces customers to dispute transactions, resulting in the chargeback.