OVERCOMING HURDLES | WHAT YOU CAN DO TO GET MERCHANT ACCOUNT

Merchant Account for Running Tour and Travel Business

• Find consultants who specialize in the helping high-risk merchants finding a merchant account.
• We at merchant stronghold provide you the same.
• If you have a good record of risk, fraud, and charge-backs, you will be required to provide at least 6 months of prior financials to prove it.
• The best side of this is that if you can provide financial statements of 3 years, you will have more leverage to negotiate a better deal.
• Startups with a weak or non-existent record, you must accept a very well relationship.
• A common mistake that everyone does is to find big banks and merchant account providers.
• If these processors receive any hint that you are high risk, there is a chance that the merchant account will get a termination.
• Develop and put into action a strong fraud prevention plan. Introduce new tools that will help you detect and fight fraud.

Purchase a financial failure insurance plan to boost financial security.

These actions will be enough to get a merchant account for your tour and travel business. Just because of rejection for a merchant account before, doesn’t mean you will not get approval again.

When it comes to your business plan and financials, providing complete transparency is a great way to build trust. Your business model matter, it will work to not only survive in the current market but also thrive.

It is necessary for you to choose the best merchant account provider to better your newly founded organization. You can reach us at +1 (888) 622-6875 or email to info@merchantstronghold.com

Credit Card Processing For Travel Agencies & Related Travel Services

Merchant Account for Travel Agencies

Travel-oriented businesses are considered high-risk merchants as far as credit card processors are concerned. And, therefore are among the most difficult business types to acquire successfully accepted for a Merchant Account.  The reason is that experience demonstrates that customers are impressive. They are more able to dispute and chargeback travel agency transactions than most others.

Know the risk

To mitigate your risk and assure your acceptance for a high-risk merchant account, you will need to set up card acceptance policies and procedures to address several risk-related issues, including for example:

High-Risk Travel Agency Business; your association may not really be a Visa or MasterCard merchant, subject to the Credit Card Associations’ rules, regulation and policy. However, the airline is a Visa and MasterCard merchant and it is subject to their rules and regulations. Understand that, in most fraud-related transactions, the airline transfers financial liability to the travel agency it has partnered with as part of the contractual agreement. In such cases, your association will bear full financial responsibility.

An approval request that is clear by an issuer indicates that the credit card account is in good standing. In any case, the endorsement is NOT proof that the valid cardholder is making the purchase, nor is it an assurance of payment. Be advised that, in most cases, airlines are liable for fraudulent card-not-present transactions, even when they were endorsed by the card issuer.

Interesting Facts About Merchant Account Processing

While opting out for a merchant account, and choosing a payment gateway, businesses usually make mistakes some way or another. Whether you are new to the business or have lots of experience, you still might have some misconceptions about it.

Not Worth the Time – Firstly, entrepreneurs find that they have the best payment processing with the banks, some businessmen don’t care about the ease they get while doing the transactions through a merchant account.

Expensive Affair – Yes, the merchant accounts don’t come cheap, but they are not costly either. They just tell you the fees in a package where all the things are segregated and revealed as one. As well as the providers tell you the fees in percentage so, you have a clearer perspective on the rates.

Misleading Promotion – The misconception is that the service providers prevent the facts and sell the merchant accounts in higher percentages or give out misleading information as a result of non-formal training and burdened pressure to close a deal. Independent agents have a bad reputation for failing to disclose some of the more serious terms of the contracts they’re selling, especially early termination fees. Yes, there are some naturally talented and trained independent agents who have done well and can provide you with quality service.

Bad Customer Support – This whole game survives on the customer as it is fully dependent on them. It is a complete misconception that the providers don’t want to provide good customer satisfaction.

Payments are Going Cashless – Across the developed world, plastic and digital payments are overtaking cash. Cash is falling out of favor and the customers are more likely to pay by credit cards or online wallets than ever before. Offering solutions to the customers should be a merchant’s top priority (in this case, service provider), however, the rise in digital payments has also led to an increase in fraud and chargebacks.

Not all Payment Processors are Equal – Like any other service, picking the right payment processor for your company requires due diligence. Payment processors offer different levels of service and technical expertise. Perhaps the biggest mistake one can make is to assume these services are standardized and pick the first one you come across. Dig deeper and try to find the right fit for your business.

Technical Support is Crucial – Technical support is like insurance, you don’t realize how important it is until you need it. A person needs a friendly and experienced team of professionals on call. Most of the payment processors offer 24/7 helpdesk handled by experts who can guide a customer through any query.

Consider Processor Fees – A cost-benefit analysis is another crucial part of running a business. Generally, a merchant service provider in this competition opts for the best rates and customer can benefit from this. The search for the cheapest payment processor has its own consequences. One needs to consider his margins, customer preferences, technical details, and quality of service before making a pick.

Merchant Specific Services – When a merchant comes to get payment services, each one of them demands specific services like the freedom to trade to some of the specific countries, selling more products than what the website mentions.

Customers Are Going Mobile So Are Merchant Accounts – 70% of shoppers and customers now use their mobile to buy services or items. The payments are going cashless as well as the merchant accounts. Therefore, to keep up with the market and remain competitive, one needs a payment processor that offers a reliable mobile payment platform.

Advantages of Mobile Payments for the Transportation Industry

It is better to use cashless payment methods, especially if you are related to the transportation industry.

Advantages

Mobile payment has many advantages over the traditional method of payment i.e. cash payment. When you are in the transportation industry, there is a lot of cash flow on a daily basis, which most of the time is with the drivers as they are on road, providing services. It is not possible for the drivers to come back to the main station to deposit cash after every trip. So he has to carry cash along with him all day long until he is off duty. Due to which they become a target and may end up in unfortunate incidences (robbery). It is best to use the mobile payment method for security purposes, better services, and greater revenue. Let us discuss a few of the advantages of mobile payment in detail:

Effectiveness

It is very common for a customer to not have the exact amount or a change with him, resulting in wastage of time in arranging the difference for the customer. When you accept the payment through mobile, it merely takes 20-30 seconds to swap the card and get the customer’s signature. This will increase the effectiveness of transportation service and time saved can be utilized in serving the next customer, resulting in greater revenue.

Control

If you have more than one driver i.e. multiple drivers, it becomes important as well as tedious to control and manage funds effectively. You need to find out an organized way to watch your money. By using credit card processing, you will be able to keep an eye on payments made by clients, what each driver earned, everything you want to know with the help of an online merchant portal.

Convenience

In today’s world, the flow of virtual money is more than hard cash. People like to use credit/debit cards instead of paper money. It is easy to carry, convenient and a secure way of making payments. The transportation industry is rapidly growing, which increases the demand for multiple payment methods for the customer’s convenience and safety. Most of the customers availing transportation services prefer making the mobile payment rather than paper money, as it is the most convenient.

CONCLUSION

Apart from these three advantages, there are many more advantages of using mobile payments. The above-listed advantages help service providers to manage his/her business more efficiently, increase profitability as well as provides security. With the help of such payment processors, payment is directly deposited into the merchant account, so there is no chance of losing a payment.