In the world of e-commerce, the credit card processing service you provide your customers will determine how effective your company is. The rapidly evolving world of commerce is becoming increasingly innovative, to the point that you can now order your dinner online and pay with your credit card. Your dinner is ready in a matter of minutes, and you never have to leave your sofa. It’s pure bliss.
As an online business owner, you must now be able to provide high-quality service to your customers while still maintaining security. When it comes to online travel agencies, you’ll quickly discover that only a few merchant account providers specialize in this high-risk industry.
Many experts consider online travel agencies to be a high-risk commercial operation, so they need a way to process payments online, among other things.
Obtaining a merchant account as one of the travel industry’s companies is very complicated. Because of the long-term booking, accepting credit cards is difficult and complicated due to the possibility of a high chargeback. It is critical to have the knowledge and appreciate the different types of merchant services when considering internet payment processing that would fit your needs.
Every business has its own set of criteria and most of them offer a variety of ways to accept credit cards.
Choosing the right merchant services account will help a company increase its revenue. As a member of the online business world, the payment processing service that you offer to your clients, whether it’s a high-risk merchant or a traveling merchant, would have a significant impact on your online travel business’s performance.
Travel agency merchant account providers provide merchant account holders with a facility for high-risk credit card processing, as well as several tools for online credit card processing services that will assist consumers in making it easier for retailers to accept credit card payments. This will increase revenue and benefit.
The ultimate secret to selecting the most dependable credit card processing is to conduct rigorous analysis. It keeps things running smoothly and will undoubtedly increase the customer base.
The online payment gateway for travel agency
Businesses need both a travel agency merchant account and a payment gateway to process payments online.
Simplify travel business with merchant account & payment solutions
The high-risk payment gateway ensures that customer card information is kept safe while the transaction is processed, which is particularly important in high-value transactions.
Connect to our expert’s finding the best payment gateway for travel websites.
We at WebPays partner with specialist providers that will accept travel applications, so finding a payment gateway for travel industry merchants isn’t as difficult as some would assume.
Travel merchants are considered high risk for a variety of reasons
Chargebacks are the main reason travel merchants are rated as high risk. When a traveller calls their issuing bank to challenge a transaction, a chargeback occurs.
Fraud and chargebacks cost the travel industry an estimated $25 billion per year. As a result, successful chargeback and fraud prevention is critical for all travel merchants.
Banks and processors are worried about chargebacks from travel merchants for three reasons.
The average ticket price is high. All of the costs associated with a trip, including tickets, lodging, tours, and everything else, can add up quickly. Travelers may try to recoup travel costs by charging back a transaction that was previously approved, a practice known as “friendly fraud.”
Purchase in advance. Transportation, accommodation, and other trip-related costs are often purchased months in advance. When plans change or buyer’s remorse sets in, the long time between payment for the trip and the actual travel will cause customers to cancel.
Industry. Chargebacks cost banks a lot of money because of bankruptcies and other failures in the travel industry. Because of previous bad experiences with the industry, some banks are also hesitant to board travel merchants.
Travel merchants may use a variety of methods to keep chargebacks to a minimum. A wide range of fraud-fighting tools is included in the travel merchant account gateway. Travel merchants can customize, manage, and monitor this to meet the changing needs of different markets.
Credit card fees charged by the travel agencies
Due to the high-risk group, merchants mistakenly believe that travel and flight center merchant fees are exorbitant. Transactions don’t have to be as expensive as you would think; choosing a vendor that specializes in travel payment solutions will ensure that the application is expertly underwritten, resulting in reasonable prices being provided.
If you’re a new business with no previous transactions, you might want to start with one provider and pay higher rates, then switch as your business and turnover grow.
We suggest that you compare accounts on a regular basis to ensure that you are not overpaying for travel card payments.
In the travel industry, merchant accounts don’t have to be difficult. Talk to WebPays professional advisors today for a no-cost, no-obligation quote on safe travel payments.