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Best Merchant Account For Travel

One of the most significant industries contributing to the world economy and dominating it for ages is the travel industry. People avail travel services for many reasons starting from for business purposes to travelling for leisure. Travel industry bags around revenue worth of two trillion dollars annually. And last year almost four per cent increment was observed with rising in revenues to nine trillion dollars.

The travel industry is a vast industry that has several common merchants like:

  • Hotel/resort/motel merchant accountsCar rental merchant accounts
  • Airforce merchant accounts
  • Cruise merchant accounts
  • Other transportation service merchant accounts
  • Sightseeing services merchant accounts
  • Several Vacation Club merchant account

All travel-related businesses are categorized to have individual codes known as the Merchant Category Code. Some of the most used MCCs are:

Travel Agencies – 4722

Passenger Railroads – 4112

Airlines or Air Carriers – 4511

Cruise lines and Steamships – 4411

Hotels/Resort/ Motels – 3300 to 3400 or 7011

Bus Lines/Tour/Charter – 4131

These MCC codes are highly important for travel merchant accounts to operate and for processing transactions. During the processing of transactions if the MCC code is mismatched, then it can also result in account termination.

But even after so much revenue acquirement and being one of the leading industries, travel is still considered to be a high-risk merchant account. The reasons behind it being a high-risk merchant account are:

  • High Chargeback rates -It is observed that the travel industry faces more chargebacks because of sudden cancellation by customers. For example, a customer booked a ticket for a journey, but because of an emergency, they had to cancel last minute and ask for a refund. The same often happens with hotel bookings and aeroplane tickets, etc.

Also at times when customers are dissatisfied with the experience and the service of the travel merchant then they can file a complaint in the credit card processing company for a refund which damages the credit score of the merchant. All these causes travel to become a high-risk merchant account. And there are also some transactions made by the customer that are non-refundable, but it should be well declared.

  • Poor Chargeback management
  • Fraudulent activities
  • Other disputes

All these cause the businesses to face a loss and to counter that, the high-risk payment processors have to increase payment processing fees.

The high-risk prone nature of travel merchant accounts makes it hard for them to find banks or standard merchant services for approval. Therefore some good high-risk payment processor services and payment gateway services must be availed by the merchants.

The businesses that have eCommerce storefront can avail credit card services or POS for their payments. Some of the common merchant account payment processing fees can include transaction fees, merchant account monthly fees, discount fees, application fees, reservation fees, payment gateway monthly fees, etc.

One of the most significant industries contributing to the world economy and dominating it for ages is the travel industry. People avail travel services for many reasons starting from for business purposes to travelling for leisure. Travel industry bags around revenue worth of two trillion dollars annually. And last year almost four per cent increment was observed with rising in revenues to nine trillion dollars.

The travel industry is a vast industry that has several common merchants like:

  • Hotel/resort/motel merchant accountsCar rental merchant accounts
  • Airforce merchant accounts
  • Cruise merchant accounts
  • Other transportation service merchant accounts
  • Sightseeing services merchant accounts
  • Several Vacation Club merchant account

All travel-related businesses are categorized to have individual codes known as the Merchant Category Code. Some of the most used MCCs are:

Travel Agencies – 4722

Passenger Railroads – 4112

Airlines or Air Carriers – 4511

Cruise lines and Steamships – 4411

Hotels/Resort/ Motels – 3300 to 3400 or 7011

Bus Lines/Tour/Charter – 4131

These MCC codes are highly important for travel merchant accounts to operate and for processing transactions. During the processing of transactions if the MCC code is mismatched, then it can also result in account termination.

But even after so much revenue acquirement and being one of the leading industries, travel is still considered to be a high-risk merchant account. The reasons behind it being a high-risk merchant account are:

  • High Chargeback rates -It is observed that the travel industry faces more chargebacks because of sudden cancellation by customers. For example, a customer booked a ticket for a journey, but because of an emergency, they had to cancel last minute and ask for a refund. The same often happens with hotel bookings and aeroplane tickets, etc.

Also at times when customers are dissatisfied with the experience and the service of the travel merchant then they can file a complaint in the credit card processing company for a refund which damages the credit score of the merchant. All these causes travel to become a high-risk merchant account. And there are also some transactions made by the customer that are non-refundable, but it should be well declared.

  • Poor Chargeback management
  • Fraudulent activities
  • Other disputes

All these cause the businesses to face a loss and to counter that, the high-risk payment processors have to increase payment processing fees.

The high-risk prone nature of travel merchant accounts makes it hard for them to find banks or standard merchant services for approval. Therefore some good high-risk payment processor services and payment gateway services must be availed by the merchants.

The businesses that have eCommerce storefront can avail credit card services or POS for their payments. Some of the common merchant account payment processing fees can include transaction fees, merchant account monthly fees, discount fees, application fees, reservation fees, payment gateway monthly fees, etc.

So one might be curious that what is this merchant account services and how does it help travel business-oriented merchants. The merchant account services can help regarding transactions (be it online or in-person). They can help the merchant to set a personalized account for the merchant for dealings.

So one might be curious that what is this merchant account services and how does it help travel business-oriented merchants. The merchant account services can help regarding transactions (be it online or in-person). They can help the merchant to set a personalized account for the merchant for dealings.