Vacation Travel Clubs Credit Card Processing Provider
One of the most important elements that all businesses must keep in mind is customer satisfaction. It is an extremely crucial factor as the success of a business can depend on it to a very large extent.
In today’s modern world consumers prefer the convenience of conducting transactions online. They have been extensively using payment methods such as debit cards and credit cards. In such a scenario, it becomes essential for a business to set up a merchant account. What is a vacation club travel and timeshare merchant account?
In the simplest terms, a merchant account allows any business to accept payment through debit cards or credit cards from its customers. Without a merchant account, it would not be possible for a business to conduct sales and transactions online. Opening a merchant account can be a tough and long process especially if the bank considers is a high-risk business. Today we look at two businesses that are considered high-risk and the reasons behind the same.
Travel services and Membership Club Credit Cards
Travel agencies and travel services are considered to be high risk as the transaction takes place much before the service is delivered to the customer. Membership clubs offer tangible services to its customers and this is the reason it is a part of the high-risk merchant accounts. In both cases, there is a great risk of disputes or chargebacks for the merchants.
Challenges faced by high-risk merchant accounts
Setting up a merchant account for a business associated with travel services or membership clubs can be tough. Most of the credit card processors are apprehensive due to the high risks involved especially if it is a startup or relatively new business venture. They would want to look at some previous experience in credit card processing before approving your application. They would also want to make sure that the company is sufficiently capable of managing risks such as customer disputes. They would also want to ensure that the company is capable of keeping the chargebacks within the required limits.
Some examples of when the issue of chargebacks can take place are:
If a customer has paid for a trip and later cancels the trip.
A person joins a fitness club and later wants to cancel the membership if they don’t see the desired results in a particular period.
What do merchant account providers consider?
One of the most important factors that they would consider is the amount of time you have been in the business. This would give them a fair idea about your knowledge and capability to reduce fraud or prevent it. A reasonable amount of business experience will prepare you to deal with various risks. They would also have a look at your credit report to check for financial issues if any. It would also be used to look at how you have paid any previous loans. If you have had a merchant account previously and it was terminated, they would look at the reasons behind the same. Having a merchant account that has been maintained well will surely be seen as a positive indication. On the other hand, if the previous processor had terminated your merchant account, it will impact the prospects of opening a new account adversely.
Why should you choose Clarity?
We understand the troubles any high-risk business faces when opening a merchant account. We provide you all the required assistance at the best rates to ensure that opening a merchant account is a smooth process.
Whether you are a domestic merchant or you are a merchant based offshore, our efficient and friendly customer support team is trained to help you with all your queries. You can get in touch with us anytime using the information listed on our website.
Unlike some other providers, we have a unique no application fee and no setup fees policy. You can be assured of getting your merchant account up and running in the shortest possible time and absolutely free of cost.
Many providers have strict underwriting guidelines, which may make the application process of getting a merchant account for high-risk businesses a long and tedious one. Sometimes they may even deny your application. Our specialization in high-risk businesses can take care of all your e-commerce and other business needs too.
The safety and security of our customers are our prime concern. We offer you personalized solutions to set up your virtual terminal. With a secure gateway setup, your customers can conveniently pay using gateways such as Visa/MasterCard/Discover/Amex easily.
We have a simple application process and a recurring billing process. Our payment processing is transparent and we offer you all the support for your business to flourish.
With years of valuable experience in the industry and high approval rates, we have earned the trust of our valued customers. Get in touch with us today to know more.