Multi Currency Travel Merchant Accounts
A travel merchant account is a credit card processing solution that enables businesses in the travel industry, such as travel agents and travel agencies, as well as tour operators and online travel booking platforms, to accept credit and debit card payments. This type of merchant account is designed to meet the unique needs of businesses operating in the travel sector. A travel merchant account offers travel businesses the ability to process high-volume transactions, accept international payments, and effectively defend against travel-related chargebacks and cancellations.
Various types of travel businesses utilize travel merchant accounts to offer a customer-centric payment processing solution. These merchant accounts are a perfect fit for travel agencies that operate online as well as at brick-and-mortar stores. Travel agents use these accounts to accept payments for booking flights, hotels, car rentals, and vacation packages on behalf of their customers.
Small and large tour operators have also started using online payment processing solutions for their business activities, which include offering guided tours, excursions, and adventure trips.
In the past ten years, the travel industry has seen a massive rise in online travel agencies that have highly advanced API-based booking platforms connected to multiple travel-related service providers. Our travel merchant account is 100% compatible with these types of OTA players. A travel merchant account is truly versatile as it can accommodate the needs of almost every business entity related to the travel industry. For example, hotels, resorts, and motels can use this kind of account to accept payments for room bookings, reservations, and other amenities.
Other travel sub-sectors that cannot be ignored and use online credit card processing solutions like ours include airlines, cruise liners, bus services, and trains. Overall, we can say that a travel merchant account is the heartbeat of the entire travel industry.
Travel Merchant Account Is High Risk
Travel merchant accounts are generally categorized as high risk by traditional credit card processing companies. This viewpoint of merchant processors is based on various challenging factors. The travel industry is known across the merchant acquiring space to be a sector that attracts high chargebacks. Travelers raise disputes and ask for refunds if they are not satisfied with the overall trip experience. Even a small change in the itinerary can upset the customer, leading to disputes. Online flight and hotel bookings are common targets for fraudsters, who attempt to use stolen credit cards or identities to make fake bookings. Later, these bookings are often disputed by the original cardholder.
The international nature of travel requires credit card processors to put additional measures in place to accept multiple currencies and handle FX conversion without compromising service quality. All these factors contribute to traditional banks and payment service providers considering travel to be a high-risk industry. Fortunately, there are specialized payment processing companies that specialize in working with merchants from this industry. These high-risk travel merchant account providers are experienced in handling the challenges of this industry.
Online Travel Merchant Account
An online travel merchant account is for those travel companies and businesses that accept payments from customers over the internet. This online solution is extremely beneficial for online travel agencies, hotel booking websites, airlines, flight booking services, and holiday package providers.
Retail Travel Merchant Processing
Retail travel merchant processing refers to credit card terminals used by various travel companies to accept face-to-face payments. These terminals can accept all types of credit and debit cards, as well as QR code payments and tap-and-pay payments. Our terminals are brand new and come with multiple connectivity options, including 4G, 5G, and Ethernet. The rock-solid processor, RAM, hardware, and software structure of these credit card terminals make them the perfect choice for various travel companies.
Application Process for Travel Merchant Account
The application process for a travel merchant account at Quadrapay involves various steps, but rest assured, it’s smooth. The first step is the initial inquiry. All you have to do is fill out the short inquiry form on our website. We will need your name, phone number, and email address. We suggest you use your business email address. Along with this information, you can also submit a short message if you have any specific requirements. Once we receive these details, one of our travel payment processing experts will contact you and suggest our solutions.
We will need a set of KYC documents from you, which is basically a combination of personal identification documents and business documents. These documents are mandatory for the underwriting of a travel merchant account. Your application will be reviewed by underwriters, and based on their understanding, they will either approve or decline your request for a travel merchant account.
Once your account is approved, you will receive details about API integration and ready-to-use plugins. If you have requirements for a retail credit card terminal for your travel agency, you will receive details about the installation process of the terminal. Please rest assured that you will have access to our support team whenever needed.
KYC for Travel Merchant Account
Let’s look at some key documents that a travel merchant must provide to obtain a travel merchant account. The most important document is the business registration, which can be the certificate of incorporation or any similar document depending on the company’s structure. It is mandatory for the credit card processing company to identify the individuals behind the company, so identification proof of all directors is required. This can be a copy of the driver’s license, passport, or any similar government-issued document displaying the name, address, and picture of the individual.
The travel payment gateway company can only transfer funds to the merchant’s business bank account. For this, the processor requires either a letter from the merchant’s bank confirming the bank details or a voided check.
If the merchant requires an online payment solution, they must show proof of domain purchase. In the case of a requirement for a retail credit card terminal to be installed in the merchant’s travel agency, pictures of the business premises where customers will make purchases of travel products are required. For certain sectors of the travel industry, payment processing companies may ask for additional licenses, including IATA.
FAQ related to various aspects of travel credit card processing
How does credit card processing work for travel agencies?
When a customer makes a transaction on the travel website or at a retail travel credit card terminal, this information is securely passed on to the payment gateway, which verifies all the details. After evaluating the transaction details, the payment gateway forwards this information to the card issuer. The credit card issuing bank checks if the card has enough balance to cover the transaction and approves the transaction accordingly.
The result of the credit line check, which can be either approved or declined, is then sent back to the merchant through the same path. The merchant receives the information that the transaction is approved, and the customer receives a receipt confirming the payment for the travel service.
How can travel agencies accept B2B payments?
The same merchant solution works for B2B transactions as well. However, one must keep in mind that B2B transactions on travel merchant accounts are a little bit more expensive than B2C transactions. The interchange cost on business-to-business cards is higher than consumer cards.
