Hospitality Merchant Services And Logging Industry
The hospitality industry is exceptionally vast and diverse. The hospitality industry is one of the fastest-growing and profitable businesses. Travel and tourism business which is a subsector of the hospitality industry is one of the fastest-growing industries, responsible for over 10% of the world’s GDP as per “top trends in hospitality 2019” by Sommet Education. Not only this but the Air travel which is also the second-largest subsector of the hospitality industry accounted for nearly 17% of the total hospitality industry spending by Selectusa.gov. With the immense potential in the hospitality sector, businesses are spending more and more on customer service and comfort. Like a saying, “True Hospitality Consists Of Giving The Best Of Yourself To Your Guests”. This is the reason why businesses are looking for Hospitality Merchant Services. To serve their guests better, they need a payment processing solution which is robust, reliable and secure for their customer.
We at Quadrapay are highly specialized in offering businesses with hospitality merchant services. No matter whether the businesses are Restaurant and Foodservice, Lodging, Travel or Tourism or the Airline services, we have payment processing for every service industry that is categorized under hospitality.
Multi Payment Processing For Hospitality
“Quality is remembered long, but the price may be forgotten”, to give the best quality to your guest is what is known as hospitality merchant services. By offering customers multiple payment options, it makes customers satisfied and feel comfortable. We have multiple payments methods that can best fit the hospitality industry. Let’s discuss them, but remember the solutions are not limited to these, in fact, there are hundreds of payment processing solutions that can certainly best fit your needs.
- Credit Card Processing: Using the Credit Card Processing solution, your customer can pay to you for the service using their credit/debit card. The payment can be by any mode like card-present payment or card-not-present payment mode. For card-present payment options, the customer pays to you via POS System, Mobile Card Reader or EMV Terminal by swapping the card, inserting the card or just holding the card near to the terminal via NFC technology. And with card-not-present payment mode, the payment can be made by manually key-in the details into your virtual terminal.
- Payment Gateway: It is a merchant service, which integrates into your online website and helps the merchant to receive credit/debit card payments.
- Virtual Terminal: Virtual Terminal is a type of card-not-present payment in which the merchant takes the card information from the customer over the phone and manually key in the card details to receive the payments.
- EMV Processing: In today’s time, most of the credit cards are chip-based cards which are based on EMV technology. So it is crucial to have an EMV Processing Solution to accept chip-based credit cards.
- POS System: POS is just a credit card processing solution for your retail shop. A POS System not just helps you to accept payments but has much more capabilities and functionality as compared to that of a credit card terminal device. With the POS system, a merchant can manage employee, report analysis, invoicing capabilities and much more.
- eCheck/ACH: eCheck/ACH is the most popular method of payment processing in the USA. With the echeck/ACH processing solution, you are able to process electronic checks and ACH payments. You can also accept eCheck and ACH payments through the virtual terminal.
Is Hospitality Merchant Services A High-risk Business?
Every industry has some of the risk factors associated with it. But if we talk specifically about the Hospitality merchant services, its risk factor is large as considered by the payment processors. The processors flagged the industry as High-Risk, and so it requires a high-risk merchant account to accept payments smoothly from their customers. There could be so many reasons for the industry for being high risk. Let’s talk about a few but major:
- High Average Monthly Sales Volume: The sales volume of the industry is so large that it is more than $20,000 average monthly sales volume. This is the most significant factor to consider the industry as a high-risk business.
- Chargeback Ratio: The industry usually has chargeback ratio to sales of more than 1%. That’s why most of the processors would not allow or onboard the merchants.
- Third-Party Vendors: The industry shares a lot of their customer’s confidential data to the third party vendors like restaurant, airlines or car rental companies under B2B agreement or mutual benefits. This may result in a data breach, reputation loss which result in business loss and hence bankruptcy.
- Outdated Device: Hospitality merchant services and industries use a lot of IoT devices, and hence it is easy to target by the fraudsters. The IoT devices or even your processing solution is out of date, it may lead to data theft, and the business ends up in the grip of hackers or fraudsters.
Legal Hospitality Compliance That You Should Know
State and Federal Laws are the most common thing in every industry or business. But when it comes to the hospitality merchant services, it has more relevant laws to protect the customer as well as the business. There are laws to maintain the hygienic for the visitors that it should be a smoke-free hotel, resort, motel or any customer service place. There are rules on guest-tenant relationships, or there is enactment on consumer safeguard etc. The industry has a number of laws or guidelines that a merchant should know. The complete knowledge of all the rules and regulations helps the merchant to effectively run the business and handle the legal issues if raised.
Trends In The Hospitality Industry You Should Aware Of
- Sustainability Trends: In today’s time, the consumers are very much concerned with environmental issues and want to seek environment-friendly products and services. This lets the business promote eco-friendly services to the customer.
- Healthy And Organic Eatables: Much is much more concerned with foods and drinks than intake in resorts or motel or any hospitality merchant services sector. So it’s the responsibility of the businesses to offer healthier eatables like low fat, gluten-free, sugar-free and delicious foods to their customers.
- Smart Automated Hotels: With the introduction of IoT based equipment, it makes the work so easy and comfortable. Either it is switching a light on or dimming the luminance of light or turning on the AC; everything can be done through your mobile phones. Hotels can also offer smart television or other electronic gadgets which fascinates customers.
The motto to discuss the trends in the Hospitality merchant services and industry is to know what can be done to serve the customer better, though the industry is all about “making your guests feel like they’re at home, even if you wish they were.” as said by – Justine Vogt.
Why Choose Merchant Services For Your Hospitality Business
- Secure And safe Transaction
- Fast and effective payment processing solutions
- PCI Compliant And EMV CERTIFIED Hospitality Merchant Services
- NFC and Mobile Payment Solution.
- Achieve quicker check-in and check-out services
- 24X7 Customer Support
So what are you waiting for? Apply today with Quadrapay and ignition your business with Hospitality merchant Services.
Get in touch with us at [email protected]