Merchant Account For Hotel Is Not A Solution, Its Excellence
Hotel industry with rapidly evolving technology is likely to boom in the near future. It is the fastest growing industry in the US. As per Statista, the revenue in the Hotels segment amounts to US$383,081m in 2020. The revenue is expected to show a yearly growth rate (CAGR 2020-2023) of 4.1%, resulting in a market volume of US$432,095m by 2023. In global comparison, the most revenue-generating country is the United States (US$91,848m in 2020).
The industry has an enormous opportunity, and the merchants want to make hay while the sun shines. The hotel industry is a broad category of fields that includes lodging, food and drink and also concerned with some additional services like travel and tourism and airline services. The hotel industry is concerned with the provision of guest accommodation and related services.
To get indulged in the industry to grasp the opportunity to its best is to lose yourself in the service of your customer. To serve your customer better, you must have a Hotel Merchant Account. It adds glory in your service. The better you serve, the more the customer gets satisfied. In fact, as a saying “When the customer comes first, the customer will last.”
Is It Easy To Get A Hotel Merchant Account?
Though a merchant account is vital for your hotel industry, it’s not easy to get because of the risk associated with it. Unfortunately, the hotel industry is flagged as high-risk industries and requires a high-risk merchant account. There are only a few payment processors who can help the hotel industry to get a merchant account. Fortunately, We at quadrapay deals with high-risk industries and have tons of payment processing instruments which certainly works for your business. We will discuss some of the payment solutions a bit. But before proceeding, how can a merchant know that if he is a high-risk merchant? Keep reading!
Am I A High-risk Merchant? How Do I Know?
In layman’s guide, suppose you have applied for a loan from a bank. The bank before approving the loan estimates the potential risk associated with you. They do so by evaluating your credit history, your recent financial statement etc. Applying to a merchant account is likely the same as that of loan. When you apply for a merchant account, there is an underwriting process, to get you on board. The underwriting process is done by the payment processor or the financial institution who is providing the merchant account to you. The underwriting process helps the processor to estimate the risk associated with your industry type. The processors consider the following factors before they proceed a merchant in the onboarding process.
- Monthly sales volume
- Credit History
- Past Processing History. (If already processed in the past)
- Business Bank Statement.
- Card Not Present Transaction.
- Multi-currency Acceptance.
- Offering Recurring Payment Options.
- Your Industry-type.
These are the factors a payment processor keeps in mind before onboarding the high-risk merchants. And the transaction fees may vary depending on your business type, and payment solution opted. We at Quadrapay help you to get one of the best hotel merchant accounts to boom your business. Stay Connected!
What Merchant Services Will I Get If My Hotel Business Is Flagged As High Risk?
In today’s time, there are lots of doors open for you. There are tons of payment processing solutions across the globe. Our processing partners from the US, Canada, EU and other partners can help you with many solutions. We have credit card solutions, echeck ach, Virtual Terminal Cryptocurrency, Direct debit and many more. To get started, you have to fill the pre-approval form and rest can be taken care of by Quadrapay. Let’s discuss some of the solutions for your hotel business.
- Credit Card Processing: The solution helps you to accept credit/debit card payments from your customers. This is the most widely used solution which helps in your cash flow and increases the customer base.
- eCheck/ACH: eCheck and ACH are the most widely used solution in the USA. You can process eCheck and ACH transactions through the ACH network. The solution comes with lower fees per transaction as compared to the credit card process. If you also want to enjoy the echeck advantage for the hotel industry, you can apply for the solution
- Virtual Terminal: A virtual terminal can help you to take orders over the telephone and accept payments directly from the customer by entering the customer’s card details onto the terminal.
- Point-of-Sale: Portable Merchant services is a must to have a payment solution for any hotel or resort business. The Point-of-sale device helps you to accept in-person payments. The POS device comes with featured-rich functionality to help you to serve your customer better.
A merchant account for your hotel is a must to have merchant service. The more you give comfort to your customers, the more likely they visit you back. Open a merchant account under us and enjoy the smooth onboarding process. Fill the pre-approval form or contact us.
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