Generally, all the top notch banks, large acquirers, famous credit card processors and domestic service providers refrain from issuing a merchant account to high risk travel business. The underwriting guidelines of most of these organizations are strict for travel industry and getting a merchant account for travel industry from a domestic bank is near impossible. The solution here lies with the offshore account providers. If the merchant is still indecisive, Quadrapay experts can easily sort the things and provide right guidance.
A merchant must apply with all genuine documentation for a high risk merchant account along with a better credit history and strong financial grounds. Once the underwriter goes through the provided documents with an individualistic approach and evaluates the business model, target clientele, estimated overturn and range of products/services provided by the merchant, it may be possible to get a merchant account from a domestic bank or acquirer for this high risk industry. If the application is rejected then instead of applying randomly in haste, a merchant should first look for the offshore merchant account providers and compare them in order to find the most suitable processor for his particular business model and industry type.
There are many merchant account providers based in Europe, Asia and other offshore locations that are willing to take on high risk businesses but they also charge higher as compared to others. From processing fee, setup charges, miscellaneous charges to rolling reserve, a merchant should thoroughly check and negotiate on the charges and fees before finalizing the acquirer. The hold period or arrear for a high risk merchant also varies with different service providers depending upon the type of business.