Timeshare companies may charge the entire amount one time or may also offer some sort of monthly billing option to their members. This is known as the membership fees. Once the prospect becomes a member, he or she gets the access to the online booking system or phone booking. Whenever they have any plans for vacation they can contact the travel desk or helped us to request a booking.
Payment processing companies are a little bit sceptical about working with this industry. This is primarily because of the previous experiences. Payment processors have identified that some timeshare clubs pressurized people by using different sales tactics to become members. These pressure tactics result in the future chargeback request and refund request. This is the key reason why most of the payment processors do not prefer to work with merchants from timeshare industry.
Still, merchants have got good processing statement or good financial standing can certainly apply for a timeshare merchant account. Getting approved for a timeshare merchant account involve a lot of things. We cannot confirm that every application going through may be approved but we can certainly give you the guarantee that we will give a hundred percent in getting you connected to the right processor.
The rules and regulations of different card brands keep on changing every now and then and that is why this Industries terms and conditions are very volatile. Depending upon the acceptable industry list of the payment processors, you may be approved or disapprove.
Having said that we will still encourage you to send application and the KYC documents so that our team starts working on your application and put in the efforts to secure a Credit Debit echeck payment processing solution.
Once your merchant account is approved then you should certainly take good care of reducing the chargeback ratio for keeping it within the limits approved by the payment service provider. To do so you should take the services from any chargeback alerts or notification service provider. We closely work with a well-known chargeback alerts and notifications service provider and if you’re interested will be extremely glad to get you connected with them.
If you are already processing and have a payment processing statement, make sure you have to attach the same to the KYC document. You should also try to keep the payment terms on a monthly basis or a maximum of the quarterly basis. As per our experience, payment service providers prefer to work with those service providers that do not charge for a long-term service at one time. They are more comfortable with service providers that only charge on monthly basis, quarterly basis or at the Max 6 months basis.
Before applying for a merchant account, make sure your website complies with all the card brands compliance requirements. Secure the website URL by implementing https certificate or SSL certificate. Make sure your website clearly shows the terms and condition and refund policies. If you have a lot of associations that you use them maybe a possibility that the payment service provider will come back to you and ask for the relationship proof which you have with different service providers including Hotel owners.