Stable Timeshare Merchant Account
A timeshare merchant account is a specialized payment processing account that enables timeshare companies to accept credit and debit card payments in exchange for the sale of timeshare packages. This type of merchant account comes with features that are mandatory for the timeshare industry, such as recurring payment facility, high ticket size, and multiple payment methods.
Our timeshare credit card processing solutions support various types of companies operating in this industry. Whether it’s a vacation ownership resort, a points-based club, a vacation club, a destination club, or a timeshare exchange club, they can all accept credit and debit card payments through our merchant solution.
Companies can sell various types of packages including fixed week ownership, floating week ownership, points-based ownership, fractional ownership, right-to-use contracts, and membership clubs.
High Risk Timeshare Merchant Accounts
The timeshare industry is not new; it has been operating for many years now. These companies are a perfect choice for frequent travelers. Timeshare companies have special arrangements with resorts, hotels, motels, and various other types of accommodation properties. In the past, there have been many cases where timeshare companies have used forced selling techniques to sell packages. This has brought a negative impression to the industry, and many traditional banks and payment processors do not prefer to support timeshare merchants.
Forced selling creates dissatisfaction and leads to customer disputes at a later stage. Timeshare packages come with validity periods, often extending for a long time, effectively offering delayed delivery of services. The future stability of timeshare companies cannot be guaranteed, adding to the industry’s risk profile.
The agreements made by many timeshare companies are usually extensive and difficult for the average person to understand. The complexity of the terms and conditions often leads to customer transaction disputes. The timeshare industry operates on a concept of sharing ownership of accommodation properties based on seasons and the amount paid by the customer. The buyer paying the highest amount gets to enjoy holidays at the property during peak seasons, while those paying the lowest amount have access during off-seasons. This discrepancy can cause dissatisfaction among customers who feel that paying less should not restrict their access to the property during better times.
These factors contribute to timeshare being considered a high-risk industry that many merchant acquirers and financial institutions are hesitant to support. However, it’s worth noting that there are a few high-risk merchant processing companies comfortable with working with genuine timeshare companies. Quadrapay is the official partner for many of these companies. Contact us today to learn how we can assist you with a low-cost and stable timeshare merchant account.
Application Process and KYC for Timeshare Merchant Account
We encourage you to submit an application and KYC documents so our team can begin working on securing a payment processing solution for you. The KYC documents include proof of business registration, identification proof of all directors, utility bills for directors’ residence and company address, domain registration receipt, business bank account confirmation letter, and the latest bank and credit card processing statements.
These documents will be sent to the underwriters, and after evaluation, if they approve your account, you will receive a confirmation agreement. We suggest you carefully read this merchant account agreement before making a decision. If you need to negotiate any terms, feel free to ask. Once everything is finalized, you will receive details of the integration process and access to the merchant account panel.
FAQ Timeshare Payment Processing
Who are the potential buyers of timeshare packages?
The potential buyers for timeshare packages include vacationers seeking affordable accommodation options, families interested in regular vacations, retirees who appreciate timeshares, travel enthusiasts, and companies needing holiday accommodation in bulk for their staff members.
How do timeshare companies sell packages?
Timeshare companies use various sales strategies to promote their product. They generally start by inviting potential buyers to a presentation event where they showcase the features and benefits of these luxury holiday packages. During the presentation, sales representatives make offers to the customers and try to close the deal on the spot. Timeshare representatives may also offer discounts and freebies with these packages. This approach is one of the most successful ways of selling timeshare packages. However, many companies also prefer to invest in marketing and generate natural sales.
How do timeshare companies charge for the package?
Timeshare companies may charge the entire amount at once or offer monthly billing options to their members, known as membership fees. Once a prospect becomes a member, they gain access to the online booking system or can book via phone whenever they plan a vacation.
