Travel Agency Merchant Account
Travel agency merchant account is not the easiest one to get. The high level of chargebacks and the enrite riskiness of the niche are to blame. However, the patience combined with a full package of documents, will do the trick. Continue reading to find out what documents to collect and what steps to follow to open a travel agency merchant account.
Range of documents to open a travel agency merchant account
Familiarize yourself with the set of documents one should gather to open a travel merchant account:
- Certificate of incorporation. This document confirms your company as a legal entity. According to our professional experience, state governmental entity or corporation issues a certificate. The duration of obtaining a document varies from three days to two months. It depends on a country your company is registered in.
- Certificate of Incumbency (or similar document).
- Copies of valid passports with visible bearers signatures for all company officers and owners.
- Application. The application is required by a PSP to analyze your company’s structure, turnover, and geo-preferences.
Website requirements to open a travel agency merchant account:
Take a look at PSP’s demands on the travel agency company’s website:
- Terms & Conditions Page;
- Name of the company in the footer;
- Contact us button with an email and phone number;
- Deposit & Refund Policy Page;
- Visa and Mastercard logos [in case you offer them as payment methods].
Two vital steps to open a travel merchant account
Follow these three steps to increase your chances for approval:
1. Get an indemnity.
Indemnity is another word to say tourist insurance. Getting one is a must as travel niche demands readiness for unexpectable. From a flight cancellation to a snake bite, the indemnity of travel agency has to cover death, injuries, and financial risks.
2. Prepare your processing history.
The PSP needs your processing history to check volumes, refunds and chargeback activity. Only thereafter, they final decision is taken. Low-risk businesses like e-commerce of consulting demand at least three months of credit card processing statements. Travel niche, however, is another story entirely. Being a seasonal type of business, travel has its peaks and valleys. Thus, three months is not enough. It is recommended to attach a one-year worth credit card processing statements.
3. Sign an agreement with airline companies
Those travel agencies willing to sell tours with airline tickets should provide agreement with airline companies. This is a must to minimize the risks of marketing fake tickets.
What payment methods do travel merchants use?
From Cuba to Nirvey, payment methods do vary. Do the research to clarify your target audience. Besides local payment methods, include those that are considered basic. Visa, Mastercard, American Express, Discover, DSB, China Unionpay are on the list.
Ikajo International makes payment processing easy and smooth. The 15+ years of experience turned us into professionals. We provide travel agency merchant accounts easily as we have multiple acquiring banking partners all over the globe. Contact us today, and we will help you to find a perfect payment solution.
- API and HPP integration
- Free recurring billing
- PCI DSS certificate
- Chargeback prevention
- x+ proven banks relationships
- A wide range of payment methods
- Mobile banking
- 24/7 customer support