Introduction 

One of the things that many people are not aware about merchants account is that, merchants account for the industry of travel is very challenging to understand. And, having trustworthy payment processing will be a pivotal move as the world has just started to freely move after the pandemic. Besides all of that, the travel industry is expected to grow and continue growing come 2025. Further, payment processing for the industry of travel is little bit different from other industries as there are several business models which can be considered. Moreover, travel merchants require to know that the accounts of the travel merchants are most of the time known as high-risk by processors and banks when looking for a payment processing. Learn here more on, travel merchant account and broaden your horizons on the same. 

Travel Industry and Its Worth 

The next big thing that you ought to know is that, the industry of travel is worth trillions and it gives around $25billion annually due to the regular chargebacks and also, fraud. Chargebacks will happen more frequently in some areas of the industry of travel. And, because of this you should search for a high-risk credit card processor that knows the outs and ins of the industry of travel. Other thing you ought to know is that, the travel industry has highly benefitted from technological advancements and also, a widespread use of e-payments. Also, providing trustworthy payment processing to your clients is the keystone for successful business in travel. Besides, having a high-risk merchant account will make it simple for the clients to pay over the phone, or online and even in-person at a retail store. So, you should always choose the right platform for your payment’s solution, so that you can work globally. 

Right Platforms for Travel Merchant Accounts & What It Provides 

When you choose the right platform for travel merchant accounts, then through them you will get the services like Air BnB, Airlines, Reservations, Hotels/Lodging, Membership programs, Resort, Charters, Timeshares, Online ticket sales, Tour operators, Transportation, Travel Agencies, Travel eCommerce websites, Vacation packages/discount offerings and so on. Moreover, the famous travel industry MCC codes comprises of the following – Railroads – 4112, Bus lines/charters – 4131, Steamship/cruises – 4511, Airports – 4582, Travel agencies – 4722, Transportation – 4789, Direct marketing – 5962, Hotels – 7011, Timeshares – 7012 and Car rentals – 7512. Also, what makes the travel merchant accounts at high-risk are that many of the businesses in travel industry listed are facing high-ticket transaction frequently. A high-risk payment processing solution for such firms is vital. The right platform will offer the following for travel merchants account, the first is highly competitive rates, fast time for approvals, high-volume processing, multiple currencies, security, mobile payments, and waived application, set up and annual fees and 24×7 customer services.