A post by PR Newswire shows that 91% of business owners and managers have cash flow problems. Investing in efficient payment solutions can help you improve cash flow and smooth operations in your travel business.

While accepting credit card payments boosts customer satisfaction and ensures your money quickly, it also comes with some issues. Choosing the best credit card payment processing solutions can allow you to manage the associated risks.

Here, we'll cover the following:

• Why you need specialized credit card processing for travel
• Top credit card processing solutions
• Features to look for in credit card processing tools
• Tips to maximize cash flow in your travel merchant account

Continue reading to identify and optimize the best payment solutions for your business.

Why Do Travel Merchants Need Specialized Credit Card Payment Processing?

A merchant account for travel is vital because your business may handle unique risks when dealing with credit card payments. Let's cover some of these issues and explain how specialized payment processing helps.

High-Value Transactions

Travel services often cost hundreds or even thousands of dollars. A single payment made by your client might cover expenses related to the following:

• Flights
• Hotel stays
• Tours

Since the payments are often large, some banks and payment processors may flag them as high-risk or suspicious. These issues can then lead to frustrating payment delays, and account freezes. Luckily, a travel merchant account will handle high-value transactions without unnecessary delays.

Long Time Frames Between Payment and Service Delivery

Travel bookings often happen weeks or months in advance. A client may book a vacation in February for a trip they'll take in August.

If something unexpected happens before the trip, like a canceled flight or a schedule conflict, they may ask you to refund their money. The client could even file a chargeback with their credit card company without informing you.

Due to these issues, most banks and payment processors consider the travel industry a high risk and may be skeptical about offering services.

However, a travel merchant account is designed to accommodate the industry's unique nature. With it, you can manage chargebacks effectively and avoid significant losses.

Frequent Cancellations and Disputes

The travel industry is unpredictable since clients often cancel plans. While most cancellations are legitimate, some customers dispute charges simply because they changed their minds about the trip. Their actions then lead to issues like higher fees from payment processors and account restrictions.

A payment processing solution for travel merchants has various features to help you handle disputes and cancellations. These include:

• Clear refund policies
• Fraud protection technology
• Chargeback protection features

International Transactions

Your travel business will likely deal with customers from around the world. If you operate in the US, but your client is in Europe, they might prefer to pay in euros instead of converting their money to US dollars.

Regular payment processors may reject foreign currencies or charge high conversion fees. They could also take longer to process international transactions.

A specialized travel merchant account supports multi-currency transactions. Your customers can pay in their local currency, which makes them happier with your services. You also don't need to wait longer to receive your funds.

Top Credit Card Processing Solutions

There are many credit card processing tools you can use for your business. Each has unique features, making it ideal for different needs. Understanding what each tool offers and its key features will help you make an informed choice.

National Transaction Corporation (NTC): Best for Travel Merchants

NTC stands out as the best choice for credit card processing for travel and is ideal for businesses such as:

• Car rental services
• Travel agents
• Tour operators
• Hotels

Choose NTC for your travel business for the following reasons:

• It offers robust chargeback protection
• It supports multi-currency transactions
• NTC guarantees fast payment processing
• It supports recurring payments

If you run a travel agency or tour company, you likely use a global distribution system (GDS). These tools improve your business by helping you book flights, hotels, and car rentals. NTC integrates with these platforms, allowing you to do the following:

• Accept payments without switching between different systems
• Process bookings and payments in one place
• Reduce manual errors and improve efficiency

Investing in NTC payment processing tools will help you enjoy secure credit card processing and seamless payouts.

Elavon

Elavon offers credit card payment processing, but it's primarily suitable for hotels, resorts, and airlines. It can simplify bookings and help guests pay for services easily.

Its main features include:

• Global payment processing
• Integration with payment gateways
• Fraud prevention tools

While Elavon provides strong payment security and global processing, it's not suitable for the entire travel industry. Unlike NTC, it lacks specialized features like direct GDS integration and dedicated chargeback protection.

Zen Payments

Zen Payments specializes in high-risk businesses by allowing them to accept payments without fearing account freezes or sudden terminations. It also helps manage disputes using features like:

• Chargeback alerts
• Proactive account monitoring
• Dispute assistance

Despite Zen Payments serving high-risk businesses, it's not customized for the travel industry. NTC might be better if you need solutions specifically for travel credit card merchant accounts.

Key Features to Consider When Looking for Travel Credit Card Processing Solutions

Choosing a payment processing solution to help you handle travel credit card payments is a critical decision. You must ensure the tool you pick has features that simplify work for your team while protecting your business. Look for the following aspects when choosing a service provider.

Fast Payouts

Waiting too long for funds can disrupt your business operations. Ensure your chosen payment processor doesn't hold your money even during international transactions. An ideal one should guarantee same or next-day funding.

Integration With Travel Booking Platforms

Does your business use booking systems like Sabre Red? Then, you need to ensure your credit card processing solution integrates with these tools. Doing so will have benefits like:

• Faster transactions
• Reduced errors and chargebacks
• Better cash flow management

Clients desire a smooth booking process when paying for flights, hotels, and vacation packages. If your credit card processing system works seamlessly with a booking solution, you will handle payments instantly.

Your clients won't need to worry about declined payments. They can enjoy a better travel experience and be more likely to leave great reviews.

Transparent Fees & Competitive Rates

Travel payment processing can be costly if your provider has hidden fees. A simple transaction may reduce your expected income and affect financial planning.

When looking for a payment processing tool for your travel business, ensure it has transparent pricing. A good provider should outline the charges for each transaction. They must also have competitive fees that protect your bottom line.

Prioritize a vendor who also offers the following:

• Zero set-up fees
• No cancelation fees
• A free rate review

24/7 Customer Support

Since the travel industry operates 24/7, you need round-the-clock support. A payment processing tool with reliable support will help you address software issues. Further, it simplifies resolving client disputes promptly to avoid chargebacks.

Travel businesses often deal with a high volume of transactions and need to process payments quickly to avoid service delays. A solution with 24/7 support reduces interruptions that may frustrate clients. It also helps your business optimize the peak travel season without lowering the quality of services.

Tips to Maximize Cash Flow in Your Travel Merchant Account

Your travel merchant account directly impacts cash flow. Luckily, there are easy strategies you can use to manage your revenue. These include:

• Accepting multiple payment methods
• Automating recurring payments
• Choosing a provider with the lowest rates

While many travelers use credit cards to pay for services, you shouldn't limit yourself to them. Some clients may also want to use digital wallets like Apple Pay and Google Pay. Accepting multiple payment methods will have benefits like:

• Customers enjoy convenient payment options
• Your travel business gets more sales
• It can improve your business reputation

Does your business have monthly travel clubs or payment plans for tours? Enabling recurring payments will be a great way to improve cash flow and revenue.

After setting up a client's plan, your payment processor will deduct money from the account. You don't have to worry about late payments or following up with clients.

When your credit card processing solution charges you a lower fee, you can keep more of your hard-earned money. Choose a system with the lowest fees, but ensure it also meets your business needs.

Some service providers may lock you into long contracts with cancellation fees. Working with them will be an issue because if you don't like their service or find a better deal, you'll have to pay penalties.

Protect your cash flow by choosing a provider who won't tie you down with lengthy contracts or hidden fees.

Get the Best Credit Card Payment Processing Solutions

Investing in the best credit card payment processing will support business growth. It also guarantees smooth experiences for your clients and protects your finances.

Choose a payment processing solution designed for the travel industry and ensure it has all the vital features. Besides, prioritize tools that ensure fast payouts and offer advanced fraud control.

National Transaction Corporation delivers effective cashflow solutions for merchants. We commit to protecting your data and making payment processing easy and affordable. Explore our payment processing solutions for travel now.

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