A Travel Merchant Account is a type of high risk merchant account that accepts credit card payments from customers of a ‘high risk’ business such as online gaming, pharmaceuticals, travel, telemarketing and the likes. Establishing such a type of account is a hassle but it gives you many beneficial advantages to the business. A business owner can get it from local banks or can also apply online for a High Risk Merchant Account instead.
Almost many online businesses now acquire a Merchant Account as it comes with huge benefits to the business as well as customers and gives a seamless shopping experience. But not all businesses can get an ‘ordinary’ account with their local banks, as some businesses fall under High Risk Category and they may be qualified as a high risk, thus, what they need is a ‘high risk’ merchant account.
What is a high risk merchant account?
The Merchant Account designs specifically for businesses that are associated with high risk dealing and the risk of fraudulent activity and chargebacks are higher in such businesses. Once these types of businesses get the High Risk Merchant Account, they would be able to accept credit card payments from their customers.
High risk businesses are those that have high volumes of sales or charge backs, with a money-back guarantee policy or high dissatisfaction rate from customers
Setting up a high risk Travel merchant account
Such businesses may have a hard time finding an account provider for their business’ credit card processing needs. This happens because the local banks are finding it hard to give such merchant account services to high risk business owners. This is due to the high risks of fraud activities from credit cards or other problems that involve such deals.
The account providers may also have to look at the time period of the merchant engaging in the such business that also includes chargebacks history. If the owner of the business has low chargeback and has been in the business for a long time, the merchant account provider is likely to give the account without any hesitation. However, it will take some time period for the approval of the account.
