What is a travel merchant account
The definition of a travel merchant account is in principle, a merchant account set up that is designed specifically to facilitate transactions for travel companies. There are two main types of travel merchant accounts, one which uses card present processing and one which uses card not present processing. It is advised to consult a professional consultancy firm to guide you on the most suitable types of travel merchant account to adopt depending on the company structure and requirements you have.
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Travel merchant account defined
A travel merchant account aims to primarily facilitate the processing of both credit cards and debit cards for the safe and efficient transaction of payments online.
There are two main types of travel merchant accounts that offer varying levels of security when is comes to processing transactions. The first type of travel merchant account is a ‘card present’ processing account that requires certain verifications to be completed, such as; card name, signature and PIN number which effectively ensure low risk is involved in accepting payments online.
The second type of travel merchant account available is the ‘card not present’ processing account and this incurs relatively high risk when accepting payments online as there are more risks of online fraud. The risks are higher with a ‘card not present’ account or CNP travel merchant account as it is otherwise known, as no verifications take place when a card holder makes an online payment with a card. No ID checks are conducted and as such the risks are much higher in accepting online payments.
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