The primary purpose of a travel merchant account is to process payment transactions for travel companies. Determining the specific type of merchant account that you require is an important step when offering payment solutions for goods and services as it will enable retailers to promote their services and increase capital.
The scope of a travel merchant account
A travel merchant account is set up with the intention to specifically transact payments for a travel company. These types of accounts are able to process payments made from both credit and debit cards, thus ensuring that the transactions are conducted in an efficient and safe manner.
There are two main types of travel merchant accounts; the following is a brief outline of the types of accounts:
This type of travel merchant account requires the credit or debit card to be present in order to transact payments for goods and services. The card holder must provide certain verification to complete the payment, including the card name, signature and PIN code. This enables these transactions to be safe, secure and efficient thus reducing the risk of fraud.
Card Not Present
There is a high risk of transacting payments through the internet as card not present payments can be conducted by anyone, including an unauthorized individual. 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.
It is advisable to enlist the services of a professional consultancy firm to provide assistance and guidance with regards to the type of merchant account that you requires.
Visit our Merchant Account Services page for information about the services that Starting Business can provide.