An average consumer would not assume travel to be classified as a high risk industry. The reasoning behind travel being a high risk business is because there is often a delay between the customer purchase of tickets/accommodation and the time in which they actually travel. Some consumers tend to change their travel plans and feel that they are entitled to a refund for whatever ticket or hotel accommodation they purchased. In some scenarios they may even attempt to process a chargeback. Moreover, travel purchases tend to be costly which adds additional risk to this industry.
If one is operating as a travel agency, payment facilities are that most important part of the business particularly if it not structured correctly. If one ends up with an inadequate processing solution then a travel business can find itself experiencing high rates, drastically reduced sales, and the possibility of the bank no longer wanting their business. In order to accept payments, one would have to locate a processor that offers such solutions (such as International IBC Banking).
Here at International IBC Banking we are able to assist travel agencies to acquire merchant facilities with one of our several solutions. We are able to achieve this through utilizing our several long standing relationships in the industry in order to tailor a solution specifically for our customers.
We offer a variety of services when managing a travel merchant account. International IBC Banking’s merchant accounts offer: