Airline Merchant Account
If you’re in the airline business, working with a diverse range of people is just a way of life. Similarly, you’ll need to adopt this ideology into the structure of your company as well. By getting approved for a merchant account, your business will allow customers to pay with debit, credit, ACH, or eCheck. With a payment gateway set up you can accept airline credit card payments from anywhere in the world, which is a necessity if you want to stay successful in this business. The obvious first step is to choose the best merchant services for airlines.
Why Airline Credit Card Payments are High Risk
Businesses that operate in the airline industry are typically considered high risks by banks and payment processing companies. These organizations consider an industry high risk if it has a higher than average financial risk for chargeback rates, fraud, strict government regulations, illegal activity, or liability.
Many air travel companies find themselves dealing with several of these factors, which makes your business a high risk one in the eyes of banks and payment processors for airliners. Here are the two main risks that come with the industry:
- High ticket transactions. Prices run from a few hundred dollars for an economy class seat to thousands of dollars for business and first class tickets. Higher value items are typically at more risk for chargebacks, so financial institutions tend to avoid companies that sell them.
- High chargeback and cancellation rates. In order to get the most value from their purchase, most people will book their flights weeks or even months in advance. However, if plans change between the purchase and the scheduled flight date, a person can decide to initiate a chargeback if they are unable to refund their ticket.
Because of these factors, many smaller airlines may have more difficulty turning a profit. Choosing an airline credit card payments provider specific to your industry can help you mitigate the unique risks that come with the space and get you placed at an appropriate bank that understands and supports you.
Why You Need High Risk Merchant Services for Airlines
Choosing a payment processor for airliners ensures that your merchant account provider knows how to respond to the intricacies and problems of the industry. Additionally, high risk merchant account providers can bring companies like yours two more benefits:
- Lower fees. High risk companies will undoubtedly have higher fees compared to those in traditional, less-risky industries. However, the right service provider will have a wealth of partners and vendors to choose from, and they will work to give you the best rates for your company’s unique situation.
- Streamlined underwriting process. In the underwriting process, banks assess your company for any financial risks. To do so, you will need to provide them with details about your business’ finances as well as your own. A great airline merchant account provider strives to make this process as quick and painless as possible for you.
How to Apply for an Airline Merchant Account
Although your merchant account representative will work hard to ensure that your underwriting process goes by quickly, there are a few things you can do to speed it up. To do so, you’ll need to compile the following:
- Personal information, including your contact details and social security number
- Banking information for your personal and business accounts, as well as up to 3 months of previous bank statements for both
- Previous 3 months of personal or company bank statements
- Your business’ online presence, including your company website and social media accounts, and marketing material
Having these documents ready when you begin your merchant account application process will help you get approved quickly. In doing so, you’ll start accepting credit card payments sooner and bring in even more money for your business.
An Airliner Credit Card Processing Provider You can Trust
Above all, the credit card processing company you choose should have extensive knowledge about the air travel industry as well as high risk companies in general. As an innovative leader in high risk payment processing, PaymentCloud understands the unique solutions your business needs to achieve success.
Once you’ve completed the onboarding process, you will be assigned an account representative that will help you with any questions or concerns you may have. Think of them as an extension of your finance department; just like an employee at your company, they’ll always have your company’s best interests at heart.
However, that’s not all we offer. You’ll also find a wealth of services that directly address your company’s needs. Whether you know exactly what you want in a payment processor or would like some guidance along the way, we’ll help you find the best suite of features to protect your company against fraud, keep your website PCI compliant, and make transactions simple with an integrated shopping cart and virtual terminal.
Contact PaymentCloud to Learn More
Whether your business specializes in airline travel, private charter flights, or travel agency services, you and your customers will reap all the benefits by applying for an airline merchant account.
After all, it doesn’t just allow you to accept credit card payments safely and securely. It makes the buying process simpler for your customers, giving them peace of mind in what can be a troublesome and complicated process.
When it comes to high risk credit card processors, there’s only one choice: PaymentCloud. Not only do we have the in-depth knowledge to make your application process a stress-free one, we’re here to help with any questions you have every step of the way. In an industry full of uncertainty, choose reliability.