Charter Service Merchant Account
Owning your own jet charter business is not only a great way to connect with clientele around the world, but it is also a lucrative opportunity that can result in long-term wealth and success. Whether you are launching your jet charter business from the ground up or looking for future ways to grow your existing company, accepting jet charter payments online is essential to remain updated with today's modern technology.
If you are currently unable to accept jet charter payments online, you are likely missing out on opportunities to obtain new clients and book more flights. When you want to begin accepting credit and debit card payments, it is important to apply for a charter service merchant account. A service that provides credit card processing for airlines can also provide you with a high-risk merchant account that will allow you to keep your business up and running without issues or interference.
Standard Payment Processors VS. Credit Card Processing for Airlines
When you choose a standard payment processor over an airline payment processor, you run the risk of having your account frozen, flagged, or terminated at any time. Running a jet charter business is considered to be a higher risk than other business types for traditional payment processors such as Paypal, Square, and Stripe.
A credit card processing company that specializes in charter service merchant accounts understands the risks that the industry itself poses. Jet charter industries fall into the high-risk category due to the high amounts that are often processed per flight. When providing private flights to clients, you may charge upwards of $15,000 to $30,000 per flight. Traditional payment processors such as Paypal and Stripe do not work with such high-ticket transactions, on account for potential fraud. Charges of this nature can quickly lead to the termination of your account.
Choosing a high-risk credit card processing company is highly advisable to minimize the risk of your ability to process payments. When you have a high-risk merchant account, your business is able to accept payments without issues or the constant fear of losing your account.
There are a few risks involved when providing a merchant account to a jet charter service, such as:
- Chargebacks: Traditional payment processors typically fear high chargeback rates over 3%. With the charge of private flights, a chargeback of thousands of dollars may deter standard payment processors. Using a merchant account for jet charter is one way to avoid encountering issues when processing chargebacks. Chargebacks may occur due to weather, canceled flights, or a client simply changing their mind.
- Processing Amount: Traditional payment processors are not always prepared to process large amounts at once. Owning an airline payment gateway for your jet charter service means charging clients thousands of dollars for each private flight. A high-risk merchant account provider is well-prepared to handle large transactions.
Reasons to Use a Charter Service Merchant Account
Having a jet charter merchant account is extremely beneficial whether you are managing a new business or operating an existing charter service. Some of the reasons to keep in mind when considering a merchant account specifically designed for high-risk charter services include:
- They Understand High-Risk Industries: Applying for a merchant account for jet charter is a way to work with a provider that understands high-risk industries. A high-risk merchant account is less likely to get flagged, removed, or deleted altogether than a traditional merchant account.
- Chargebacks: High-risk merchant account providers are prepared for a higher chargeback rate than the industry standard. Using a high-risk merchant account allows you to generate sales and book flights even if they are unexpectedly canceled.
- Personalized Service: A lot of the time businesses fall into the cracks with traditional processors who are unable to give them the attention they require. Likewise, customer helplines are often congested and time-consuming. High-risk merchant service companies are different.
The Steps to Obtain a Merchant Account for Jet Charter Businesses
Once you have made the decision to apply for a jet charter merchant account, there are a few steps to follow. The following information will be required from you in order to process your merchant account application:
- Personal Information: Your full name, mailing address, phone number, and SSN, or social security number will be requested.
- Bank Accounts: You will need to provide the account and routing number to your personal and business bank accounts.
- Statements: In some cases, up to 3 months of bank statements may be requested to process your application.
- Sales: Due to the high risk of running a jet charter business, you may be asked to provide proof of profitability.
- Online Presence: Sharing your company's online presence may be necessary for the approval of your merchant account. Ensure your official website and social media presence is up to date when submitting your application.
Running your jet charter business should not have to feel stressful and overwhelming, especially once you have found the right airline payment gateway for the merchant account you require. Using a jet charter merchant account, accept and process payments from clients who are interested in booking flights from any location. With the right airline payment processor, grow and expand your jet charter business without disruption.
Partnering with a Trusted Airline Payment Processor
PaymentCloud is situated to accept businesses belonging to a range of industry types that otherwise would be rejected by traditional processors. High-risk businesses, such as credit card processing for airlines, are our specialty. We have the infrastructure to support this industry to be able to accept credit cards online. Run your business knowing that a payment gateway provided through us is secure, seamlessly integratable, and great for a growing company.