Getting a merchant account is an important step for any business that sells services. Helping merchant to understand the underwriting process and some of the key things that are reviewed, in order to get approved.
Billing policy – Does the business bill in advance or after products or services are rendered? Businesses that bill too far in advance are at greater risk for a chargeback.
Example: A travel agency who sold travel destination packages six months in advance and cancel the trip, you’ll need to reimburse your customers.
Business type – Some business types are riskier. Industries with vague products or services are more highly to be examined in detail than those with concrete offerings.
Chargeback history – A business with a lot of chargebacks tied to their old merchant account will have a hard time with underwriting. A chargeback might be issued by the cardholder when they feel that the merchant does not fulfil the product or service being rendered as agreed.
Owner / signer credit score – Credit score plays a big role during merchant account underwriting. However, some processors will review financial statements instead in the case of poor credit. if the original signer’s credit score is insufficient, businesses with multiple partners can also try the application with a different signer.
Requested volumes – Are weighed against the processing volumes requested on the application. New businesses usually start with smaller volumes to build a trustworthy relationship before increasing their processing volumes.
Years in business – Long terms in business go a long way in merchant account underwriting, it speaks for their legitimacy. They are more prepared to respond to something like a chargeback and often have a more stable cash flow.
Posted in Best Practices for Merchants Tagged with: business, cardholder, chargeback, customers, financial, Industries, merchant account, products, services, travel, travel agency
Today, the information thieves want most from your customers is not their credit card numbers but their email addresses and account passwords. Criminals used stolen credentials to gain control of consumer accounts and open new accounts using their names to defraud merchants.
Data encryption and payment security are crucial for merchants, but so is helping customers keep their credentials secure. Encouraging customers to keep their information secure is a good thing.
Help customers practice good password habits – set up your system to require good passwords. Have account rules in place that require more secure passwords. ( a minimum number of characters and a mix of character types).
Remind customers what they can expect from your business – like your employee will never ask for customer account passwords or payment account information via email or no one from your company will call to ask for account passwords or credit-card information.
Offer security tips ahead of peak season – by reminding them ahead of time about account safety. Your business may receive a high volume of travel booking which means peak time for fraud attempts that need to be screened for fraud.
Keep your own fraud-prevention program updated – fraud prevention is an ongoing cost of doing business for merchants, but it doesn’t have to be too much expense. Working with your customers to keep their data and yours secure, will strengthen your business with them while protecting your business from fraud.
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: credit card, customers, data, fraud, merchants, payment, payment security, Security, travel
Getting new clients are one of the most time-consuming and expensive parts of running a travel agency.
Here are some travel agency marketing tools that are cost-effective and time-saving to help you.
E-Marketing – email marketing is a key to connecting with your customer on an ongoing basis. You want to make sure you’re in touch since they could plan a trip on a moment’s notice.
Personalized Email Addresses – Gmail is one of the top lists of a free travel agency marketing tool. Gmail is easy-to-use and effectively manages your inbox with labels.
CRM Tool – a salesperson’s success usually can be traced back to an efficient sales process. The sales process is the method of sales person takes a perspective customer from lead to a sale.
Website Live Chat – free instant messenger client, a great travel agency marketing tool.
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: crm, customer, travel, travel agency
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: travel, travel agents, travel industry
Dear Virtuoso:
I wanted to praise one of our Virtuoso partners, National Transactions.
We have found National Transactions to be a wonderful partner. We have gotten excellent rates and support for our National Transaction merchant account– but more than that, their employees have helped us improve our processes, and I can already see our productivity rising. We have begun a new, online payment portal. This is an excellent tool we highly recommend!
National Transaction’s Steve Garlenski assisted and John Barbieri custom-designed a fabulous landing page – with all of our terms and conditions, cancellation penalties and places to check to authorize — and automatic receipt sent to both us and the client.
We really appreciate all they have done to help us with this important tool. It is so much better, faster and easier for us than obtaining signed paper credit card authorizations.
Thank you, Steve & John and National Transactions!
————–
Eleanor Hardy
President
The Society of International Railway Travelers®
Proud members of Virtuoso®
#1 Sellers of Virtuoso® Adventure & Specialty Travel, 2012
Winner, 15 Magellan Awards for Excellence
Celebrating the World’s Top 25 Trains since 1983
We thrive on referrals. Please tell your friends.
Web: http://www.irtsociety.com
Facebook | IRT Blog, Track 25
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: credit card, merchant, merchant account, online payment, travel
Lisa an independent Travel agent started her business in October 2006. She has been using her bank as their credit card processor and use to do a manual type-in process. When she learned about NTC while trying to shop online because she thinks it’s time for her to upgrade her system, Lisa found that NTC is not only a payment expert when it comes to travel, but a technology expert as well that met her business’s needs.
Lisa is using NTC e-Pay an electronic invoicing that has streamlined their credit card processing. The process not only has it saved money with competitive rates but most importantly it saves time. The level of assistance provided went above and beyond what she expected.
NTC e-Pay is for all types of merchants in a Card-Not-Present Transaction.
Consumer Acess – consumer will have access to their transaction details on their device. For travel merchants, the consumer can have access to their itinerary while on the go!
Customizable Pricing – when custom pricing becomes an issue, shopping carts, POS systems and booking engines tend to get really complicated.
Fast – saves time and unnecessary cost. Moves money efficiently and effectively. Simply email payment request that can be paid in 2 simple steps.
Protects you from Chargeback – the customer is required to agree to your Refund Policy, Privacy Policy, Timing and Delivery Policy.
Secured – credit card information is processed securely. The customer is entering their credit card information without faxing or emailing credit card numbers.
The no shopping cart e-Commerce solution! – avoids the complexities of a shopping cart or integration into an accounting or POS.
Thinking of upgrading your system give us a call at 888-996-2273 and know more of our NTC e-Pay platform.
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: bank, chargeback, consumer, credit card, Electronic invoicing, merchants, online, payment, POS, processor, shopping carts, transaction, travel, travel agent
It is my pleasure to write this testimonial for National Transaction Company!
My travel agency has been associated with this organization since 2005 and I continue to believe they are the best solution for my home based operation’s credit card merchant transactions. The process is simple, efficient and it provides me a profitable way to accept client credit cards and manage my agency’s cash flow.
Their support team is the best!
Judy K
JMK TRAVEL INC.
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: credit card, merchant, transactions, travel, travel agency
True Stories of our Customers in Action
Travel Agency ~ An Independent Travel Firm had been using their bank as credit card processor. When they learned that Virtuoso and NTC were going to team up they jumped on the opportunity. Not only NTC has lowered their fees but NTC has streamlined their credit card processing. The manual type-in process before has been all automated batch process now which saves time. This is a great new partnership for Virtuoso and its members.
Wholesale Hardware Industry ~ Have been turned down his business loan by a traditional bank last year due to his bankruptcy few years ago. He has no option but to borrow using a Cash Advance, making daily payment with a very high-interest rate. NTC was able to get an approval for a Real Business Loan, with monthly payment with an annual rate.
Term loan amount: $85K – Line of credit: $75K
Another Travel Agency ~ NTC has great customer service, the support team will patiently guide you through the PCI compliance. The payments specialist will check whether they could reduce your rates (which they did successfully!). They will even follow up regularly with status updates. NTC is exemplary!
NTC has a lot to offer, from our e-Pay Service and other New Programs for ISO’s, and Options for your merchants. NTC, The Payments and Technology Expert! Visit us at www.nationaltransaction.com or call us at 888-996-2273.
Posted in Best Practices for Merchants, Credit card Processing, Payment Card Industry PCI Security, Travel Agency Agents Tagged with: bank, Business Loan, card, cash advance, credit card, customers, loan, merchants, payment, PCI Compliance, processor, travel, travel agency
Helping customers protect and safeguard their payment data is one of National Transaction’s top priorities.
Our Payments Expert for travel agencies welcomes your questions, and always glad to give you assistance. We are good at what we do and we value your time.
We offer very valuable services and information to help you with your travel business needs, which saves you time, money & provide insights into your payment logistics.
National Transaction’s Electronic Payments Expert doesn’t sell anything, instead helps you choose wisely and discuss your options.
If you haven’t consulted a Payments Expert for your travel business take the time to seek one out and ask for their professional input.
visit www.nationaltransaction.com today, or call 888-996-2273 Extension 1. The Payments expert for travel agencies!
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: customers, data, payment, travel, travel agencies, travel business
Posted in Best Practices for Merchants, Credit card Processing, Electronic Payments, Merchant Account Services News Articles, Travel Agency Agents Tagged with: card, credit card, credit card processing, travel, travel agents