Who doesn’t love to travel? The excitement of seeing a new place, and the anticipation of experiencing something new. Travel is an industry that brings a lot of fun and meaning to people’s lives. It’s certainly not by any means an industry with a bad reputation. What surprises the management team in many travel businesses then is the fact that getting approved for credit card processing can be difficult within the umbrella of the “travel” industry.
By travel, we should clarify that I’m referring to a business that is taking payment gateway from customers and sending them on a trip, tour, cruise or other type of destination based service. More importantly, it’s a service that most customers will pay for ahead of time (usually by a few months, although some are last minute travelers). It’s the last minute component that creates the majority of the problem in terms of getting approved for credit card processing.
When you want to start accepting credit cards you will need to submit an application for a merchant account. What you sell will play a major role in determining whether your application will be approved, and also the rates that you will pay. Travel agencies, tour operators, and airlines all have certain business characteristics which make application approval more difficult.