Travelling has become so easy due to a high number of low-cost carriers, hotel and apartment booking sites, and internet access to global sites. However, meeting customers’ expectations is a real hurdle for travel companies. But, with the right travel merchant account, you can stay ahead of the competition.
The travel industry is labelled high risk mainly because of the period between the booking date and the self-service option. Transactions occur long before the delivery of the service or product. People who may have non-refundable tickets may want to change the booking date but not be able to, leading to chargebacks. It is therefore important to find a processor that will protect your business from chargebacks and this will increase your chances of keeping your merchant account in good shape, and prevents it from being frozen or terminated without notice.
Another cause for concern is that the seasonal nature of the travel sector leads to frequent chargebacks. There are many consumers who are unaware of the difference between a chargeback and a refund. This means that they are more likely to file for a chargeback instead of asking for a refund.
Travel merchant account — security must be at the forefront
Travel is one of the industries that is highly targeted by fraud, so companies need to prevent any suspicious activities before they become serious problems.
Another issue that the travel industry needs to address is false declines, which are usually caused by merchants whose standards are very strict. This results in legitimate transactions being flagged and declined.
This is why it is recommended that companies use multilevel security, which can be achieved through having a payment gateway optimized for the travel industry. There are many processors that provide a gateway that is packed with a set of anti-fraud tools, built-in machine learning and AI solutions, and non-invasive 3D Secure. These are just a few services that will help with the travel merchant account. Having just one security tool isn’t enough, even if it’s built with the highest security standards in mind. Travel companies need to have a balance between processing risk and if they do not have a technology in place that monitors and assesses for fraud, it can be difficult.
You need to find a trusted travel payment processor that adheres to all of the industry’s laws and regulations. Advanced technology and revolutionary services give travel companies the tools and solutions they need to reduce customer frustration and personalize the customer’s booking and travel experience. Payment systems need not hinder the company’s conversion but due to the out-dated systems and unreliable merchants, they often do.
It is also important to have various payment methods to help travel companies reach more customers. The same is true for accepting payments in customers’ local currency. Customers are more likely to complete their purchase when they have a choice of what their preferred payment method should be and they can pay in the currency they are familiar with. This can also save thousands of dollars in processing costs.
Travellers expect ease of access and flexibility at every step of their booking process — something which can be made possible with merchants that give companies full control over booking and payment systems so that they can simply adjust the technology to their business’s needs.
The importance of user experience
One of the most important rules that must be followed by each business is that price is important, but the experience that the user has is what impacts the final decision on whether to book the next trip.
While many travel websites face the highest abandonment rates, it’s in their interest to put processes and solutions in place that enhance user experience and encourage people not to leave the page without booking.