- June 22, 2020
- Posted by: iPay Editor
- Categories: best high risk merchant account provider, best high risk merchant services, high risk merchant account application process, high risk merchant account instant approval uk, high risk merchant account provider, high risk merchant account solutions, High Risk Merchant Accounts, high risk merchant payment processor, high risk merchants uk
Hospitality industry is one of the booming industry and needs to process credit and debit card payments. Hotels, motels, bed and breakfast provides a large revenue. However it is quite difficult to find a good payment processing solution which provides quality merchant account services that suits the hospitality industry. Good merchant account providers will offer better benefits and help you in increasing profit of your business.
It is quite difficult to find competitive rates for hospitality merchant account. However, IPayTotal offers great services and competitive rates and we have a simple application process.
Types Of Hospitality Merchant accounts
There are 2 types of hospitality merchant accounts:
- Domestic merchant account
- Offshore merchant account
Domestic hospitality merchant account is an account that will be originated in the merchants resident country. Usually domestic merchant account follows strict rules and restrictions of the country.
Offshore hospitality merchant account will be created in the non-resident country of the merchant. Offshore merchant account will be opted by merchants due to the relaxed rules and restrictions, tax benefits, high monthly volume caps, or the high-risk nature of the business.
Advantages Of Hospitality Merchant Account:
There are several advantages of hospitality merchant account both for online and in store merchants. US merchants will have an advantage of accepting various credit cards like Visa, Mastercard, American express etc. Multi-Currency processing is a key benefit to look for because you will have travelers from all over the world who would want to pay in various currencies.
Successful Hospitality Merchant Services:
There are 2 important factors in success of Hospitality Merchant services:
- Lowest interchange fees
- Integration with POS solution
New hospitality business owners will not have an idea of what to look for in a merchant account. Also they do not understand the significance of the factors mentioned above. This results in additional cost and by the end of the year they might end up paying thousands of dollars.
The staff of the payment processing company will understand your payment processing needs and will understand financial transaction needs of resorts and motels. There will be services such as periodic monitoring of transaction activities, proper settlement of balances etc. There will be 24/7 customer care available because of the different time zones.
Few additional solutions:
- Online transition processing
- Gift cards and loyalty cards
- POS solutions
Hospitality merchant account providers will try to make it simple for the merchants. They save your time and money making it easy for you and you can focus on growth of your business. The success totally depends on how effortless the customer’s transaction takes place.
Below are the list of benefits you will receive if you opt for Hospitality merchant account:
- Payments processing for all major debit cards and credit cards
- Interchange plus pricing
- Latest credit card terminals and POS terminals
- PCI data security
- 24/7 customer support
- Quick settlement
Understanding Merchants Requirements:
The requirements of the hospitality industry is unique in its own way when it comes to payment processing. There should be customised solutions for hospitality industry because there are small bed and breakfast, motels, large resorts etc. Everyone’s requirement will differ accordingly. So there needs to be tailor-made solutions for each merchant based on the requirement.
Questions call iPayTotal now.. Email us at firstname.lastname@example.org or call us at +44 800 5988.