Last updated on April 25th, 2022 at 03:40 pm
It can be difficult to find providers that offer competitive rates for hospitality merchant accounts, however, you can still find some payment providers that offer great services and competitive rates and offer a quick and easy application process to get started.
To acquire a hospitality merchant account, you must contact the merchant account managers of that provider where they will guide you through the entire process and have your business accepting online credit card payments shortly. The process can take some time depending on the type of merchant account you are trying to set up. You can also contact the providers using the option of Live Chat or similar program that will connect you to the merchant account manager on the provider’s website.
Types of Hospitality Merchant Accounts
When applying for a hospitality merchant account, there are basically 2 types:
- Domestic merchant accounts
- Offshore merchant accounts
For domestic hospitality merchant accounts, the payment services provider partners with different acquiring banks in the US based on their ability to provide reliable hospitality merchant accounts. The domestic merchant account services company pairs your business with one of the providers that is the most suitable for your business.
To provide payment services for offshore hospitality merchant accounts, a payment services provider partners with different offshore acquiring banks, this may be due to the location of the merchant, necessary tax benefits, high monthly volume caps, or the high-risk nature of the business.
Advantages of Hospitality Merchant Accounts
There are many advantages of having a hospitality merchant account for both online and storefront merchants. It allows US-based merchants to accept payments through popular brands of credit cards like MasterCard, Visa, Dinners Club and many more. Many providers facilitate their clients with multi-currency processing which allows you to receive payments in different currencies like Euros, US Dollars and British Pounds. Travelers like to stay at lodging or hospitality locations that offers multi-currency credit card processing services; it helps increase revenues.
Successful Hospitality Merchant Services
The success of hospitality merchant services is dependent on two important factors:
- Integration with POS solution
- Lowest possible interchange rates
Most new hospitality business owners do not know the significance of these two factors, a reason why new owners handle these matters without much thought put into the process. The result is additional costs per year that could surpass thousands of dollars.
The staff of a reputable hospitality merchant accounts provider is experienced and knowledgeable to handle your transaction processing requirements, being fully aware of the financial transaction needs of resorts, motels and hotels. Payment services providers also offer automatic enrollment in the VIP Client Services Group to their clients to provide extra incentives and services.
The advantage of this group is that a company representative periodically monitors your transaction activities, ensuring proper settlement of your balances and the correct fees being removed on a monthly basis. Representatives are also available for after hours services because many businesses need assistance at off hours unlike most businesses that close at 5pm.
The additional solutions for hospitality merchant accounts include:
- Online transaction processing
- Gift and loyalty cards
- Lodging POS solutions
- ATM cash machines
- Special check guarantee for lodging
The providers of hospitality merchant accounts try to make payment processing as simple as possible. It is how they save your time and money, enable you to grow your business. The success of the hospitality industry is related to the effortless and efficient transaction of your customer’s payment.
Providers integrate their services with hospitality value added resellers and property management systems. For this purpose, they provide business owners with quick and easy processing tools that keep guests happy, manage and grow the business much better than traditional ways. Hospitality merchant account providers offer you a diverse product line and a team of experienced associates who are always there to provide you the best solution.
As an owner of a hospitality business, you will receive the following benefits from merchant account providers:
- Payments processing for all major debit cards and credit cards
- Experienced account teams
- Interchange plus pricing
- Latest credit card terminals and POS terminals
- PCI data security
- 24/7 customer support
- Pass-Through Rates
- Cash advance programs
- Fast settlement with financial solution
- Sophisticated online reporting
If you are looking for a reliable merchant payment processing company then you should search which companies are popular among businesses from a wide range of industries that specialize in specific providing payment processing requirements.
Unfortunately, majority of payment processors on the market claim about saving your money, but they disappoint you in the end. A reliable payment processing company might take a new approach and focus on building the business of its client. The aim is to develop lasting relationships with clients, not be time-consuming, confusing and filled with hidden charges.
The provider should offer:
- The right thing
- Complete transparency to partners, clients and its own team
- Change the industry for the better
When you decide to join such a merchant payment processor, you will get access to a comprehensive list of solutions and services that can save both time and money with the processing of your payments becoming simplified.
Understanding Client Requirements
The requirements of the hospitality industry are unique especially when it comes to payment processing. Providers must offer unique solutions to customers since the hospitality industry ranges from small bed and breakfast to a large destination resort; therefore, hospitality merchant accounts should offer payment processing solutions that meet the needs of everyone. The hospitality industry is high-volume and fast-paced and efficiency is vital for this sector of E-commerce. Business owners need payment processing solutions that their guests find secure and convenient. Customers will return time and time again when your business offers them a smooth check out and payment experience.
Nowadays, hospitality merchant accounts include competitive solutions like:
- State-of- the-art terminals
- No setup or application fees
- Check services
- Swipe rates starting at 0.08%
Make sure you learn more about hospitality specific merchant account solutions when partnering a payment services provider for your hospitality business.