Travel merchant accounts for all businesses in the travel industry

At Corepay, we are proud to offer over two decades of high-risk credit card processing experience to your travel business.

The travel business has greatly benefited from technological advancements and the widespread use of electronic payments. Providing reliable payment processing to your customers is the cornerstone of successful travel businesses.

Having a high-risk travel merchant account makes it easy for customers to pay over the phone, online, or even in person at a retail store. Should you choose a high-risk credit card processing solution such as Corepay, you will be able to accept payments globally as well.

Guide to MCC codes for the travel & transportation industry

Merchant Category Codes (MCCs) play a vital role in categorizing businesses within the travel industry for payment processing. Below is a guide to some of the most commonly used MCCs in the travel sector.

• Railroads4112
• Travel Agencies4131
• Bus Lines4131
• Airports4582
• Cruise Lines4511
• Transportation4789
• Direct Marketing5962
• Car Rentals7512
• Timeshares7012
• Hotels7011

We offer travel merchant accounts for all sectors, no matter your risk level

Corepay provides tailored payment solutions for businesses across the travel and transportation industries. Our merchant accounts are designed to ensure fast, secure, and reliable payment processing for all sectors.

• Air BnB
• Airlines
• Reservations
• Hotels/lodging
• Membership programs
• Resorts
• Charters
• Timeshares
• Online ticket sales
• Tour operators
• Transportation
• Travel agencies
• Travel eCommerce websites
• Vacation packages/discount offerings

Most businesses in the travel industry listed above deal with high-ticket transactions frequently. A high-risk payment processing solution for these types of companies is vital.

Why choose Corepay for your travel merchant account

Are you looking to boost your revenue for your travel business? You’ve come to the right place for your payment processing. Travel merchants in the US and worldwide can use our payment processing to boost their revenue, fight chargebacks, and grow their businesses to the next level.

At Corepay, we genuinely care about your travel business and understand the importance of reliable payment processing. To keep your fees as low as possible, we waive all application fees, annual fees, and setup fees.

We offer the following for all of our travel merchant accounts:

• Highly competitive rates: Providing the lowest possible processing fees for optimal profitability.
• Fast approval times: Quick approvals between 24-72 hours to maximize sales.
• High-volume processing: Our payment gateway, Solidgate, is explicitly designed for high-risk companies processing high volumes.
• Multiple currencies: Accept payments in different currencies seamlessly.
• Security: PCI-Level 1 compliance with 24/7 monitoring and regular security testing.
• Mobile payments: Easily accept payments from mobile devices.
• Waived application, setup, and annual fees.
• 24/7 customer service.

Applying for a travel merchant account

Before accepting payments, you’ll need to apply for your merchant account. We make applying for travel payment processing as seamless as possible, and we’ll walk you through the entire process.

Upon filling out an application, a trained specialist will reach out to you with the next steps to get your merchant account up and running.

You’ll need the following when applying:

• Company EIN document
• Financial statements – personal and business
• Proof of operating address
• Articles of incorporation
• Principal’s driver’s license
• Business plan – typically optional but can help show the big picture of your business to your payment processor
• Voided check proving business bank account

Tips for applying:

• Provide information on how your business fights chargebacks (e.g., 24/7 customer service).
• Explain what your travel business does and where most sales occur (online/in-person).
• Share business policies such as return and refund policies.

Why are travel merchant accounts high-risk?

Travel merchant accounts are considered high-risk for a few key reasons:

• A high number of chargebacks.
• Average ticket transactions are higher than $50.
• Advanced purchases often occur months in advance.
• Frequent bankruptcies in the travel industry.

Travel industry chargebacks

With businesses such as Air BnB and timeshares, chargebacks are expected. Most of these transactions occur via apps, computers, or mobile devices, resulting in card-not-present (CNP) transactions.

CNP transactions are more likely to result in chargebacks, especially in the travel industry when purchases can be large.

How to minimize chargebacks:

• Have a fully secure and compliant website.
• Clearly state refund policies.
• Implement 24/7 customer service to handle disputes.
• Create an FAQ page to address common questions.

At Corepay, we offer anti-chargeback tools, such as CB-ALERT, to help monitor and reduce chargebacks.

Choosing the best payment processing for the travel industry

Payment processing decisions are always difficult. When searching for payment processing, be sure to compare rates, chargeback solutions, and industry knowledge from each processor before making a decision. Fees can vary greatly, and certain processors will specialize in specific industries.

At Corepay, we understand precisely what travel businesses should be focusing on, as well as what it takes to grow your business to the next level.

Choosing a payment processor with 24/7 customer service is vital for any travel business since you are operating in an industry prone to high chargebacks.

We also recommend picking a processing company that understands the specific needs of your travel business, as not all companies will need the same solution.

Paypal/Stripe/Square for travel merchant accounts

All three of these payment processors offer excellent service; however, they don’t do high-risk accounts. Businesses in the travel industry are deemed high-risk and should find a high-risk processing solution.

The biggest problem with using Paypal is that they don’t do their underwriting at the time of the application. This means that you could have your Air BnB processing payments through Paypal for up to 6 months before they audit your account.

Upon the audit, they could deem your business high-risk and freeze/terminate your merchant account. Our best advice is to fill out an application and speak with other high-risk processors and us immediately if this happens to you.

Paypal can legally hold your funds for up to 180 days with no questions asked. Unfortunately, there isn’t much you can do once they put your account on hold, and you won’t be able to access your funds.

The most important thing to do in a situation like this is to quickly get another merchant account that is reliable up and running to mitigate the damage of having your funds frozen.

Wrapping up

Whether you’re a business specializing in lodging, vacation packages, Air BnB’s, or cruises, Corepay is here for your payment processing needs. We understand what goes into getting your travel business approved, and we will also make sure you stay approved.

As the economy bounces back and travel begins to pick back up, having reliable payment processing will be essential.