For travel and entertainment merchants, a good credit card processing company can be a great investment. Reputable credit card processing companies can greatly improve a travel and entertainment company’s efficiency and can address the unique challenges of the T&E industry in a specialized, effective way. Choosing a good credit card processing company is important to any company’s long-term growth, but this is particularly true for T&E merchants. There are a few key things that merchants should look for when selecting bank card processing services to ensure efficiency and simple, profitable transactions.
First of all, travel and entertainment merchants deal with a large number of credit card transactions as compared to other types of merchants. This means that they also deal with a larger number of fraudulent charges, so a great credit card processing company with quality security features is especially important. Travel and entertainment merchants should look for processing companies that offer reliable terminals which use encryption to transfer customer data for authorization. Credit card terminals should also be able to present information about stolen or fraudulent cards within a few seconds to prevent fraudulent charges from being processed. Security is also important for travel and entertainment merchants who take payments and information through the Internet. Online customers will often insist on SSL certification and other common security features, and merchants who don’t have good online credit card security will lose business.
A credit card processing company’s fees are important too, as fees can impact a travel and entertainment merchant’s bottom line in a big way. Per transaction fees usually make the most significant impact. Processing companies base their per transaction fees on the number of transactions that a merchant submits each month on average as well as the size of those transactions and several other factors. Travel and entertainment merchants often submit a large number of transactions, so they tend to get the best rates. Merchants should carefully consider per transaction fees along with gateway fees and other costs before choosing a processing company, as these costs can add up quickly into hundreds or even thousands of dollars per month.
Travel and entertainment merchants frequently deal with special types of charges and holds, along with a larger-than-average number of credit card disputes. It’s best to look for a processing companies with experience in dealing with these challenges. Disputes need to be handled appropriately and charges and holds need to be simple, convenient and straightforward for customers. By choosing a credit card processing company with T&E experience, merchants can ensure great service, better efficiency and fewer customer issues for better all-around business performance.