Getting a Merchant Account for Charter Service
You are missing out on the chance to book more flights with customers if you can’t accept online payments for jet charter payments. It is essential to open a merchant account for charter service before you start accepting credit and debit card payments. If you provide credit card processing services to charter companies, you can get a high-risk merchant account that will allow you to run your business without worrying about the consequences.
Because the charter service industry faces many challenges, a credit card processing company that specializes in merchant accounts for charter service is necessary. Because of the high volume of flights they process, jet charter industries are considered high-risk. Private flights can cost clients anywhere from $17,000 up to $32,000. Due to fraud potential, common payment processors like Stripe or PayPal won’t work with ticket transactions that high. These charges can lead to your account being closed.
To minimize the risk of your payment processing ability, we recommend that you find a high-risk credit card processing company. A merchant account with a high-risk rating means that your business can accept credit card payments without worrying about your account being compromised.
The more conventional payment processors aren’t always capable of handling large amounts simultaneously. If you have an account with a payment gateway to run your jet charter business, you could charge your customers thousands of dollars per private flight they book. Merchant account providers with high risk who are worth their weight have the capacity to process huge sums.
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Chargeback rates that exceed 3% are something most payment processors are afraid of. When you are charging on private flight charters, the chance of a chargeback in the thousands of dollars could deter the traditional processors from working with you. The use of a merchant account for charter service can help to ensure that you do not face issues when processing chargebacks. Chargebacks can be triggered by canceled flights, weather, or perhaps the customer is merely changing plans.
A merchant account is a valuable tool for managing your charter service. These are some of the factors to consider when searching for a merchant account for charter service.
Services that can be personalized
Businesses often get lost when it comes to common processors that aren’t equipped to provide the proper treatment. Due to how congested customer hotlines can become, they can be time-consuming. High-risk merchant services companies are able to avoid this.
Understanding High-Risk Businesses
Applying for a merchant account to your charter business is a great opportunity to work with a provider who will be able to understand the high-risk sector you are in. A high-risk merchant account is more likely to be flagged, canceled, or removed than one from the same provider.
High-risk merchant account providers are able to charge back a higher rate than industry standards. A high-risk merchant account allows you to book flights and generate revenue even if the flight is canceled unexpectedly.
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Once you have made the decision to apply for a merchant account for charter service, there will be a few steps. These are the information you will need to submit in order to process your application for a merchant account.
- Your Personal Information: You will need to provide your full name, postal and/or physical addresses, telephone number, and SSN (Social Security Num).
- Your Bank Accounts: For your personal and business accounts, you will need to provide your routing number and bank account information.
- Past Statements: In some cases, up to three months’ worth of bank statements may be required in order to process your application.
- Sales records: If you are running a high-risk charter business, you might be asked about your company’s profitability. You may also need to provide proof.
- Your online presence: To get approval for your merchant account, your business’s online presence may be checked. Before submitting your application, make sure that your company’s website and social media accounts are current.
When you operate your charter company and feel stressed and overwhelmed should not think about it, especially once you’ve found the perfect jet charter payment gateway in your account. If you have a merchant account for charter service, you are able to accept and process payments from customers who are looking to arrange flights from anywhere they wish. Finding the best processing system for the charter service will allow you to grow and develop your business without interruptions.
Merchant Stronghold was established to accept businesses from a variety of industries that are not normally accepted by traditional processors. We specialize in processing credit cards for high-risk companies such as charter services. We provide the necessary support for the industry to be able to accept credit card payments online. Let us remove the hassle from your side. We will ensure that your payment gateway is set up with the most cost-effective and compliant processor.