Payment Processing for the Travel Industry: 4 Things to Remember

Summary: 

The travel industry's payment processing needs are unique, involving low costs, smooth workflows, reliable tools, and international acceptance. Swipesum offers expertise in finding the right providers, reducing costs, and improving efficiency at no extra charge. 

Main Points 

• Minimize Costs: Keep card payment fees low. 

• Smooth Workflows: Ensure a seamless and secure payment process for customers. 

• Reliable Tools: Equip staff with efficient payment technology. 

• International Payments: Accept payments from various countries. 

• Specialist Providers: Work with industry-specific service providers. 

• Merchant Accounts: Necessary for accepting card payments. 

• Multi-Currency Support: Allow customers to pay in their native currency.
   

The travel industry is a global giant. Tapping into the needs of vacationers, business travelers, and everyone in between, the worldwide travel industry is expected to reach a value of $11.1 trillion in 2024, as Bloomberg explains. 

In the big picture, the consumer payments that fuel much of that economic activity increasingly come from credit and debit card payments. Cards are convenient, secure, and (importantly in the case of the travel industry) can often be used when taking an international trip. 

That makes card payment processing especially important for travel agents, hotels, airlines, resorts, and other industry players. There are several crucial needs to keep in mind with payment processing for businesses that support travel, including but not limited to: 

• Keeping the costs of card payments, like merchant account fees, as low as possible. 

• Providing a smooth, simple, and secure payment workflow for customers. 

• Putting reliable and efficient payment tools and tech in the hands of staff. 

• Accepting payments from outside the company’s home country. 

The payments industry is full of options for meeting these goals. There are thousands of service providers in all, and many can support travel and hotel credit card processing. The truly important need isn’t just finding a provider but finding the right provider. 

That’s where the team at Swipesum can use their expertise and industry knowledge to your benefit. Our payments experts learn about your operations and compare them to the offerings of service providers. They take costs, functionality, service, technology, and much more into account. 

The result is a curated shortlist of informed and helpful suggestions for travel and hospitality payment processing. Our team will negotiate with providers, too, helping to keep your payment processing costs lower. Best of all, these services come at no additional cost to your business. 

Make your approach to payment processing a business asset instead of an obligation. Use our in-depth payments experience to your company’s advantage: Book your free consultation now! 

Keep reading to learn more about crucial payment processing needs and opportunities for the hospitality and travel industries. 

What You Should Remember About Payment Processing in the Travel Industry 

1. Consistent Success is Entirely Possible with The Right Payment Processing Strategy 

We won’t deny it. The travel industry, and especially certain business types within it, has some unique and complex needs related to processing payments.  

That said, payment processing can still be efficient, cost-effective, and reliable for travel and hospitality businesses. 

A sometimes-overlooked fact about payment processing is how large and diverse this industry is. There are thousands of options out there, from merchant banks to payment gateways and processors. That means you can find the right combination of tech, tools, service, and cost for your company’s unique needs. And Swipesum can help. 

2. Some Travel-Related Businesses Need Special Merchant Accounts 

Merchant accounts are a foundational need for card processing. These accounts, provided by financial institutions, allow businesses to accept credit and debit card payments. There’s no real way around the requirement to have a merchant account if your business takes card payments. 

Travel merchant accounts are a special type of merchant account. They allow merchants in travel and hospitality to accept card payments, even though the payment processing industry as a whole views those industries as presenting a higher level of risk.  

While the travel industry as a whole isn’t seen as high-risk, airlines, rental agencies, and travel agencies often are. This is more due to customer behavior, such as the increased potential for chargebacks and fraud, as opposed to the business’s operations. 

Payment accounts, tools, and systems for high-risk businesses are almost always available but can lead to additional costs. Swipesum’s expert consultants can help you reduce or even eliminate those costs,  

3. Your Business Can Accept Multiple Currencies and Card Types 

For travel businesses with an international footprint, it makes sense to allow customers to pay with their native currency. The same is true for paying with a card that is established in the customer’s home country but doesn’t have a presence in the area where your company operates. 

These options make it easier to complete a payment as a customer. From the company’s perspective, it’s easier to attract a wider range of customers and provide a better experience. 

Not every payment processing service provider offers such options, but plenty do. Swipesum can help you find the right service providers and add these payment choices to your operations. 

4. It Can Help to Work with Specialist Service Providers 

In many cases, a partner who understands your industry can provide additional value. These partners recognize industry-specific needs and often gear their services toward them.  

For the travel industry, that could mean offering more focused support for chargebacks, fraud, and similar issues that businesses in this field encounter. 

That’s true in payment processing, where certain banks, payment processors, and payment gateways have deep experience working with the travel industry. 

The good news is that there’s no shortage of potential partners in payment processing. What can be much more difficult is finding the right specialist service provider from so many available options. You could find a company specializing in payment gateways for travel agencies, for example, but would that provider really be the best choice? 

This is another area where Swipesum’s services can make the process easier for your business. Let our team review the relevant options and suggest the ones that best match your company’s payment needs. 

Finding a Comprehensive Travel and Hospitality Payment Solution 

Your business deserves to work with knowledgeable, supportive, and cost-friendly partners for payment processing. This industry has plenty of competition and no shortage of providers. You can find partners that cater to your needs, keep costs reasonable, and ultimately support your operations. 

Swipesum can take the lead on identifying, ranking, and recommending those providers. We can take the lead in negotiations, too, addressing the always crucial cost component of accepting credit and debit cards. 

In search of better payment processing in the travel industry? Our expert consultants have your back. Set up your free consultation now!