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Timeshare Merchant Accounts

Our Top Picks for The Best Timeshare Merchant Service Providers

  1. Easy Pay Direct
  2. PaymentCloud
  3. eMerchantBroker
  4. Helcim
  5. Dharma Merchant Services

1. Easy Pay Direct

EPD specializes in working with high risk merchant accounts. They will take the time to get to know your business and its individual needs. Owners of timeshares can receive assistance from the company, which includes load balancing and, in most cases, no early termination fees. Along with these services EPD offers many more so you can be confident that your business will get exactly what it needs. 60,000 merchants have already worked with EPD successfully, your business can become one of them.

2. PaymentCloud

PaymentCloud has excellent customer service, no account setup fees, and very few online complaints. They will tailor their services in order to suit your business directly. They will also offer you protection against any chargebacks or fraud against your business. PaymentCloud offers you seamlessly integrated payment processing for your business. With the many different options for payment options, no customer will leave unhappy with the services provided to them.

3. eMerchantBroker

This service accepts all major credit and debit cards. It approves businesses in high-risk industries at a rate of 95%. EMB is the unique solution to your business's unique needs. They do everything they can in order to stay ahead of their competitor's prices to ensure you get some of the best rates in the business. They do not require an application and there are no setup fees when working with EMB.

4. Helcim

Helcim helps you feel good about your payments. They offer 100% transparent pricing in order to save you as much money as possible. With one free Helcim account, you get access to all of the latest tools and products to run your business successfully. You will also receive amazing customer service whenever you need it. When your business wins, Helcim believes they win too.

5. Dharma Merchant Services

Dharma offers great rates along with exceptional customer service. There are no contracts or hidden fees when working with Dharma. They also offer 24 hour priority funding along with their 24 hour customer service. Dharma passes 100% of credit card processing fees to credit card paying customers. They believe that business can be used as a force for good.

Accepting credit cards as a business owner in the timeshare industry, or even the travel industry, is critical. You do not have a business if you do not accept credit cards. As a result, it's critical to understand where to begin using these types of items.

A timeshare merchant service provider can help you process payments in the way you want. We've already done the legwork. Let's talk about our recommendations for the best merchant account providers and payment processors for timeshare businesses.

What is a Timeshare Merchant Account?

A timeshare merchant account is a type of bank account used solely by businesses in this industry to process credit cards and other forms of payment, such as cash and checks. The merchant account serves as a temporary holding account for funds received after a customer makes a purchase from a business. After funds are deposited in a merchant account, they must be kept there for a certain period of time. The funds are then transferred to the business's bank account.

Process: The process typically takes between 24 and 48 hours, but it can take longer.

Why Do Timeshares Need Merchant Services?

Merchant services are required by timeshare businesses in order to process credit card payments and other transactions. Businesses would be unable to achieve this without them. They would be able to accept only cash payments.

When it comes to sales, the majority of timeshare companies rely on the internet, but some also do business in person. Instead of cash or checks, the majority of customers prefer to pay with a credit card or another electronic payment method. A company that does not accept these payments is unlikely to last long.

Payment Processing Options for Timeshare Businesses

They must be able to accept payments in a variety of ways, which necessitates the availability of options. If they are interested in timeshares, they can pay with credit or debit cards, as well as other methods of payment.

A Payment Gateway

While an integrated payment gateway is likely the most common method of payment processing in the travel industry, it is not the only method. This is because the vast majority of people will make their purchases online. When you configure your payment gateway, it is set up to work with your company's website. Integration should be simple. The gateway will be customized with your company's information, ensuring that your customers feel secure when making purchases from you.

A Virtual Terminal

Consider whether you can accept payments over the phone or by mail. If this is the case, you'll need a virtual terminal to process incoming payments. A virtual terminal can be installed on a desktop computer, laptop, or even a tablet computer. It can send and receive emails and text messages. It is compatible with any device that has a web connection.

To use this method, you must manually enter the customer's credit card or other payment information into a specially designed website. When you have completed the payment, the system will accept it from you.

A POS System

It is possible that your travel agency will be open to the public. If it is, you may encounter customers who wish to pay their timeshare fees in your office. Consider using a point-of-sale system to process the money. A point-of-sale system can be used to track customer purchases, inventory, and even pay employees.

A Mobile Card Reader

They attend trade shows and other events to demonstrate their abilities. If your company accepts credit cards, you should have a portable card reader. A mobile card reader functions similarly to a small point of sale system. You can use it to accept credit card payments while on the go. It will also be able to track critical information about your customers' accounts.

What is the Difference Between a Merchant Account and a Payment Service Provider?

If you own a travel agency, you should think about using a payment service provider rather than a merchant account provider. This is also known as a payment aggregator. PayPal, Square, and Stripe all fall into the same category. While there are some valid reasons for making that decision, it may be detrimental to the business. Certain payment service providers may be unable to accept payments from travel businesses (PSPs). They do, however, have a solid reputation for being user-friendly and completing tasks quickly.

To avoid the rules, some timeshare companies conceal their true nature. There are some risks associated with this, as it has the potential to close accounts and freeze funds. Chargebacks are common in the travel industry. When a sufficient number of them occur, the PSP may close your account. If this happens, you will lose all of your money. A high risk merchant account does not require you to take as many risks. This type of account is preferable for a legitimate business.

Things to Consider Before Choosing a Timeshare Merchant Account Provider

A number of factors must be considered before choosing a timeshare merchant account provider.

The Travel Industry is Considered High Risk

Your venture is regarded as extremely risky. Because not every merchant service provider or payment processor will work with you, this does not imply that they will all work with you. However, this does not preclude you from locating a provider. Because your business is high-risk, you should expect to pay higher transaction fees and possibly additional fees.

Contract Terms

Because of the nature of your business, you may be required to sign a three- to five-year contract. This is quite common in the travel industry. Even so, contract terms can vary greatly. You should carefully read each contract before signing. You may be charged for the following:

  • Application fees
  • Account setup fees
  • Statement fees
  • Transaction fees
  • Monthly and/or annual fees
  • PCI compliance or non-compliance fees

It's also critical to understand what happens if you cancel the processor's service before the end of your contract. Leaving an MSP early could cost you up to $500.

Transaction Fees and Cost of Services

Transaction fees are an unavoidable part of doing business in the timeshare industry, but each credit card processing company operates differently. If you work for a company, you may be given one of the three options below.

  • Flat rate pricing - At first glance, flat rate pricing appears to be the best option because it applies the same percentage to all transactions. Many businesses prefer this model because it simplifies the process of managing money. This may result in higher long-term costs, but this is not always the case.
  • Tiered pricing - Tiered pricing refers to the division of all transactions into distinct tiers, which are known as qualified, mid-qualified, and unqualified. Because of the inherent risk associated with travel-related purchases, the majority of them are not qualified, which means they charge the highest transaction fees.
  • Interchange-plus - Despite its complexity, this model is regarded as the most straightforward. Credit card companies set them twice a year, ensuring their stability. To cover their expenses, the payment processor adds a few cents to each transaction.

Processing International Transactions

There will most likely be a large number of people visiting your travel agency from all over the world. You must be able to accept payments from international customers, which not all merchant service providers support. Choose a processor that accepts a wide range of currencies, and you should be able to do business with them. Ascertain that the customer pays any applicable taxes or fees in their country.

Having a Rolling Reserve in Place

When you begin accepting payments, plan to set aside funds for a rolling reserve. This is due to the fact that your line of work is extremely hazardous. It is something that the majority of MSPs want. This means that a portion of each payment you receive will be held in a separate account for a set period of time, typically six months.

The procedure will be repeated in six months. A portion of the funds will be released, and it will continue to flow. After a significant amount of money has been paid, your processor may agree to waive this rule. Frequently, travel companies keep a reserve fund from which they can draw.

How to Choose the Best Timeshare Payment Processor for Your Needs

When you choose the best travel merchant account provider, they will spend time speaking with you and addressing any concerns or questions you may have. Ascertain that they are willing to provide you with any information you require to make an informed decision. Furthermore, when it comes to payment processing, customer service is crucial.

Customers can buy items at any time of day as long as your company has an online presence. When it comes to technology, there is always the possibility that something will go wrong. You'd like to learn more about the processor with which you work. This means you should avoid working with a company that does not provide 24-hour customer service and technical support.

Additional Pro Tips

Fraud Protection and Prevention

Because the travel industry is notorious for fraud, timeshares are viewed as a high-risk investment. If a merchant service provider works with timeshare companies, they must be extremely adept at detecting and preventing fraud. Cyberattacks on customers and identity theft are the last things anyone wants to happen to them. However, if your payment processor does not have a mechanism in place to prevent them, it will happen soon.

Chargeback Prevention

Chargebacks occur when a customer disputes a credit card transaction, and they are common in the travel industry. People typically plan their vacations months, if not years, in advance. Individuals have a lot of leeway to change their minds. Many people are aware that they can have a transaction removed from their records by disputing it with their credit card companies. They are permitted to do so for a period of up to six months.

While some chargebacks are the result of fraud, others are the result of people changing their minds. There are several steps you must take to avoid chargebacks in the first place. If the customer's credit card processor implements this type of protection, the customer will be notified. This way, you can contact the customer and offer a refund. While your company will lose money in this manner, you will avoid chargeback fees when returning funds.

Recurring Billing

You will almost certainly need a system for charging your customers for their time each month for your timeshare business. Then you'd have to rely entirely on them to pay their bills on time. This could be detrimental to your financial situation if you encounter late payments or people who break their promises. Recurring billing solves both of these problems by processing your customers' payments on a monthly basis according to a predetermined schedule.

Final Thoughts - Our Top Picks for the Best Timeshare Merchant Service Providers

You won't have to worry about not getting paid if you choose the right timeshare merchant account provider. Customer service will be effortless, and you will be able to focus on what you do best: running your business.

We've compiled the following list to help you choose the best timeshare merchant account providers before we leave:

  1. Easy Pay Direct
  2. PaymentCloud
  3. eMerchantBroker
  4. Helcim
  5. Dharma Merchant Services

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