Hospitality Merchant Services | everything you Need to Know
Hospitality Merchant Services | everything you Need to Know
The industry of hospitality is large and diverse. The hospitality sector is one of the fastest-growing and most profitable companies. The tourism and travel industry is a subsector within this industry among the most rapidly growing industries and is responsible for more than 10 percent of the global GDP.
This is not all. air travel which is the second-largest sector of the hospitality sector accounted for almost 17% of total expenditures in the hospitality industry by Selectusa.gov. With the enormous potential of the hospitality industry, companies are investing more and greater in customer services and comfort.
As a popular saying goes, “True Hospitality Consists Of giving the best of yourself to your guests”. This is why companies are searching for Hospitality Merchant Services. To provide better service to their customers they require the best payment processing system that is durable, reliable as well as secure to their customers.
The team at Payment Guru is highly specialized in providing hospitality businesses with merchant services. Whether the business includes foodservice or Foodservice Hotels and Lodging, Travel or Tourism or airline solutions, we offer payment processing solutions for every service industry that falls under hospitality.
Multi Payment Processing For Hospitality
“Quality is remembered for a long time however, the cost could be lost” In order to provide the best service to your guests it is known as hospitality services. When you offer customers a variety of ways to pay, it helps make clients feel relaxed and satisfied. We have a variety of payment methods that are best suited to the needs of the hospitality industry.
Let’s talk about them, but be aware that there are many alternatives to these. In fact, there are myriad payment processing options that will definitely meet your requirements.
- Credit Card Processing: Using the Credit Card Processing solution, your client can pay you for your service with their debit or credit card. The payment could be made using any method, including card-present payment or card-not-present payment mode. In the case of card-present payment, customers pay you through POS System or Card Reader, Mobile Card Reader as well as EMV Terminal by switching your card and inserting it or simply placing the card in proximity to the terminal with NFC technology.
- Payment Gateway: It’s an merchant service that integrates with your website and assists the merchant in accept credit or debit card payments.
- Virtual Terminal: Virtual Terminal is a kind of payment that is not present on the card. the merchant gets the information about the card from the client over the phone, and then manually enters the details of the card in order to process the money.
- EMV Processing: At present times, the majority of debit cards that are accepted are chips that is built upon EMV technology. Therefore, it is essential to be equipped with the EMV processing solution that can accept credit cards with chip technology.
- The POS System: It is simply a payment processing solution for retail shops. A POS System does more than help you accept payment, but also offers a lot more features and functions in comparison to an electronic terminal for credit cards. Through a POS system, merchants can oversee employee management, report analysis, invoice capabilities, and more.
- eCheck/ACH: ECheck/ACH is the most widely used payment method across the USA. With the check/ACH processing option, it is possible to make electronic checks as well as AACH transactions. Additionally, you can accept eCheck as well as ACH transactions through this virtual terminal.
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Are Hospitality Merchant Services High Risk?
Every industry has a portion of the risks that go along with it. However, if we speak specifically about hospitality merchant services, the risk is high as it is viewed by the processors of payments. The processors have flagged this industry as high risk, which means it needs a high risk merchant account to take payments from customers in a smooth manner. There are many reasons for this industry being high-risk. Let’s discuss several of the main ones:
- A high average monthly sales volume: The volume of sales in the sector is so massive that it exceeds $20,000 in average monthly sales. This is the main reason to think about this industry as a high-risk business.
- Rate of Chargeback: This market generally has a chargeback percentage to sales that exceed 1 percent. This is why the majority of processors will not let or allow merchants to join their merchants.
- Third-Party Vendors: The sector provides a significant amount of customer’s personal information to third-party vendors such as restaurants airlines, car rental companies as part of a B2B agreements and mutual benefit. This could result in an information breach or reputation damage, which could results in business losses and ultimately bankruptcy.
- Invalid Device: Hospitality merchants and other industries make use of IoT devices, making it’s easy to be targeted by criminals. If your IoT devices, or even your processing system are outdated and could result in data theft and your business is placed being targeted by criminals or hackers.
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Legal Aspects of Hospitality Compliance that you Should Know
State as well as Federal Laws are the most frequent thing in any industry or business. But in the case of the hospitality industry there are more pertinent laws that protect the consumer and the business.
There are laws in place to ensure hygiene for visitors that the establishment must be an all-smoke hotel motel, resort or other customer service establishment. There are rules regarding guest-tenant relations, or there’s a law regarding consumer protection, etc.
The business world is governed by a variety of guidelines or laws the merchant must be aware of. A thorough understanding of all rules and regulations allows the business owner to manage their business and resolve the legal concerns that may arise.
Hospitality Industry Trends You Should Know
Sustainability Trends: In the present day and age, people are very concerned about environmental issues. They want to purchase eco-friendly items and products. This allows businesses to offer eco-friendly products and services to the client.
Organic and healthy food options: A lot of people are more focused on food and drink that are consumed in hotels, resort motels, or any other hospitality merchant services industry. It is the duty of businesses to offer healthy food items that are low in fat as well as sugar-free, gluten-free, and delicious food items to their customers.
Smart Automated Hotels: With the advent of IoT devices makes work is effortless and enjoyable. It’s as simple as turning the light on, dimming the brightness of the light, or switching on the AC, all of it can be accomplished using your smartphones. Hotels may also provide smart televisions and other electronic gadgets that delight guests.
The Benefits of Merchant Services for Hospitality Businesses
- Safe and secure transaction
- Quick and efficient payment processing solutions
- PCI Compliant and EMV Certified Hospitality Merchant Services
- NFC as well as Mobile Payment Solutions.
- Get faster check-in and checkout services
- 24/7 Customer Support
So what are you waiting for? Get started today by contacting Payment Guru and ignition your business’s growth by implementing Hospitality Merchant Services.
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