What is a timeshare account?
Key features to watch out for before selecting a payment processor
While a timeshare business is a high-risk industry, its terrain cannot be navigated just as other high-risk businesses. You have to ensure that your chosen payment processor specializes in your area of operation. Also, they should be somewhat informed about the unique nature of your business to give your business personalized high-risk merchant services. Whether you need an offshore account or same-day funding, your timeshare merchant account provider should be able to provide it for you.
Excellent Security Solutions
It has probably never been more important to customers for their sensitive data to be kept private by companies. While card processing is convenient, it can be easily attacked by cybercriminals. Hackers can intercept payment processing and use stolen information to finish fraudulent transactions. This is why your timeshare payment processor has to guarantee top-notch security like end-to-end encryption and similar protocols. It’s advised that you consult with your payment processor to access their fraud detection and prevention techniques. Also, you can review their history to decide if they can safeguard your high-risk business.
Effective Customer Support
Every high-risk timeshare business needs responsive customer service to resolve concerns quickly. The ideal customer support service should be online 24/7 and live. At any moment, clients should be able to reach a member of the support team via phone, text, or email. It’s also important that these representatives are competent to help clients resolve a wide range of concerns. You must only hire a timeshare merchant account service that can offer effective customer support.
Flexible Payment Processing
When starting, your company’s need for payment processing is expected to be limited. Nonetheless, high-risk timeshare merchant account providers need to plan with future expansions in mind. It’s important that their payment processing terms remain flexible to meet your firm’s requirements as it expands. Be careful not to sign long-term contracts that stipulate high account termination fees. Also, considering that payment technology is getting updated regularly, you want your selected payment processor to be able to keep up with the ever-changing trends.
As a merchant, you don’t have to pay exorbitant rates on your timeshare merchant account. Different credit card merchant accounts offer separate prices, so make sure to do some findings before selecting one. Also, ensure that they are completely transparent about their fees and rates.