It’s no secret that the last two years have been turbulent for the travel industry, resulting in greater caution around perceived risks related to payments in particular. Yet, with a sense of normality slowly emerging around the world, the time to re-engage with merchant acquirers has never been more pressing.
Fresh from speaking at the ABTA Travel Finance Conference, Tom Pilling, Chief Risk Officer at Trust Payments, outlines three key reasons why travel businesses should return to partnering with merchant acquirers before the expected soaring interest in holiday bookings hits hard.
1. Acquirers can offer unparalleled access to underwriters
Communication is at the heart of the relationship between any business and their acquirer, as it promotes understanding. When good communication leads to a better knowledge of what your business does, you can ensure you get a service that is right for you.
Too often, travel companies are left speaking to sales representatives, without getting a chance to liaise directly with an underwriter. Acquirers such as Trust Payments can ensure the onboarding experience and ongoing monitoring of an account are not just led by sales alone but verified by underwriters who can work with you to determine how to support you, not just at onboarding, but through the whole lifecycle.
A good acquirer should work to understand the needs and risks that are specific to each business, adjusting their approach based on exactly what is required for the travel merchant
2. Acquirers can provide guidance on failed transactions – don’t suffer in silence!
The pandemic caused much uncertainty and some travel companies reported larger volumes of chargebacks than normal – be that through last-minute cancellations or changes to travel restrictions announced at short notice.
When auditing incidents like this later down the line, acquirers can help understand the reason(s) behind declined payments, as well as explain the potential of high-value transactions and fraud checks that might potentially derail a deal in the future.
It is essential to correctly identify chargebacks and declined payments, so that companies can make intelligent decisions regarding their services based on key indicators - nobody is better placed to help with this than your acquirer.
3. Always be compliant – acquirers ensure regulatory compliance and security
Finally, your merchant acquirer should be able to assist in helping you comply with crucial security regulations such as the Payment Card Industry Data Security Standard.
A good acquirer will have skilled teams available to support you in choosing which solution is the best fit for your company. Advice and guidance around 3DS, Stronger Cardholder Authentication (SCA) or the latest requirements from a Payment Service Directive (PSD2) is imperative to help you understand the regulatory requirement.
Now is the time for travel merchants to embrace their relationship with their acquirer. A good acquirer is there to support you, if they aren’t, maybe it’s time for a change?!