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Becoming An Independent Travel Agency Super Hero In 5 Steps

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Do you know people are spending more money on travel and vacation on the Internet?

The travel industry has undergone plenty of changes, especially in the past two decades. In the US, the number of travel agents dropped from about 124,000 in 2000 to about 73,000 in 2016. This is due to a change in the business model of most travel agencies triggered by the increase in online booking as well as the popularity of telecommuting, rendering many corporate trips unnecessary.

However, in the last two years, independent travel agencies have seen an increase in business. This is mainly because travelers claim using an independent travel agency can save time by sparing them frustrations associated with planning their trips themselves.

Another reason for the popularity of independent travel agencies is the benefit of customization in creating vacation packages and trip tours. Independent agencies have the requisite tools to impeccably piece together the exact trip, vacation package, and tour you want, which could be time-consuming and challenging on your own. Independent agents have an ever-increasing list of trusted suppliers and contacts, ranging from private drivers to high-end and luxury VIP experiences.

Besides saving time, independent travel agencies can also help you save money. Travel Agencies linked to large and resourceful networks could land you incredible deals, like special pricing on airfare and hotels you can’t access on your own. Also, independent travel agencies make their recommendations based on the particular requests and needs of their clients instead of basing them on industry bonus gifts or sales incentives.

What are the risks of being an Independent Travel Agency?

Despite these advantages, independent agencies are under considerable pressure to stay abreast of the latest technological advancements to efficiently and effectively manage client expectations. Independent agencies face several risks they need to manage to survive in the industry. These risks include:

  • Greater price transparency as that travelers are more informed when it comes to trip prices. Most of them are sensible enough to explore different options and find the most suitable deal. 
  • Decrease in customer loyalty because of the availability of more holiday bargains, especially on the internet.
  • A handful of companies have a stranglehold on the travel industry, which can drive out new and smaller businesses out of the industry.
  • The travel industry is an incredibly tricky business when it comes to building credibility and trust. Costly mistakes could occur if companies do not take full advantage of the latest technology to help eliminate human error.
  • High dispute rate on credit card processing. Due to the nature of most travel expenses are paid prior to the travel. The travelers may change the plan and decided to cancel or dispute the transaction. This may cause credit card processor to flag the merchant account and even close the merchant account.

How does independent travel agency make their profit?

Independent travel agencies offer customers guidance and expertise when they book a trip of any type. In exchange for their services, most independent agencies get commissions from different suppliers who usually pay after the successful conclusion of the trip.

Independent hotels and motel businesses have individual contracts or deals with travel agencies and companies. The deals could depend on a company’s policy or on the ability of a particular travel agency to provide customers. The going rate is usually in the range of ten to fifteen percent, which is deducted from the supplier’s profit.

Rental cars, local tours, and transfers are a profitable component of an independent agent’s portfolio. As most transfer companies and tour operators are small businesses – they are often located in one region, and they are happy to conduct business with successful independent agencies that could deliver them a high number of tourists. 

One of the most lucrative items on an independent travel agent’s menu is travel insurance. It is relatively low-risk and low-cost but often comes at a high price tag for the travelers. Airline tickets, however, are often the least profitable element of the trip for most travel agents. Independent agents are offered a certain commission rate by the airline usually at the beginning of each year. 

5 Steps to increase profit and lower the risks.

  1. A good relationship with travel package suppliers. Building a strong and healthy relationship with the supplier is the very important. It is the best way to lower the cost on travel agency and increase profit. 
  2. A well planned marketing strategy. Digital marketing on the Internet and the life-line of travel agency nowadays. Without a highly visible online present will take you business to nowhere. Implementing a solid SEO (search engine optimization) strategy will rank your travel agency business higher in the game.
  3. Word of mouth is the most inexpensive way to bring you more new customers and return customers. Properly use online reputation management system and closely monitoring your Yelp, Google. Facebook reviews will help your brand go viral.
  4. Be creative! Don’t limited your service to just the suppliers that your agency work with. Create new travel package for different types of travelers. Luxury travel is on the rise. Treat your traveler like a VIP.
  5. A reliable credit card processing merchant account is extremely important for an independent travel agency’s profit as the option streamlines the operations by helping independent travel agencies accept credit card payments. It is likely that most customers prefer the option to use their credit cards as they are much easier to track and carry. It offers independent travel agents a competitive advantage over their competitors, especially those who do not accept credit cards. In addition, your travel agency can take customers orders round the clock, throughout the year if it has a credit card processing merchant account.

Moneck Payment Solutions, merchant account solutions, are the best option for an independent travel agency because they have thorough and in-depth experience of the industry and offer convenient payment solutions that can help travel agents accept credit card payments. Moneck offers competitive terms and rates that can boost the profitability of independent travel agencies.

All types of travel agent operations can benefit from Moneck’s solutions, i.e. over the phone, in person and online. Moneck’s chargeback prevention and dispute monitoring services are considered the best in the industry. Moneck also offers both offshore and domestic credit card processing solutions and can be reached at Moneck.com and 888-405-3093.

* Restrictions apply. Merchant account availability, terms, pricing, & approval qualifications can change at any time. All files are subject to final approval and underwrite. Pricing/price guarantee does not apply to high-risk merchants.

Should You Start A CBD Business?

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CBD is not a It's a business.

CBD oil is gaining a lot of popularity as more and more people realize the many medical benefits of using it. CBD oil can improve many ailments and help in the treatment of some of the most dangerous diseases in the world such as breast cancer, tumor and even cancer of lungs (Source). Chronic pain conditions and rheumatoid arthritis are some of the many other conditions that can see improvements when CBD oil is used (source) (source).

What Exactly Is CBD Oil?

CBD oil is short for Cannabidiol. Found in industrial hemp and cannabis plants, is a cannabinoid found along with more than 80 other cannabinoids in cannabis plants. What makes CBD oil so popular today is the fact that it has extremely low levels of THC (tetrahydrocannabinol), a component that has a very high psychoactive effect. What this means is that the use of CBD oil will not make a person feel high. It is also non-habit-forming in nature coming from sativa strain whereas most psychoactive components causing the “high” effects are obtained from indica strain.

High Risk = High

So the answer is YES. If you can find a good CBD oil manufacture or supplier, you should consider starting a CBD retail or wholesale business.

Solution for Businesses Selling CBD Oil Online

Since the case of legalizing marijuana and the use of CBD oil keeps going back and forth, the businesses related to these products are considered high-risk businesses by major merchant providers and banks. Since the existing merchant system (VISA, MasterCard, AMEX, Discover, etc) for accepting payments from customers does not suit marijuana and CBD industry, a CBD oil merchant account specifically designed for the marijuana industry is the best way to go. Looking at the results of modern research on the medical effects of CBD oil, it can be predicted that this industry has a lucrative future. If you understand the scope of the industry and what the future holds for high risk CBD oil businesses, here is some important information to start the application process for a CBD oil merchant account.

  1. You need to have a nice looking working and compliant website. Your company name, phone number, address, and email must be displayed.  Your website needs to be SSL secure.  You must display the terms of service and return policy.  Clearly listed prices per item and a clear item description.
  2. The estimated monthly volume for processing should be projected at $10,000 or more a month. If you are processing $100,000 or more worth of orders on a monthly basis, you’re considered a good investment for the bank processor.
  3. The balance in your bank account should also fall within the category of “healthy” and “worthwhile”. Having a negative bank account balance or overdrafts occurring does not signal a financially stable company.
  4. Low chargebacks are important for being considered for approval. The optimal range in chargebacks is less than 1% of your total monthly volume and less than 1% of your total monthly transactions.  Having a chargeback history above 1% makes it more difficult to receive an approval for a CBD Oil merchant account..

With these points in mind, you can apply for a CBD oil merchant account with only select online service providers that can support and actually approve credit card processing for this industry. Keep in mind that some merchant account providers will accept you only for eCheck and not for an actual credit card processing account. They will not accept you if you are selling marijuana, kratom, or other non CBD Oil products.

Why choose Moneck Payment Solutions for High Risk CBD Oil Merchant Account

When you already understand the nature of your business and the additional challenges you have to face when compared to other industries, you need to pick your CBD oil merchant account provider wisely. Moneck Payment Solutions is one of the most highly recommended solutions for you because the company has been around for a long time and has the right reputation to be trusted by you or any other business. Here are the top reasons for picking Moneck Payment Solutions as your high risk CBD oil merchant account provider:

  • We offer solutions that provide reliable payment gateways, email invoicing, credit card processing and eCheck services, and a department dedicated to customer service.
  • Our application process is one of the quickest and easiest to complete.
  • We typically only require 3 months of bank statement and processing history from you.
  • Easy integration into some of the most common e-commerce platform for selling CBD Products.
  • We partner with Shopify and BigCommerce to deliver the best shopping integration.

We have always made things easier for our customers. We are sure once you sign up with our services, you will never look back at any other options.

* Restrictions apply. Merchant account availability, terms, pricing, & approval qualifications can change at any time. All files are subject to final approval and underwrite. Pricing/price guarantee does not apply to high-risk merchants.

New Frequent Asked Merchant Account Questions And Answers

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Merchant Account Questions and Answers

Moneck Payment Solutions is the leading merchant account provider in the N. America. We've received many great questions from our customers including high-risk merchant, medical office, online Peptide supplement store, and many Nutraceutical business.

Here is the latest list of questions our customer asked and the answers our payment solutions experts provided. Feel free to check out Moneck's merchant account FAQs for more answers.

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* Restrictions apply. Merchant account availability, terms, pricing, & approval qualifications can change at any time. All files are subject to final approval and underwrite. Pricing/price guarantee does not apply to high-risk merchants.

5 Things To Do To Increase Medical Office Profit

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medical office payment solutions

This is one of the questions many medical offices ask us - Top 5 payment processing things a medical office should do to increase profit by using credit cards for payments.

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* Restrictions apply. Merchant account availability, terms, pricing, & approval qualifications can change at any time. All files are subject to final approval and underwrite. Pricing/price guarantee does not apply to high-risk merchants.

Video Testimonials From Real Customers

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YouTube Channel
Moneck is proud to announce the serial video testimonials from our happy customers in restaurant, retail, medical and high risk industries. Moneck now has a new YouTube channel as well.  Follow Moneck on YouTube or Facebook to learn more about how Moneck helped many merchant to securely processing credit card, e-check and receive payment online and offline.

With Moneck's fast next day funding feature, merchant can rest assure to have a smooth payment processing and operation.

 

* Restrictions apply. Merchant account availability, terms, pricing, & approval qualifications can change at any time. All files are subject to final approval and underwrite. Pricing/price guarantee does not apply to high-risk merchants.

Moneck Payment Solutions

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Welcome to Moneck.com - the ultimate resource for accepting credit card transactions either online, on a wireless smartphone, or over the phone and mail order. Our payment gateway guru is standing bye to fulfill your online transaction need's and will help you save money running a successful business online and offline.

* Restrictions apply. Merchant account availability, terms, pricing, & approval qualifications can change at any time. All files are subject to final approval and underwrite. Pricing/price guarantee does not apply to high-risk merchants.
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