What Do You Need to Offer Travel Agency Payment Plans?

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What Do You Need to Offer Travel Agency Payment Plans?

Not too long ago, travel was out of reach for most people who didn’t have a large lump sum of cash to pay for flights, accommodations, and tours upfront. 

Today, however, the travel climate has changed.

To make travel more accessible for customers, many travel agencies now offer payment plans as part of their services. 

Payment plans make travel more affordable by allowing clients to pay for trips in installments. They also benefit the travel agencies that offer them, since travel agencies that offer payment plans attract more bookings and cater to a wider array of clients.

The question, then, is how you start offering payment plans.

In this blog, we’ll discuss what you need to offer travel agency payment plans, and how to roll them out as smoothly as possible for your company.

How do Travel Agency Payment Plans Work?

The specific terms and conditions of travel agency payment plans can vary widely from one agency to another. 

While some agencies offer payment plans only for certain types of trips or destinations, others provide this option for all their offerings.

The terms of a travel agency payment plan are defined in a legally binding payment agreement document that both the agency and the client agree to. Once the terms of the payment plan are fulfilled, the installment agreement is terminated. 

What are the Benefits of Travel Agency Payment Plans?

While payment plans can be convenient for both clients and travel agencies, there are administrative considerations, financial risks, and legal regulations that your agency needs to consider before you decide to offer payment plans. 

That said, travel agency payment plans also offer several benefits for both you and your clients. 

Here are some of thelargest pros of these plans:

1. Affordability

Payment plans make travel more accessible by allowing clients to spread the cost of their trips over an extended period of time. This arrangement can attract people who may not be able to afford large upfront costs, but who want to travel anyway. 

2. Increased Bookings

Travel agencies that offer payment plans and flexible payment options will likely see an increase in bookings. While many travelers are deterred by the high upfront costs of travel, offering payment plans can give them the push they need to book with your agency.

3. Higher Average Transaction Value

Great news for travel agencies: payment plans can lead to higher overall spending per client. When clients have the choice to pay in installments rather than in a lump sum, they may opt to purchase higher-end accommodations, upgraded travel packages, or additional services, thereby increasing the average transaction value.

4. Better Customer Loyalty and Greater Customer Satisfaction

Clients want options when it comes to when and how they pay, and they appreciate the flexibility of travel agency payment plans. As such, agencies that offer payment plans often see improved customer loyalty and satisfaction, and a distinct competitive advantage. 

How Travel Agencies Accept Payment for Payment Plans (Hint: You’ll Need a Travel Agency Merchant Account)

Travel agencies use various methods to accept payments for payment plans, but they all flow through a travel agency merchant account.

A travel agency merchant account is an account that allows travel agencies to accept credit card payments from customers for flights, hotels, tours, and other travel-related activities. This type of merchant account enables travel agencies to process electronic transactions securely and conveniently.

Here are a few types of payments you can process with a travel agency merchant account:

  • Credit/Debit Cards
  • Bank Transfers
  • Online Payments
  • eChecks
  • And more

No matter what type of payment options you choose to accept, it’s critical to choose a merchant account provider that ensures your payments are secure, compliant with all relevant financial regulations, and as streamlined as possible for clients.  

Seamless Chex Provides Intuitive, Robust Merchant Accounts for Travel Agencies

If you’re looking for a merchant account for your travel agency, look no further than Seamless Chex. Our team provides powerful, scalable travel agency merchant accounts that can help you offer simple, convenient payment plans and more accessible travel for your customers.

Ready to learn more? Contact us today. 

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