If you own or plan on starting a jet charter business, it’s essential to be able to accept online payments in order to stay competitive. Not being able to accept online payments could mean missed opportunities and fewer clients. However, jet charter businesses are considered high-risk by traditional payment processors like PayPal and Stripe due to the high amounts processed per flight, which can result in account termination.
To avoid this, it’s highly recommended to use a high-risk merchant account that specializes in credit card processing for jet charters. With a high-risk merchant account, you can accept payments without worrying about losing your account or experiencing issues with chargebacks.
Challenges for a Merchant Account
High-risk industry: The jet charter industry is often categorized as high-risk due to factors such as high ticket prices, chargebacks, and potential fraud. This classification can make it difficult for companies to obtain a merchant account with traditional payment processors.
Chargebacks: Due to the high-value nature of jet charter transactions, chargebacks can be a significant issue for these companies. A chargeback occurs when a customer disputes a charge on their credit card, and it can result in financial losses and increased fees for the merchant.
Fraud: The risk of fraudulent transactions is higher in the jet charter industry due to the large sums of money involved. Fraudulent transactions can lead to chargebacks, financial losses, and damage to a company’s reputation.
Working with a High-Risk Merchant
When considering a merchant account specifically designed for high-risk charter services, keep in mind the following reasons:
- They Understand High-Risk Industries: Applying for a merchant account for jet charter means working with a provider that understands high-risk industries. A high-risk merchant account is less likely to get flagged, removed, or deleted altogether than a traditional merchant account.
- Chargebacks: High-risk merchant account providers are prepared for a higher chargeback rate than the industry standard. Using a high-risk merchant account allows you to generate sales and book flights even if they are unexpectedly canceled.
- Personalized Service: Often, businesses fall through the cracks with traditional processors who are unable to give them the attention they require. Similarly, customer helplines are often congested and time-consuming. High-risk merchant service companies are different. They offer personalized service and can work with you to address any concerns or issues you may have.
When applying for a jet charter merchant account, you’ll be asked for personal information, bank account details, and possibly bank statements and proof of profitability. It’s important to have an updated online presence, including your company’s website and social media accounts, as this may also be required for approval.
Partner with Moneybox a trusted partner of High-Risk Accounts
Using a merchant account designed for high-risk industries like jet chartering comes with several benefits, including personalized service and a provider that understands the risks of the industry. So, if you’re looking to start or grow your jet charter business, accepting online payments through a high-risk merchant account is a smart choice.