| Managing a hotel of any size is a lot of work. From the | | | | so that when someone wants to pay in person they |
| largest chain of exclusive high-rise resorts to a brand | | | | can do it right when they show up without having cash. |
| new three-room bed and breakfast, every hotel faces | | | | The nice thing about the retail swipe terminal is that |
| its own series of challenges. | | | | they have the lowest processing fees. This is because |
| One thing that all hotels can't allow is for the | | | | studies show that there is a much lower risk of credit |
| competition to get a leg up on them. In this industry it is | | | | card fraud. Once you've run the card of your |
| imperative that you take advantage of every | | | | customer, your merchant account company will |
| opportunity out there. Every hotel of any size can | | | | process the transaction and the money will be |
| grow their profits and their customer base dramatically | | | | transferred to your business's checking account within |
| by signing up for a merchant services account. | | | | three business days. |
| A merchant account is set up for businesses so that | | | | Of course you may also want to consider "real-time |
| they can accept and process credit cards in person, | | | | processing." This will enable your hotel to process |
| over the phone, and on the Internet. Once the card is | | | | payment for reservations made over the Internet. With |
| processed the transaction goes through a series of | | | | more and more people booking their hotel rooms |
| stages and the money is eventually transferred into | | | | through the mega hotel search engines, you are going |
| the business's checking account in about two or three | | | | to need to be able to accept credit cards over the |
| days. | | | | Internet to even be involved in the competition. Without |
| Having a merchant account may seem like a | | | | real-time processing and a presence on the web, |
| no-brainer for people who have been in the industry a | | | | many potential customers won't even know your hotel |
| long time, but for those who are just starting a smaller | | | | exists. |
| hotel or bed and breakfast, the idea of processing | | | | With real-time processing everything is automated. |
| credit cards can seem overwhelming. | | | | Your customers will make their reservations through |
| If you are thinking about getting a merchant account | | | | your website or through one of the large hotel search |
| (and if you are in the hotel industry you absolutely | | | | websites, the merchant account will process the |
| should be), there are a few things you are going to | | | | transaction, and the money will be deposited in your |
| need to have ready for going through the application | | | | account in a few short days. All you need to provide is |
| process. We will run through a few of these quickly. | | | | a smiling face and some clean towels when your |
| First, you are going to need a checking account. If you | | | | customers walk in the door. |
| are the sole proprietor of a bed and breakfast you | | | | Many potential customers may want to make their |
| can usually just use your personal account. Otherwise | | | | reservations over the phone, by a fax machine, or |
| you need to get a business account. | | | | even potentially through the good old-fashioned postal |
| If you are going to be processing reservations online | | | | service. You can easily process a credit card through |
| then, obviously, you need a website. We will talk more | | | | any of these ways by using a "virtual terminal." |
| about this later. You will also need to provide a copy | | | | Virtual terminals are great because many merchant |
| of your cancellation policy. This is necessary even if | | | | accounts will include them either for free or for a very |
| your policy is "no refunds." | | | | small fee when you sign up for real-time processing. A |
| Especially if you are just starting up a new hotel, the | | | | virtual terminal is simply a secure website that you can |
| merchant account company is going to want to know | | | | log onto and manually type in your customer's credit |
| you are a legitimate business. | | | | card information. |
| Things that can help expedite this process are your | | | | You will be able to access your virtual terminal from |
| business license, pictures of your hotel, trade | | | | any computer that is connected to the Internet. The |
| references, and copies of your most recent tax return. | | | | funds are transferred the same way as the rest of |
| If you are the sole proprietor you may also need to | | | | the processing options. They will show up in your |
| provide a copy of your drivers license. | | | | account in a few days. |
| Once you have all this information together you can | | | | So whether you have been in the hotel business for |
| start thinking about the services that will help to grow | | | | years, or you are just getting started with your first |
| your business. | | | | little getaway spot, it is plain to see how being able to |
| For starters you are going to want what is called a | | | | process credit cards through a merchant account will |
| "retail swipe terminal" for your front desk. This is simply | | | | help to grow your business. |