Some thoughts on timeshares & credit card processing
The timeshare industry has been a lucrative one for decades, and for the last eight years, sales have been rising quickly. According to the American Resort Development Association, the timeshare business grew by over a billion dollars since 2016!
It’s no wonder more e-commerce merchants are contacting us for timeshare credit card processing. Because of various factors, timeshares are firmly within the “high-risk” segment of the credit card processing industry. This creates challenges for new timeshare related websites but also reduces competition for those who take the time to get set up correctly.
High-risk processing and timeshare sales
Don’t let the term high-risk deter you. High-risk doesn’t mean it’s harder to make a profit. It just means if you are in the timeshare industry you need a high-risk credit processing solution. While this might sound like a hassle, the process is relatively straightforward – with the right processor. We can help your timeshare business accept credit cards, learn more about us here.
How can we help your timeshare site take credit cards?
We can help guide you through all the hoops, and get your site ready for business. There are many submarkets in the timeshare industry beyond timeshare deposits and monthly payments. Each situation is unique, and we take the time to learn about your business, your target market, and your technology to ensure everything goes smoothly. Below are 2 of the many subcategories we assist with low cost, fair credit card processing.
Release: some businesses specialize in what’s called timeshare release. Timeshare release is the process of transferring or “releasing” a customer from a timeshare contract, also known as a timeshare exit company.
Advertising: there is also a whole market for timeshare advertising and “travel clubs,” all of which require high-risk credit card processing. High-risk processing takes more expertise to set up than standard credit card processing. Site owners who choose the wrong processor are often frustrated when their processor ends up holding their funds or shutting their account down. Getting your processing relationships right the first time is crucial in the world of timeshare processing.
Diversity is always an option when it comes to timeshares
As mentioned, there are many markets in the timeshare industry, and there is no need to lock yourself into only one of them. With the right merchant account provider, you can sell timeshares, resell and transfer timeshares when and if a client or non-client wants out of their contract, and you can market timeshares on behalf of others. It’s a multifaceted business, and you should feel free to take on as much as you want. It’s also possible to have multiple brands or separate your services into different “websites” and run them from one payment gateway. This gives you a better ability to market to a niche demographic for each market.
How to get started
Merchant accounts are one of the most crucial parts of the startup process. Obtaining the right advice upfront is essential; you need an account that suits both your industry and your site building software.
It isn’t uncommon for novices in the high-risk sector to set up an account with someone only to have their accounts frozen after a month or so when the payment processor realizes you sell a timeshare service. Lousy processing can stop a business in its tracks.
We help site owners like you open correctly underwritten and fairly priced merchant accounts. We provide peace of mind and a stable, affordable way to accept credit cards. At Tower, we specialize in helping merchants with reasonably priced, honest, high-risk credit card processing.
Platforms and site builders
Not every platform is compatible with every payment gateway. We can recommend some of the platforms your competitors use, and also which ones will work with the payment gateway that works best for you. One of the most versatile platforms out there is WooCommerce on WordPress; both are open source platforms with multiple options for connecting with payment gateways and credit card processing. If you prefer a more structured and easy to use site builder we have some other recommendations. Please contact us anytime for ideas, or to get started with timeshare friendly credit card processing.