Hotel Business Management Strategies That Pay Off Big
Managing a hotel of any size is a lot of work
Managing a hotel of any size is a lot of work. From the largest chain of exclusive high-rise resorts to a brand new three-room bed and breakfast, every hotel faces its own series of challenges.One thing that all hotels cant allow is for the competition to get a leg up on them. In this industry it is imperative that you take advantage of every opportunity out there. Every hotel of any size can grow their profits and their customer base dramatically by signing up for a merchant services account.
A merchant account is set up for businesses so that they can accept and process credit cards in person, over the phone, and on the Internet. Once the card is processed the transaction goes through a series of stages and the money is eventually transferred into the businesss checking account in about two or three days.
Having a merchant account may seem like a no-brainer for people who have been in the industry a long time, but for those who are just starting a smaller hotel or bed and breakfast, the idea of processing credit cards can seem overwhelming.
If you are thinking about getting a merchant account (and if you are in the hotel industry you absolutely should be), there are a few things you are going to need to have ready for going through the application process. We will run through a few of these quickly.
First, you are going to need a checking account. If you are the sole proprietor of a bed and breakfast you can usually just use your personal account. Otherwise you need to get a business account.
If you are going to be processing reservations online then, obviously, you need a website. We will talk more about this later. You will also need to provide a copy of your cancellation policy. This is necessary even if your policy is no refunds.
Especially if you are just starting up a new hotel, the merchant account company is going to want to know you are a legitimate business.
Things that can help expedite this process are your business license, pictures of your hotel, trade references, and copies of your most recent tax return. If you are the sole proprietor you may also need to provide a copy of your drivers license.
Once you have all this information together you can start thinking about the services that will help to grow your business.
For starters you are going to want what is called a retail swipe terminal for your front desk. This is simply so that when someone wants to pay in person they can do it right when they show up without having cash.
The nice thing about the retail swipe terminal is that they have the lowest processing fees. This is because studies show that there is a much lower risk of credit card fraud. Once youve run the card of your customer, your merchant account company will process the transaction and the money will be transferred to your businesss checking account within three business days.
Of course you may also want to consider real-time processing. This will enable your hotel to process payment for reservations made over the Internet. With more and more people booking their hotel rooms through the mega hotel search engines, you are going to need to be able to accept credit cards over the Internet to even be involved in the competition. Without real-time processing and a presence on the web, many potential customers wont even know your hotel exists.
With real-time processing everything is automated. Your customers will make their reservations through your website or through one of the large hotel search websites, the merchant account will process the transaction, and the money will be deposited in your account in a few short days. All you need to provide is a smiling face and some clean towels when your customers walk in the door.
Many potential customers may want to make their reservations over the phone, by a fax machine, or even potentially through the good old-fashioned postal service. You can easily process a credit card through any of these ways by using a virtual terminal.
Virtual terminals are great because many merchant accounts will include them either for free or for a very small fee when you sign up for real-time processing. A virtual terminal is simply a secure website that you can log onto and manually type in your customers credit card information.
You will be able to access your virtual terminal from any computer that is connected to the Internet. The funds are transferred the same way as the rest of the processing options. They will show up in your account in a few days.
So whether you have been in the hotel business for years, or you are just getting started with your first little getaway spot, it is plain to see how being able to process credit cards through a merchant account will help to grow your business.
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