However...
With our Merchant Account + Gateway we may possibly
be able to set-up travel companies who have indemnity
insurance (also known as bonding insurance) instead.
Only offer accommodation and don't want to get indemnity
insurance?
We may still be able to offer you a merchant account.
However there are certain points that need to be met
- Please click here
What is indemnity?
An indemnity is a sum paid by A to B by way of compensation
for a particular loss suffered by B. The indemnitor
(A) may or may not be responsible for the loss suffered
by the indemnitee (B). Forms of indemnity include cash
payments, repairs, replacement, and reinstatement.
I now have the insurance, I can apply right?
Yes, but please be aware that to enable us to provide
a merchant account, even though the transaction rates
and costs will remain the same, certain terms may need
to change such as the settlement period i.e. paid weekly
14 days in arrears (or even after the holiday has taken
place) instead of 7 days in arrears. Unfortunately we
are unable to say what exactly the new terms would be
(if any) until you apply.
There is also the risk that you may get the insurance
but may still get turned down.
Possible catch 22 situation
We are aware that certain indemnity insurance companies
will only insure you if you have ABTA and / or ATOL
bonding. However ABTA may stipulate (depending on your
application) that you must have insurance already and
also have been trading for at least two years.
Learn about ATOL and apply
ATOL is a financial protection scheme for holidaymakers.
If an ATOL tour operator fails, the ATOL scheme ensures
customers contracted with the ATOL holder for an air
package or a flight, do not lose the money paid over
or are not stranded abroad - www.atol.org.uk
Learn about ABTA and apply
ABTA - The Travel Association - now represents over
5,000 travel agencies and more than 900 tour operations,
throughout the British Isles. ABTA’s main aims
are to maintain high standards of trading practice
for the benefit of its Members, the travel industry
at large, and the consumers that they serve - www.abta.com
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