When a customer makes a purchase on a credit card for more than £100, the merchant services provider providing the credit facility is obliged by law to guarantee that purchase. This could be because the service is sub-standard or doesn’t comply with its description. It could also be because the company that sold the arrangements to the customer has become insolvent. In such cases, the credit card company has to refund the customer the money it has paid for those arrangements.
Having consumer funds held on trust in a travel trust account gives merchant acquirers confidence. Any money they do pay out under these guarantees can be reclaimed from the account holder via the trust account.
We have spent literally years educating the travel merchant facilities sector in the risk-minimising benefits associated with Serenity’s unique travel trust accounting structures. We have our rewards though: we now have well-established relationships with the main merchant facility providers in the industry. That means we are able to negotiate favourable rates, terms and streamlined application processes for our account holders via a number of different routes.