Having a vacation home rental is a great source of income and recreation. The challenge many vacation rental property owners come across though is having willing renters that simply do not have enough cash on hand to pay for the vacation of their dreams. Basically, here is this home that costs the owner an arm and a leg to own and on the other side is a potential renter that is broke but wants desperately to vacation in this home.
Solution? Accepting credit cards over the phone! In this economy, why limit yourself to only cash or checks?
When applying for a merchant account of this type, you will need to have decent credit and 3 months of your last bank statements to submit as well. Thisis due to the normally large average transaction size.
