Announced in December 2024, the solution addresses the challenges faced by travel merchants when handling card payments. According to the official press release, chargebacks, which occur due to fraud, supplier insolvency, or service non-delivery, can result in significant financial losses for travel agents. The same source reveals that, on average, travel agents lose approximately USD 24,000 annually to these disputed transactions.
In this context, Mint Protect aims to absorb the losses associated with these claims, providing a safeguard against this operational risk.
According to the CEO of Mint Payments, Mint Protect is designed specifically for the travel sector, where businesses often face unexpected financial setbacks. The solution aims to ease the burden of chargebacks, allowing travel agents to focus on business growth without worrying about the financial consequences of such disputes.
Company officials stated that Mint Protect offers important protection, particularly against the risks of supplier insolvency and fraud, which are common in the travel industry. They believe this solution will transform how travel agents manage financial risks, particularly in a sector prone to disruptions.
In addition to its chargeback protection, Mint Payments offers an end-to-end payment solution that streamlines business operations by integrating payments with key travel booking and administrative systems. This helps reduce the need for additional staffing, a challenge many travel businesses have faced since the pandemic.
Looking ahead, representatives from Mint Payments expressed optimism about the company's future, particularly its planned expansion into the United Kingdom, where the company hopes to offer its integrated payment solutions to a wider range of travel operators.
In June 2024, Mint Payments introduced the S700 EFTPOS Terminal, designed to address the unique challenges faced by travel agents in managing transactions. This terminal offers several in-store payment facilities, complementing the company's existing Virtual Terminal solutions. The integration aimed to streamline payment processes and enhance business efficiency for travel agents.
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