12 High-Risk Trends in The Payments Industry

Apr 15, 2020

The modern payment industry offers an incredibly large variety of opportunities and challenges at the same time. Knowing the top payment industry trends is critical to your success. This article will help you with these trends and a merchant account bad credit. So, if this is what you’re interested in, just read below.

Current Global Economy

Global trade is still very weak. Merchandise trade volumes reduced in Q4 of 2019 and fell last year as a whole. The coronavirus (COVID-19) outbreak has resulted in human suffering and hurt the global economy.

In the current situation, it’s even more critical to find a true payment specialist like eMerchantBroker.com to work with so that you can overcome the hurdles on your way with ease and success. EMB carries an A+ rating with the Better Business Bureau (BBB) and is committed to offering unmatched terms and rates to merchants of any size and type.

eMerchantBroker.com is voted the top high risk payment processor in the U.S. and is a go-to option for business owners searching for reliable and cheap merchant account bad credit.

Top Payment Trends

Now, let’s look at the main payment trends:

  1. Payments will take an invisible form for a seamless customer experience
  2. Small- and medium-sized businesses will choose digital solutions for invoicing
  3. Payments will appear in places you’d never expect before
  4. Cross-border eCommerce will go on growing
  5. Expect to witness the prime spending years of the digital-first generation
  6. Both fraudsters and services preventing fraud will continue to get smarter
  7. Expect more regulations protecting consumers and local businesses, thus making it extremely important for companies to become more adaptable
  8. The number of businesses interested in making their payment stack simpler will increase
  9. No room for outdated tech
  10. The blockchain technology will become more popular especially in payment to provide better protection for online payment processing
  11. Mobile wallets will offer increased convenience and a higher level of security
  12. Payment gateways will become better at allowing app users to enjoy different payment options

Given all the changes in the global economy, growth is uncertain. So, both merchants and companies in the payments should keep their fingers on the pulse so as to be able to move the wheel in the right direction.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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