3 Ways to Cut Costs On Payment Processing

Sep 08, 2016

Unless you find appropriate ways to process payments, you can incur some really high costs. But with a good approach, you can cut costs and save huge chunks of cash.

  1. Ditch the banks

Avoid banks as far as your payment processing is concerned. Several banks provide merchant and payment processing services, but their offers are not the best and may not help you save money as your merchant services provider.

The best thing to do is identify your own merchant services provider. And that’s not hard. You just need to know where to look and find the best by shopping around. A simple search on the internet will land you some of the industry’s top processors.

Some of these processors offer additional or specialized services that other industry players do not have, definitely not the banks. EMB for instance allows to open a Debt Collection merchant account to facilitate the collection of debts from customers.

  1. Opt for an all-in-one provider

If you haven’t noticed, some merchants are forced to process payments by getting different services from different providers, when all these are supposed to be completed by the same provider. For instance, some merchants end up running a merchant account with one provider but a payment gateway from yet another provider.

That kind of arrangement can be particularly costly, not to mention how inconveniencing it can get. Avoid that route. Rather, identify and work with a provider that will pool all your payment processing solutions together.

Working with a single source means that you do not have to bargain with multiple payment service providers.

  1. Start small and build from there

Every business has growth aspirations. But it’s always wise to start with smaller volumes and scale with time. Your market naturally becomes bigger with time. Starting modestly means less losses associated with the limited market share characteristic of a new business.

This way you are likely to get better rates. Your processor should give you a discount for starting small. If they don’t, just go ahead and ask for the discount. Then be sure to scale to larger volumes as needed.


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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.