4 Banking Technology Trends that Will Change the World

Jun 23, 2016

How individuals conduct business and make purchases are changing every day. Merchants that want to see their businesses grow, must learn how to utilize new methods of payments technology that make purchasing quick and easy. Right now financial institutions are scrambling to find and develop payment processing technologies. Developers are innovating a variety of  technologies driven by customer needs and market trends. Capital One conducted a recent survey of the world’s leading financial and payment services in an attempt to discover what is on the horizon for payment technologies.

Emergence of Biometric Security

Financial and banking companies are partnering with mobile technologies to protect consumer identity and information. The report suggests that there will be a surge in biometric security measures, like fingerprint and retina scanning to bolster security.

Better Financial Advice for Consumers

Consumers can look forward to the democratization of financial information. Gone are the days where consumers will have to book an appointment with a financial advisor. Now, innovative financial companies have made their expertise available 24 hours a day with mobile and web technologies. Since automation and technology are becoming cheaper to make, financial and bank services are able to assess consumer information and get fast advice on the go.

More Shopping, Less Cash Payments

The world is doing more shopping online and using mobile like never before. Cash may be king, but it will go into virtual seclusion in the next ten years as technology is pushes for paperless currency as consumers choose convenience over lines at the register or ATM.

Social Media shopping will Increase

Shopping using social media will grow in popularity. In fact, 22% of survey participants project that about half of all holiday transactions will occur via social media shopping.

As the world of finance collides with technology, online retail merchants must be prepared to offer integrated services to their customers. Mobile and web payment abilities must be available to satisfy consumer desire for online shopping and paperless transactions. In addition, merchants that offer online payment gateways, have to ensure their customer’s information security. Learn more about EMB’s setup and management of online retail merchant accounts. Start your application today.

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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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