7 Points To Consider Before Partnering With A Payment Processor

Dec 28, 2016

As soon as the retailer accepts the transaction, the information has to be transmitted to a verified payment processor to be completed. A payment processor completes the transaction by sending data between the merchant, the merchant’s bank, the consumer’s card and their bank. A payment processor is the company providing the hardware at a storefront location.

A payment processing partner is of vital importance for a new eCommerce business. So make sure to choose the right platform for your business. Here are several important factors to take into account when selecting the best option for you:

  1. Focus on the Way the Revenue Share Is Calculated

Your contract should clearly define all types of revenue included. What fees are included in the calculation? If you don’t know, ask the processor to provide the list of fees included.

  1. What Is Your Revenue Sharing Calculation Based on?

Is your revenue sharing calculation based on all profit categories like PCI fees, monthly fees, and statement fees? You can ask whether you’ll be paid on all ancillary fees and profit categories in the merchant account.

  1. Can the Acquirer Provide Self-certification on Behalf of the Major Card Brands?

If your partner can self-certify on behalf of the major card brands, you won’t spend a lot of time and effort. It will be great if they can streamline the PCI compliance certification process and cut the time spent on QA and testing.

  1. What Technology Strategies Does Your Potential Payment Processor Offer?

Make sure to know whether they can offer pre-certified direct solutions as compared to being dependent on third-party middleware. Does this include extra costs and PCI implications as well?

  1. Can EMV Offered by the Processor Be a Practical Solution?

If merchants can’t process EMV transactions, problems may arise. This is especially true of those merchants who deal with increased fraud.

  1. What About New Markets?

See what options you have. Where does your potential processor do business? Do they specialize in the market you’re going to enter?

  1. Is There Anything Unique About What They Offer?

Make sure your potential processor has the support system you need. Discuss what options you have. Perhaps they offer account managers, technical support, or a skilled marketing team.

If you’re looking for a reputable payment processor, consider turning to emerchantbroker.com. EMB, the #1 high risk processor in the US, offers secure and reliable payment processing to merchants of any type and size. EMB is rated “A” by Card Payment Options and is one of Inc 500’s Fastest Growing Companies of 2016.

When partnering with a payment processor, take your time to review your contract carefully. Be prepared to ask the right questions in order to find the best solution to your situation. Focus on the what’s most important so to build a successful partnership with the right processor.

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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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