A View On Alternative Payments – Will eWallets Surpass Credit Cards?

Mar 22, 2016

E-wallets are believed to become the most popular method for making online payments. According to some viewpoints, these methods or alternative payments include direct debits, bank transfers, cash on delivery, e-wallets and e-invoices, and also carrier billing, postpaid, prepaid and digital currencies.

Alternative Payments

Defining alternative payments as everything except credit cards may sound confusing. Basically, payments are categorized into 3 types. Each of these categories offers a number of “ways” to make payments.

When taking about making payments, merchants involved in the high risk sector should be mentioned in the first place. Choosing a secure and reliable payment processor like EMB is special importance to high risk merchants.

EMB goes above and beyond to ensure merchants are always satisfied and provides quick and effective support to all its customers.

The above-mentioned categories include:

  • Pay Before, meaning prepaid and travelers checks
  • Pay Now, meaning bank accounts, cash, and digital currencies
  • Pay Later, meaning a credit line extended by a creditor

Making Payments through “Form Factors”

Based on technology solutions enabled, consumers or commercial entities can choose this or that “way” to make payments. These methods used for making payments are called “form factors.” They play a crucial role in providing account access anytime and anywhere. The mentioned account access implies, e.g., a bank or credit account.

Cards featuring a magnetic stripe or chip are considered as form factors. This is also true of mobile phones and digital wallets. A digital wallet containing one or more credit, debit and/or prepaid account isn’t something new in the modern world of payments. It’s just a new way of providing convenient access to the mentioned accounts.

EMB is ranked A+ with the Better Business Bureau (BBB). EMB offers exceptional high risk merchant accounts, chargeback prevention programs, iCheck for check-based transactions, and amazing business funding options.

With emerchantbroker.com, merchants involved in all types of businesses can enjoy:

  • Approval within 24-48 hours
  • High risk rates as low as 2.99%
  • No annual fees
  • No application fees
  • No gimmicks
  • No setup fees
  • Support from skilled high risk account specialists
  • Unique chargeback protection services

Let us help you get a high risk merchant account 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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