Alternative Payment Processing With a Merchant Account from EMB

Oct 22, 2014

How consumers pay for merchandise is changing. Right now, the financial industry is witnessing a shift in how consumers buy their goods, which devices they use, and where they choose digital wallets over plastic. This boom in technology has left merchants and financial institutions rushing to catch up with updated protocols and security measures, however banks and other critical key players in this conversation have been notoriously slow to adapt to consumer trends in the past, and may have already affected the security of thousands of consumer accounts due to a rash of large scale data breaches in the U.S. These breaches have accelerated the conversations between bank officials, credit card issuers, and merchants about unified technological responses to beef up the protection of consumer financial information, as the giant wave of alternative payment methods washes across the globe.

yStats, a German firm, predicts that more than half of B2C online transactions will be completed with alternative payment methods by 2017. The fastest types, the firm believes, will be digital wallets and mobile payments. yStats also predicts that bitcoin will not die out, as some have suggested, but instead will increase particularly in the United States. Alternative payments will not just grow in the U.S. The report also predicts that the alternative payment will make up 20% of the total payments made in Europe.

As alternative payment methods grow, high risk merchants should adjust to consumer trends. Now is the time to add digital wallets, bitcoin, and mobile payments to the list of payment types you accept, or risk losing more customers to the competition. Offering these alternatives will be convenient for consumers, make them feel secure about their transactions, and increase your revenue stream. In order to reap the benefits of these new types of transactions, high risk merchants must use a credible third-party alternative payment processing company that is experienced in high risk account management.

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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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