Alternative Payment Solutions Growing with FIS’s Potential In-Car Payments

Jun 23, 2015

The newest market for payments might surprise you. Payments have and continue to evolve considerably. Watches and fitness trackers, for example, now have payment capability. This has led to the thought, why not cars too?

Cars are getting smarter and smarter, thanks to the internet and the numerous apps that continue to make it easier and easier to be connected. This 100-year-old machine has now become to the object of exploration and improvement. Research is now being conducted to see what advantages in-car payment can offer all involved.

The Jacksonville, Fla. – based Fidelity National Information Services Inc. (FIS) is currently exploring new ways for consumers to make payments. The biggest focus is on in-car payments. What role can an in-car payment have? Should it be linked with a smartphone, or should it stand alone? These are just a few of the questions the company is looking into.

At the moment, the lab is still in the early stages of exploring what it is they are going to build. One option being examined is working with a fuel retailer; this technology would allow the consumer to authorize the pump and begin the fueling process before even stepping foot outside the car.

This capability can be utilized through a car app. The question now is whether it should be a standalone app within the car’s entertainment system, or should it be an app that requires and uses a smartphone? It would seem that the options are endless. It all lies with what the lab decides to research and develop further.

Many vehicles already offer drivers connectivity. For example, many Chevrolet models offer 4G LTE connectivity. In addition, the United Kingdom edition of the BMW Group’s Mini compact car can be purchased with an in-dash app that helps you find parking spots. Once a spot has been located, it can be paid for using a connected smartphone.

In the end, automobile companies will have a big say. Whatever in-car payment is developed will have to be compatible with the automation platform that the manufactures have in place. In a world where apps, smartphones and payment options are constantly evolving, it feels as though the options are endless.

Alternative payment solutions make life so much easier for consumers. They can also make business transactions smoother and more efficient for merchants as well. Merchant accounts, for example, have given businesses a safe, efficient and alternative means of processing transactions, especially for businesses that have a hard time qualifying with traditional lending sources. As technology continues evolve, more and more merchants and consumers will likely be taking advantage of alternative payment solutions.

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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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