America Express Now has its Own Version of PayPal! | High Risk Merchant Accounts

Sep 14, 2015

In a move that will likely cause a stir in the payment processing industry, American Express has announced the launch of its PayPal alternative. Also known as Amex Express Checkout, this payment processing method will rival PayPal in every aspect and is designed to provide an alternative for consumers who’ve been crying out for some refreshing experience.

Yes, PayPal is a great online payment method. But, as days pass by, checkout pages on shopping sites have been getting more crowded. So American Express felt that instead of its card holders signing up for other services such as PayPal to make payments online, why not allow them to use just the same provider? This way, if you’re a frequent shopper at any of the stores that accepts American Express cards, such as Ticketmaster, Newegg, and Warby Parker, then you will no longer need a payment gateway such as PayPal. Just shop and then pay using Amex Express Checkout.

Getting started with Amex Express Checkout is very simple. If you’re an American Express card holder, all you need to do is enter your username and password from your online Amex account and the tools will then auto-fill the rest of the payment information in the billing and shipping fields as necessary.

This move comes as major online payment providers such as Google and PayPal as well as credit card competitors MasterCard and Visa compete for ownership of BUY buttons on online stores and payment apps. The competition is particularly on the mobile front where the nuisance of entering consumer details such as name and password as well as shipping address every time one orders an item online has increasingly resulted in lower purchase rates. Even Apple has launched the much publicized Apple Pay that will allow consumers to pay for items easily and conveniently.

Nevertheless, the American Express payment platform differs significantly from the other payment platforms. For instance, shoppers will be allowed to use their existing American Express online account credentials. This means that current cardholders don’t have to sign up for new accounts.

Merchants will also benefit from the fact that American Express has put in place measures to allow instant transfer of cardholder information to the retailer if the cardholder permits it. All in all, it should be a good move for American Express, the consumer and retailers who currently have high risk merchant accounts allowing them to process American Express cards or who intend to do so in the future.

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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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