Apple Pay Comes to Canada | Canadian Merchant Accounts

Feb 29, 2016

Canucks, rejoice! You can finally access Apple Pay. While the US rollout had a few glitches (i.e. repeating transactions without a way to obtain a refund) the Canadian rollout should be effortless. While consumers are clamoring for this technology, merchants have not been as hot for it. It isn’t that Apple Pay doesn’t bring in the big bucks, but rather than it is a high risk payment option. While this may trouble some merchants, those with Canadian merchant accounts should not fret.

While a typical merchant account will not allow “alternative” payment sources, or jack up your processing rates for accepting them, a Canadian merchant account, like the one offered by EMB, will not. Yes, there is a chance that Apple Pay is riskier than the average plastic card payment. After all, if your phone is not secure, someone could easily hack your information. One too many chargebacks can leave a merchant without a merchant account, if their merchant account processor is not familiar with the “high risk” processing industry. This leads to the inability to process anything other than cash, and very few people pay with strictly cash.

Even if you are comfortable with your current set up, you need to check your options. While your current processor may work for now, many do not cooperate with the advance in technology – including Apple Pay. All merchants should make sure that their current processor accepts these payment sources, and if not, you should consider your options. You need to not only look for a processor who accepts alternative payment solutions, but also one who does not jack up processing fees for these sales. Many times processors will charge higher processing fees for risky transactions, including Apple Pay, and you will not realize it until you look over your statements. Be sure to look at the fine print in your existing contract to find out if you are one of the merchants who will suffer from unnecessarily high processing fees, just for using a new payment source. At the end of the day, your business matters – after all, it is your lifeline – and you should take every step available to make sure that more of your hard-earned cash stays in the business and not in the processor’s hands.

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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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