Apple Pay is Now Looking For a Fix Thanks to Hackers

Apr 22, 2015

Hackers have found a new target and victim: Apple Pay. The ever-popular new payment app is now the victim of a hacking, but it wasn’t a full-blown hacking as we have seen with various retailers. This hacking was a soft hacking, which some industry experts see as a possible test run for something bigger down the road. Due to this scare, Apple Pay is getting a fix in terms of its security. Threat or not, consumers will still use Apple Pay due to its ease and convenience. But, what happens if there is a mass hacking? Not only would that affect consumers, but it would also affect merchants.

Merchants need to be careful, and not only from this threat, but also from the various hackings that occur daily. High risk merchants should already have a merchant account, but not all are created equal. Some say they are experienced in the industry, when really they are not. Many do not have expertise in the industries, but rather the processing ability. This is great, but every high risk company is different. An electronic cigarette merchant account will operate differently than a penny auction merchant account. This should always be taken into consideration. You, the merchant, need to make sure that your high risk merchant account provider is ready to provide the service and protection that is needed in case your business is hit hard after a hacking.

You need to look no further than EMB to secure your high risk merchant account. From electronic cigarette merchant accounts, to penny auction merchant accounts, to legalized marijuana merchant accounts, we at EMB have staff that has expertise is varying high risk fields. With EMB, you will not only have a high risk merchant account, but also the ability to obtain chargeback insurance, which can help keep chargeback costs low after a fraudulent claim is made. Your rates will also be industry-standard, and you are not at risk of having your account closed to one-too-many fraudulent claims.

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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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