Are Consumers Over Shopping Malls?

Feb 29, 2016

Shopping malls were the hang out place, the shopping place, and the Santa Claus visiting place for many decades. However, thanks to the internet and a mass of online retailers for just about everything, shopping malls are not as popular as they once were. Merchants may have an ace in the hole to combat the downfall of brick and mortar shopping malls: digital payments and currency. E-commerce hit it big over the 2015 holiday season, and many who operate in-store are now taking advantage of these new, trendy payment methods.

While cash, debit, credit, and checks will reign supreme for the foreseeable future, mobile payments and electronic payments are gaining traction. From Apple Pay to BitCoin, the options are growing monthly, and consumers young and old are pursuing these new payment methods. The big issues comes when merchants cannot accept these methods. Sure, sometimes customers will simply whip out their debit card to pay instead, but this inconvenience could cost you business.

All merchants should investigate this option, but your current merchant account processor may not allow you to accept these payments. Chances are, if you are a high risk merchant, your chances are slim, due to your already “high risk” business nature. There are options available, even if you have a high risk merchant account, and they are available from reputable processors. The thing is, you cannot rely solely on Google to find a processor to accept your high risk company and mobile payments. You need to research. Not all answers are found quickly, and not all processors are for every business. Even if the processor hits every checkpoint, you still need to read the fine print.

Mobile payments are gaining traction, but they are still hard to process for many merchants, especially high risk merchants. For some, even accepting mobile payments can place their “everyday” business into the high risk category. Merchants must remember that while the fad is likely to stick around, merchant account processors tend to hesitate on new technology, thanks to cyber security fears and overall performance fears. Even so, it is possible to accept mobile payments, regardless of what type of business you operate.

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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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