Are EMV Chip Cards Only for the Wealthy?

Mar 20, 2015

According to recent reports, wealthy people are three times more likely to receive EMV chipped debits and credit cards than lower income individuals. suggests that the gap exists in large part due to the way banks have chosen to roll out the new cards. But will this method put lower income card owners at risk? Some credit experts say that it may.

Many banks have chosen to roll out rectangular-chip-embedded cards to customers that travel internationally first. Customers who travel internationally are generally those who earn a higher income and can afford to travel on a regular basis. Cards are also being rolled out to consumers who use them at retailers with compatible card readers, many of which are higher end retailers. A poll of 1,038 U.S. adults revealed that 46 percent of those who make more than $100,000 per household reported that they already have an EMV chip, as opposed to 13 percent of individuals who make less than $35,000.

Still these figures are expected to jump this year, as banks are pushing out more EMV chipped cards to meet the October 15 deadline. However, most experts note that even if the banks crank up EMV chip distribution, millions of credit card owners will still be without extra anti-fraud protections in 2016.

Over 80 countries have been using EMV chips for years. The technology is said to drastically reduce instances of fraud, due to chip technology. Some security minded consumers do not want to wait for banks to roll out EMV cards. In most cases, customers can call their credit card company and place a request for a EMV enabled card for no charge.

By the end of 2015, an estimated 50 to 70 percent of Americans are slated to have EMV chip cards. EMV chip cards will become the standard for all merchants and payment processors. Ensure that your business is ready to process EMV chip cards by opening a high risk merchant account with We can get your merchant account set up and running within 48 hours.

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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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