Banks Must Innovate or Continue to Lose Customers

Oct 30, 2015

Banks are under a tremendous amount of pressure to change payment systems to protect consumer information and provide more convenient processing. In the last decade, an array of solutions aimed at processing larger volumes, mobile payment, more access channels, and enhanced technical support have forced banks to bulk up payment systems. In addition, growing compliance and security concerns are also pushing banks to invest in more creative, customer friendly payment processing solutions.

In the last five years, there has been a shift from traditional silos to organized central hubs in banks. This shift is spurred by the desire for many banks to integrate systems that link various channels like mobility, internet, and ATM. To compete with new and innovative payment processors, banks must ensure they too have the ability to validate identities quickly, while meeting real-time or almost real-time settlements.

To keep customers in the future, banks must also focus on need based payment solutions with creative payment models. At the same time, they must also consider regulations, location support, available technology, and other factors that may affect the back office. Striking a balance between supporting higher levels of modernization and working within the constraints of bank infrastructure is now their number one priority.

Currently, all signs point to banks finding ways to retain customers by embracing new payment processes. As banks discuss strategies to integrate technologies, they might reconsider the types of customers they have turned down in the past. High risk merchants like those in the adult industry are a customer base ready to do business with traditional payment processors. Many in the adult market have to rely on digital payment processors like WePay and PayPal. However, these processors can be unpredictable or unfair to adult merchants who often have their accounts frozen or shut down due to morality policing. Support from established banks would secure payment channels and help merchant accounts grow, leading to a more profitable relationship between adult merchants and banks.

But for now, most banks still shun high risk ventures; even those whose industries are seeing unprecedented success. EMB knows that your adult merchant account deserves the protection of a legitimate payment processor. Our integrative systems give your customers a variety of payment options to obtain services at home and on the go. Start your application today and learn about all of our processing options today.

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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 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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