Can Mobile Beat Plastic at the POS?

Apr 23, 2015

The mobile revolution has been coming for a long time. And now that it is here, many in the tech field are predicting the abandonment of current payment methods in favor of mobile payment systems like Apple Pay. But so far, this has not been the case. Consumers are still using the same payment methods of the past – mostly debit and credit cards, even when they have the option to use mobile payment processes. Does this mean that mobile payment is going to be a dud? Or have consumers just not gotten used to it yet?

According to InfoScout/PYMNTS Apple Pay Transaction Tracker, over 85 percent of consumers who can use Apple Pay decide to use another means of payment, or just forget that they can use mobile. Some mobile payments professionals note that consumers are going to need time to migrate away from comfortable forms of payment, even though companies like PayPal and Google have offered mobile wallets for years that people still aren’t using.

Some mobile payment companies have decided to meet consumers in the middle. SWYP is a mobile payments platform that focuses on an electronic mag stripe that lets users keep up to 25 pay cards or loyalty cards onto one programmable device. In other words, consumers no longer need to carry around wallets, only the device. Although there are already a variety or programmable mag stripe cards on the market, the next step in the evolution of these cards is one that uses consumer shopping behavior, and predicts which cards consumers will use at certain establishments.

SWYP says their card is unique because it notices patterns of buying behavior and payment methods, and can even match these with certain times of the day. So after consumer patterns are identified, SWYP will even shuffle the cards consumers will use at a particular place, at a specific time of day to the top.

Security concerns may also be a reason that consumers are sticking to what they know. Despite the recent security breaches of top retailers in the nation, consumers still prefer to use plastic. This preference may be solidified with the new EMV chip capabilities that will drastically help to reduce fraud.

Google, Apple, PayPal and Samsung have all made mobile wallets for consumers. Is your high risk business ready to process these types of payments? is the number one payment processor that handles both good and bad credit merchant accounts.

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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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