Sep 17, 2020

How to Find a Business Merchant Category Code

Any business taking customer payments must focus on merchant category codes because your MCC can impact the interchange rate and the cost of card processing. MCC also impact taxes and the way the Internal Revenue Service (IRS) categorizes your business. The merchant category code is simply a 4-character number that credit card firms use to organize businesses into segments. The...

May 12, 2020

Mysteries Of Merchant Category Codes Revealed

Your MCC code has vast implications on your high risk credit card processing . In your business, you may have come across a term called the merchant category code or (MCC).  What exactly is a merchant category code and how does it affect your business? We are going to tackle and demystify the term and how it directly affects your...

Oct 30, 2019

How To Find MCC Codes

All businesses that apply to take credit card payments are assigned a four-digit number by the major credit card companies (Visa, MasterCard, Discover, and AmericanExpress). This number is called a Merchant Category Code or MCC. It serves as a designation to identify the type of business or service it is in. In 2004, merchant category codes became a requirement by...

Dec 31, 2018

Merchant Identification Number (MID) | Why Is It Important?

Worldwide, the number of merchants accepting credit/debit card payments increased by 13% in 2017, thus making up 69.2 million. Each time you process a transaction, your merchant ID number or MID guarantees your payments will reach where it’s intended to be. This simple, little code plays an extremely important role in any kind of payment processing. Do you know where...

Dec 28, 2018

The Importance of an MCC Code

Many businesses may not know, but an MCC code can you reduce chargebacks. What is a MCC? Credit card networks, such as Visa and MasterCard, assign A merchant category code (MCC), which is a four-digit number, to every business when it applies to accept credit cards. MCC codes are assigned based on the information about the products and services that...

Dec 06, 2017

MCCs And What They Mean For Your Business

An MCC, or Merchant Category Code, is a four-digit number that is assigned by credit card companies to merchants when they first start accepting credit card payments. This code essentially classifies a business according to the type of goods or services it provides. Originally established by the IRS to streamline 1099 reporting, MCCs now impact everything, from chargeback resolution to...

Oct 13, 2017

High-Risk Merchant Category Codes – MCC

A Merchant Category Code (MCC) is a four-figure number used to categorize business entities according to the type of products or services the company offers. Credit card associations have set up rules dictating merchants in specific high-risk MCC codes to pre register with these associations to ensure monitoring of risks. These high risk categories include industries which primarily cause the...

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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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