Jul 23, 2015

Payday Loan Merchants Selling Annuities?

If the Wisconsin Senate gets its wish, the state’s payday loan merchants could start adding on services. From annuities to insurance to financial advice, this new bill has folks scratching their heads. While payday loan merchants know that most coming in are in need of financial help, the fact that they are offering up financial services seems fitting. However, due...

Jun 25, 2015

Will New CFB Rules Kill Payday Lenders?

New proposed rules by the Consumer Financial Protection Bureau (CFPB) would lead to substantial consolidation in the short-term payday industry of almost 70%. For the last few years, the CFPB has warned that it may take action against payday lenders due to claims that payday lenders perpetuated consumer debt. A recent report by global consulting firm, Charles River Associates, projected...

Apr 23, 2015

The CFPB Raises the Heat on Payday Lenders

The federal government is starting to be more aggressive in its oversight of the payday loan industry. The Federal Consumer Protection Bureau is investigating the integrity of payday loans, noting that over 80 percent of people who receive these loans have to apply for another loan within 14 days. The CFPB wants payday lenders to review a borrowers’ ability to...

Mar 18, 2015

Is Over-Regulation Real? The Payday Loan Industry May Soon Find Out

Some states and lawmakers want more stringent laws concerning payday loan companies. What they do not realize is that for the few bad seeds, there are hundreds, if not thousands, of respectable, legitimate payday loan companies that are suffering. A few years ago, stiff regulations were enacted, and since then, very few problems have come along. South Dakota wants payday...

Feb 13, 2015

Quick Payment Processing Plan Released By Federal Reserve

After much anticipation, the Federal Reserve has at long last released their blueprint for faster payment processing in the United States. Despite the Fed’s caution and wary approach, those in the payment processing industry, especially those with payday loan merchant accounts, are eagerly anticipating the modernization of payment in the United States. Many merchants operating with a payday loan merchant...

Jan 30, 2015

Payday Loans Win Big in Louisiana

Payday loan regulation advocates will not be getting their way in the 2015 legislative year in Louisiana. For the last few years, consumer advocates have pushed for constraints on the number of payday loan companies in the state and the amount of interest these organizations charge. Consumer advocates tried, and failed, to point out that payday loans may hurt citizens...

Dec 29, 2014

CFPB Delays & What They Mean for Payday Merchants

The CFPB, or Consumer Financial Protection Bureau, has delayed three major announcements and implementations for 2015. While some are happy that these new regulations will not happen as expected, the vast majority of merchants and customers are not. While its delays could harm merchants, there are things that you can do to protect your payday loan business, regardless of their...

Dec 24, 2014

The Payday Loan Industry May Have Gotten Lucky

The Consumer Financial Protection Bureau has pushed back three anticipated decisions, one of which is a proposal on payday lending. The proposal on payday lending is set to be addressed within the first seven months of 2015. Payday lending companies like, Cash America, EZCORP and First Cash Financial, are expressing relief at the delay as many in the industry fear...

Nov 22, 2014

Payday Loan Merchant Account Solutions with EMB

It might be odd to consider some businesses are high-risk, even if they have the perfect credit rating, in their business and in their personal life. However, sometimes the business itself creates a high-risk and not the financial side of the business at all. If your business is high-risk, it doesn’t mean that you are not able to get hold...

Feb 15, 2013

Merchant Account for Payday & Title Loan Company

Once upon a time cash was the medium of payment for goods and services bought; however in the modern world, credit and debit cards are the preferred choice for payment. Thus a merchant account is absolutely necessary for not only face-to-face sales but for those via phone or internet. Merchant accounts for payday loans companies are vital – but often...

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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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