Chip Cards Protect Merchants and Their Customers from Identity Theft

Nov 02, 2015

If you own a business, your credit score can be the thing that keeps you from attaining a line of credit, a loan, or payment processing. Even if owners don’t fund the business with their own personal credit cards, their personal scores can affect the outcome of loan applications. Many entrepreneurs are good at what they do, but may have made bad investments or suffered from identity theft. To protect personal credit and the credit of their businesses, merchants should use EMV chip-enabled credit cards and offer EMV chip-enabled processing for their customers.

Over 30 million cases of fraud happen in the U.S. every year. This figure has finally prompted legislators, payment processors, and credit card issuers to make improvements to the U.S. payment security system. In October, American merchants were supposed to update payment processing systems to accept EMV enabled cards. In an age where credit scores carry a lot of weight, it is more important than ever to upgrade to EMV credit card processing to give customers an additional layer of security and escape liability if fraud occurs.

Why EMV Works

EMV cards are more secure than traditional credit cards that use a magnetic strip. This strip contains unchanging data that is easily copied and used by criminals again and again. But EMV card uses a chip that creates a unique transaction code for every transaction that can’t be duplicated. EMV cards also provide consumers and merchants with a few more options than magnetic striped cards. EMV can also support near field communication (NFC). This is a more consumer friendly technology that allows cardholders to tap the card against an NFC enabled terminal that reads data instead of inputting them into merchant machines. EMV card transactions can also be verified via signatures or PIN. Lately, the U.S. has adopted the chip and signature method, however many security experts believe the chip and PIN method offers far better security against fraud.

The professionals at EMB offer merchants with good and bad credit competent payment processing services. EMB specializes in bad credit merchant account creation and has the necessary structure and resources to support entrepreneurs from start to finish. Start your bad credit merchant account application 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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