Choosing A PayPal Alternative Merchant Account?

Oct 28, 2016

Based on recent data by one of the companies in the electronic payment services industry, global travelers are choosing alternative payment methods for travel more than ever. The survey shows that PayPal’s popularity has grown over the past 12 months.

Recent Statistics

In 2015, the volume of transactions totaled 14.5%, and in 2016, all transaction volumes reached 15.7%. PayPal is ahead of American Express all around the world. Given online purchases, Visa and MasterCard continue to be the top choice counting for 70% of all online sales. However, specialized local payment methods are becoming more popular in their own markets.

PayPal offers both pros and cons. On the one hand, PayPal enables users to integrate with other third-party platforms without difficulty. On the other hand, PayPal can create problems for users by holding their payments or putting it under review without any clear explanation. Moreover, in several countries, PayPal doesn’t offer money withdrawal services at all.

Choosing Alternative Accounts for Merchant Services

The unfavorable factors associated with PayPal often make merchants choose other options for online transactions. Below you can find the latest alternatives to PayPal:

  • Amazon Payments

Amazon Payments is only available to US residents. It works for different customers, including businesses and developers. You can add payment methods to your Amazon.com account, and don’t have to reenter payments and shipping addresses with each purchase you make.

  • Google Wallet

Google Wallet’s availability is restricted to the US. It allows for storing your debit/credit cards, gift and loyalty cards in a digital wallet without difficulty. An email address or a Gmail attachment will be enough to send money to friends or family. Google Wallet offers 24/7 fraud monitoring and purchase protection, but has less acceptance than PayPal.

  • Payment Processors Like EMB

A reputable payment processing company like emerchantbroker.com is an ideal option for merchants. EMB offers a reliable and affordable PayPal alternative merchant account to businesses of any type and size. EMB is voted the #1 high risk processor in the US and boasts an A+ rating with the BBB.

  • Payoneer

Payoneer provides its services in 200 countries and offers transactions in more than 100 currencies.  This payment method is popular among freelancers and other professionals. However, the rent of credit card is a bit high.

  • Skrill

Skrill (formerly Moneybookers) allows for sending money to an email ID that belongs to another Skrill user. To withdraw the money, you can use a debit/credit card or a bank account. This option enables you to instantly withdraw funds into your bank account. Skrill is available in 200 countries and processes transactions in 40 currencies. It offers low transaction fees and a top level of security.

  • Stripe

Stripe is a convenient option for accepting payment from customers. You can use both Visa and MasterCard, American Express and JCB. Stripe provides transactions in almost 100 currencies and supports only 19 countries.

Take some time to study all the available options for you. Consider the payment methods provided above and choose what is right for your business.

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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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