Choosing the Right Credit Card Processor For Your Business

Oct 26, 2016

Starting a business is a major challenge. From financing to advertising, small business owners must be resourceful and learn how to spend efficiently and get the most for their money. Finding a merchant processor will affect your profits, customer service and potential market growth. So what should businesses look at when selecting a credit card processor?

What Are the Fees and Costs?

Pay attention to credit card fees. Some fees can be up to 5% on everything a company makes from its debit and credit card sales. Still, some companies may offer less for the same services and products. Merchants should look out for interchange fees, monthly statement fees, application and setup fees, monthly minimum fees, early termination fees, and monthly gateway access fees. It is important for merchants to fully understand all of the fees and service terms that may eat away at your profits.

Fast Set Up Time?

Find out how long it takes to set up the technology and set up your account. If the setup is too complex or takes too long, it could affect your customer service or short term profits so plan accordingly.

What Payments Do They Accept?

Make sure that the payment processor accepts the types of payments that your customers and business prefer. If you are in retail, ensure that your payment processor accepts all major credit and debit cards. In general, the more payments your business accepts, the more potential for profits there will be. In addition to major debit and credit cards, you may also ask if they accept gift cards, e-Checks, prepaid card, or an electronic benefit transfer, or EBT. If your customers are tech savvy, ask if your payment processor accepts newer tech like (NFC) technology, digital wallets such as Google Wallet or Apple Pay.

How is Customer Support?

Hiring a payments processor that is available 24/7 and can offer direct help with expert representatives will be a source of security for your business. Plus access to experts will help provide backup for employees and ensure customer issues are solved quickly and efficiently.

EMB specializes in high risk credit card processing. Get quick, simple, and straightforward, services and funds from professional payment processors. EMB is the nation’s leading online small business lender with a streamlined application that is also user friendly. Contact us today to start your bad credit merchant account today.

Let us help you get a high risk merchant account today!

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

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.

Live Chat