Consumers Set to Bank with Watches

Mar 30, 2016

Tech fans rejoice! Visa Inc. and MasterCard are in the designing phases of wearables that accept payment. Recently, the two companies announced the new venture at the Mobile World Congress in Barcelona, Spain. MasterCard will be partnering with WiseKey, a security software group whose tech is used by luxury watchmakers. Visa is expanding its Visa Ready Program, which houses a token-service provider that masks customer card account numbers for digital transactions. Visa and MasterCard are responding to a growing demand for combining wearables and banking functions by Millennials.

The credit card providers say the idea is to bring contactless payments to any watch, not just smart watches. WiseKey will use near-field communication for payments, the same technology used for Apple Pay and other mobile wallets. Sherri Haymond, senior vice president for digital payments at MasterCard, explains that the company is combining WiseKey’s security software with payments technology. Their intent is to add payments functionality to traditional watches, so consumers won’t have to purchase expensive smartwatches.

MasterCard is not stopping at adding payments capabilities to watches. The company is extending the wearables program to other gadgets and appliances. Earlier this year, the company announced plans to integrate the same software into smart refrigerators that order groceries and pay remotely. Both MasterCard and Visa plan on investing a great deal of money and research into wearables and payments. Research firm, Tractica, predicts that payments volume for wearable devices alone will total more than $501 billion by 2020.

Both companies hope to be on the forefront of adding payments functionality to consumer technologies. MasterCard also announced a collaboration with Coin, a startup that makes physical wallets which enable payments using multiple cards held by consumers.

The wearables market is growing faster than predicted. But integration between banking and consumer gadgets presents more opportunities for credit fraud. If there is an increase in fraud, consumers will seek out reputable credit repair services. eMerchantBroker.com is America’s number one payment processor that will support your credit repair merchant account. We can get your application processed in as little as 24 hours.

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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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