Consumers Shy Away from Target’s Debit Card in the Wake of the Retailer’s Data Breach

Aug 28, 2014
urlTarget has started a new campaign to get consumers to buy back into their debit and credit cards. However, consumers are weary, as the massive data breach was less than one year ago. While a year can be a long time away in many instances, consumers are not easily ready to forgive when it comes to information and money breaches.

If you’ve forgotten, around holiday season 2013 Target and other retailers suffered from a massive data breach, with an estimated 10 million people from the United States and Canada being affected. While customers who had fraudulent charges eventually received their money from their banks or credit card companies, the fact that they were out of that money, some for months, was enough to make many stop shopping at Target. While it was not Target’s fault that someone hacked them, consumers still see the threat.

Merchants, regardless of where they shop are iffy of using plastic card payments, and you need to assure them that their information is safe. I you have in the “high risk” industry, i.e., either an industry that cannot easily obtain a merchant account, or a business who has been hacked before, you need to look into ahigh risk merchant account. You need the plastic card payments to keep your business afloat, and a high risk merchant account provider can help keep your customers information secure.

EMB provides merchants accounts to those in the “high risk” category. While others claim to do the same, and they do, they tend to charge outrageous fees. At EMB we do not. We believe that all businesses, regardless of what they are, deserve a fair shot at prosperity.

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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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