Credit Card Payments are Taking Over Where Change Was Once King

Aug 25, 2015

Plastic card payments (credit card and debit card) are used for almost anything these days. From finding a date online, to purchasing bullets, to purchasing your morning coffee, we would be lost without our trusty plastic payment cards. However, they are now taking over an industry that once was left to pocket change. Laundries and vending machines are now accepting plastic card payments, which makes it easier to dry a load of clothing or buy a Snickers Bar.

Vending machines and laundries may not seem like great business ventures these days, however because of the new wave of machines accepting plastic card payments, they are. Vending machines are everywhere from schools to hospitals and even outside of shopping malls. Business is everywhere, and almost everyone in the USA has used a vending machine at least once in his or her life. The need for this has been coming for years, and now that it has finally happened, the public is happy.

Merchants are also happy, because vending machines are affordable to own and operate. While a laundry may take extra time and funds, a vending machines and be purchased, loaded, and running within a few hours. With the right permits, you can do business almost anywhere in the USA, and the products you can supply are endless. Benefit Cosmetics recently launched makeup and skincare vending machines in US airports, to help passengers who may have forgotten their face powder or moisturizer. There are also condom vending machines in many urban areas. No one wants to hand around counting change for a condom or face cream, so the plastic card payment option is a must-have for these machines.

For this, you must have a high risk merchant account. While you may be able to access a traditional merchant account, your processing rates will be higher, and the security and understanding of the industry will be not as great. High risk merchant account providers are ahead of the industry when it comes to dealing with plastic card payments. Vending machine owners are no different from any other merchant, and they should have the best possible merchant account to house their funds.

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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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