Jul 31, 2017

The Crypto-Currency Cashless Future

Move over credit cards: Cryptocurrency is the future of retail

Blockchain may still be in its early stages–, but if recent trends can tell us anything, it’s that this and the next few years are set to establish the technology as a dominant force in e-commerce. Essentially, a cheat-proof ledger that monitors and authenticates financial transactions, blockchain has been widely applauded for creating a secure and decentralized payment system, which makes digital records of every unit of currency and follows it all through the channel.

Cryptocurrency in retail

The last few years have seen a rapid increase in the number of retailers accepting digital currencies. Major brands like Subway and Victoria’s Secret have added Bitcoin, the most widely known cryptocurrency, as an alternative to conventional payment options. Although it’s still a long way from global acceptance, the benefits of blockchain to retailers cannot be ignored.

  1. Fraud prevention

Unlike physical forms of money, digital currencies cannot be counterfeited or reserved by a sender. There’s, therefore, no chance of fraud or chargebacks.

  1. A wider customer-reach

Cryptocurrencies exist in their own network that is accessible to everyone with an internet connection. And because they operate solely peer-to-peer, they cannot be regulated by any form of government or centralized faction. So, think of it as giving your customers a chance to spend as much as they wish, from anywhere and at any time.

  1. Cheaper transactions

Payments made via digital currencies do not attract any transaction fees, which means that even if you engage a third-party service to manage your business’ Bitcoin wallets, the overall cost will still be lower than that of bank and credit card transactions.

The future of crypto-commerce

Thanks to innovative efforts from progressive payment processors, many e-commerce websites can now cryptocurrencies as a form of payment. eMerchantBroker, for instance, can set you up with a crypto currency merchant account that will enable your site to accept Bitcoin payment while integrating seamlessly with your cash registers.

The trend is also expanding into physical stores through Bitcoin-enabled POS terminals, and banks and credit card networks are increasingly getting involved. It, therefore, won’t be surprising if, a few years down the line, digital currencies become as mainstream as electronic payments or bank notes.

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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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