Deadline Approaches for Consumers to File a Claim in Penny Auction Settlement

Sep 10, 2014
online-auction-masthead-shortIf you have purchased or bid on certain penny auction websites, you may want to pay attention to this. Arrow Outlet, LLC.’s customers are now talking claim with the penny auction website, thanks to a consumer lawsuit that garnered a large settlement for affected consumers. Allegedly, the auto-bid script was designed to place bids at certain intervals, thereby prolonging the auction, increasing the number of bids purchased and used, and preventing actual users from winning the items.

Of course, not all penny auction websites operate shady. However, incidents like this have given a bad name to the legitimate businesses. One downside is that the vast majority of merchant account providers will not deal with penny auction merchant accounts. Penny auction websites, even before this lawsuit, had a higher risk of incurring fraudulent charges and activity, and were pretty much blacklisted from mainstream banks and merchant account processors. This should not deter you from beginning a penny auction website. What it should do, however, is make you search out the absolute best option for an online penny auction merchant account provider.

eMerchantBroker is one of the top-rated online penny auction merchant account processors in the United States. Penny auctions are deemed high risk, almost on par with gambling, due to fraud websites and businesses seeking to take advantage of consumers. Fraud sites will sometimes drive up auction prices with an automated bid system. Because of this, you need top-notch security and software, which EMB provides. We at EMB know that your information and your customers’ information is sensitive, and we keep you up to date with the latest software and security to help not only prevent information theft, but also the above-mentioned fraud site hackings.

For more information, contact us today!

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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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