E-Commerce is Booming – But Issues Still Exist

Nov 23, 2015

E-commerce is growing around the globe. 2015 saw the boom of social media selling, new selling apps, and more hacking’s. Hacking’s are no longer a top story on the news, because the happen so often. From in-store scams to online hacking’s, we are all at risk when we use a credit or debit card to make a payment. While online security and terminal security can help, hackers are becoming more and more advanced. This can lead a “non-high risk” labeled business to be put into the category, which can hurt even the most lucrative business.

Being place into this category can leave you in peril with your merchant account. Processing rates can rise, your account maybe scrutinized more, or worse: You could lose your merchant account. Being dropped leaves you on the MATCH list, which alerts merchant account providers to your closure. This can leave you without a way to accept credit and debit cards, which leaves you without a big chunk of your business.

Even though plastic card payments leave you and your customers at the risk of fraud, they are still the preferred method of payment for the majority of American shoppers. The ease of use and the ease of a refund (if necessary) prompts customers to reach for their card instead of cash. However, if you have been placed on the MATCH list, you may be out of luck, unless you know what to look for: A high risk credit card processing account.

The phrase is a mouthful, but you need to make sure this is what you are getting. The high risk processing field is tough, and few processors are equipped – and experienced – enough to deal with the issues that these businesses have. High risk processors, like EMB, have years of experience and a multitude of businesses that back them up with their quality of care. It takes a good business acumen to understand the needs of a business that has been turned down – or tossed out – by other processors. Every business needs to accept plastic payment cards, regardless if they are on the MATCH list, or have a pristine record. Be sure that your merchant account provide understands that.

Let us help you get a high risk merchant account 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 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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