E-Commerce Merchant Accounts Can Help a Struggling Business

Nov 22, 2016

While e-tailers are still doing business, some are finding that their business is slowing thanks to higher card fees and new industry regulations. While this is true for some, it should not decrease your business. There are many ways to keep your e-commerce business booming – namely an e-commerce merchant account.

We all know that a merchant account helps us process payments and high (hopefully) chargebacks. But, what makes an e-commerce merchant account different is that with the right merchant account provider, you can help your business grow, even when customers are slow. The right combination of processing fees, marketing, and knowledge can help any online merchant succeed in tough times.

The right merchant account provider will understand your business – and specifically, your industry. E-commerce and brick and mortar commerce are not the same, even if they sell the same things. E-commerce is riskier, thanks to the times of hacking and fraud that we live in. From keeping a watch of credit card information, to keeping a lookout for iffy addresses, there are so many things that an e-commerce merchant has to do that it can drive them nuts. A good merchant account provider with experience with e-commerce businesses can help you keep everything clean and streamlined. This also helps if a chargeback hits your business.

Chargebacks are all too common for today’s e-commerce merchants. An educated and dedicated merchant account provider can help you put a hold on any chargeback claim that isn’t fraudulent, but rather a forgotten charge. This saves you fees, and it saves you the risk of an increased processing fee.

So, what do you need to look for in an e-commerce merchant account provider? First off, ask questions. This is your business and your livelihood, and you need the best for you and your family. Ask for their qualifications, and search the web for industry information. Look for who will help your business best. Also, ask merchants in your area who have similar merchantiles. This is one of the best ways to learn who to do business with – and who to avoid.

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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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