EMB Provides Quick and Easy Penny Auction Merchant Account Solutions

Jan 23, 2015

Penny auction websites are jumping with hundreds or even thousands of items for sale at low prices. From electronics to clothes, penny auctions have millions of consumers at the ready looking for that special item to acquire for below market cost. Penny auctioneers earn millions of dollars in profits due to the consumer quest for bargains. Now is the time to invest in this booming industry, and eMerchantBroker.com is the #1 payment processor to help you make your fortune.

Penny auctions are popular because they are simple to understand and configured to satisfy consumer desires for bargains. The penny auction merchant will post a specific item online for a limited time, for consumers to bid on. Once the item is posted, a countdown begins and restarts as new bids are entered. Unlike traditional auctions, penny auctions require that consumers place money on items (one dollar per bid) that they may not win. The winner of the penny auction is the bidder who makes the highest bid as the timer runs out.

The FTC have released several consumer alerts describing how penny auctions work, and the possible disadvantages to participating. Still consumers flock to the sales and special promotions on thousands of items that they couldn’t or wouldn’t buy wholesale. The following is how a general penny auction works. A laptop that retails at $1,500 is placed on a penny auction site at one cent. Bidders interested in the laptop start bidding as the clock counts down. When the clock gets to zero, the bidder with the highest bid will win the laptop. So if a consumer wins the laptop for $100, this actually means the website has collected $10,000 in bid dollars.

This arrangement is advantageous to both the consumer, who gets a $1,500 laptop for only $100, and the penny auction merchant who receives $10,000 in bid dollars. It’s just that simple.

If you are interested in making a large amount of money in a thriving industry contact eMerchantBroker.com. Even though the penny auction business is legitimate, traditional payment processors will refuse to service you or your customer. Our veteran agents will open your penny auction merchant account today with no penalties and no hassle. 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 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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