EMB’s Exceptional Credit Card Processing For Pay Day Loan Merchants

Sep 02, 2016

In the modern world of the Internet and high technologies, people choose to make payments via credit and debit cards. That is why merchant accounts have become inseparably linked not only face-to-face sales but to those being made via phone or internet. It is worth mentioning that even though merchant accounts for payday loans merchants are of vital importance, they are not easy to obtain.

Why It Is Challenging to Open a Merchant Account

Chargeback fees count for the greatest risk to credit card processors. You should take into account the fact that this is not a refund. MasterCard, Visa and Discover Under have set up certain regulations, according to which, a merchant’s payment processor must bear 100 percent responsibility for all merchant transactions.

If merchants run illegal businesses or deal with high risk customers who are likely to generate chargebacks, the processor will be held liable for millions of dollars in losses. As a rule, businesses dealing with high risk customers are associated with adult-oriented products and entertainment, electronic cigarette providers, firearm dealers, pharmacies operating online, and payday loan brokers.

It is critical for merchant to take time to find an equitable and reliable merchant account provider like emerchantbroker.com for brokers who deal with payday loans. Payday loans are classified as high risk, so large banks and many providers will only offer their services under unfavorable terms. They will also offer unfavorable fees to cover the perceived risk of processing payments for a payday loan merchant account.

Get the Best Merchant Account for Payday Loan Brokers

Today’s market requires a legitimate player to have the capability of accepting payments from check writers and debit/credit cardholders at a reasonable transaction rate. Ideally, a payday loan broker should look for a merchant account provider that specializes in providing an ACH or Automated Clearing House for high risk credit card holders and Check 21 or Check Clearing for the 21st Century for check writers.

A reputable processor like EMB can get you a secure and reliable payday loan merchant account tailored to your specific business needs. EMB will compare rates and offer from the leading credit card processing companies the best to payday loan broker’s needs.

Emerchantbroker.com is voted the #1 high risk merchant account provider in the US,  boasts an A+ rating with the BBB, and guarantees a 99% merchant account approval. EMB offers the “100% Worry Free Guarantee.”

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 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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