EMV Cards Help Mobile Payment Merchants

Nov 23, 2015

Mobile payment supporters have long wanted an easier path to payment acceptance. Thanks to the switch to EMV cards, they may have gotten their wish. However, while mobile payments are making a big impact, they are making some look at the downside. That downside being the increased chance of fraud via mobile payments and CNP (card not present) payments. CNP fraud is on the rise, both with mobile payment systems and online payments, and this can cause panic for some in the processing industry.

While customers and merchants are happy about the rise in mobile payments, many processors are not. The fraud levels are bound to rise, even though many thought that the EMV card change would eliminate this threat. Fraudsters will always find a way to obtain the information that they want, and they evolve faster than the processing industry. While security software is a must for all merchants, it doesn’t always protect from a hacking.

There are things that merchants can do to protect themselves and their customers, even if they wish to provide mobile payment access. First, be sure to check the ID’s of those who have in-person purchases. The majority of adults have a photo ID card, or other form of ID, so this should not be of any issue. This is also helpful for apps that store card information, such as ApplePay, where the card is not shown. This usually stops a fraudster in his or her tracks. You also need to make sure that your merchant account provider is experienced in dealing with issues that come from mobile payment systems.

Your best bet is to obtain a high risk merchant account. While not all high risk merchant account providers are experienced with mobile payment systems, many like EMB are. This expertise can help you keep a watch on your accounts, to know when something abnormal has happened. It also helps you when a threat of a chargeback occurs. While this can happen to any merchant, a merchant that accepts CNP payments or mobile payments are at an increased risk.

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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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