EMV Chip Card Technology Gets Backing From President Obama

Nov 26, 2014

On any given day, President Obama can catch a lot of dissension from every direction. However, his recent views and backing of EMV technology have people praising him. While EMV technology is coming, his support can perhaps help those who are not sure about the technology embrace it.

EMV technology is better known as “chip and PIN” technology, and it is coming in 2015. It is replacing the current “signature” method of finalizing a plastic card transaction. One big boost that may come for the industry is a recent bill signing that Obama participated in, which sought the technology to be used for government benefit cards. This includes EBT and other welfare subsidy cards. This can help keep those cards safe, as well as consumers’ safe, since MasterCard and Visa have already hopped on board the EMV bandwagon.

While this is great news, merchants need to be ready for the incoming of EMV cards. 2015 is not far off, and technology advances are already here. So, what are you waiting for? You need to make a beeline to your merchant account processor to set your merchant account up. However, what do you do if your merchant account is not prepared? Well, waiting around is an option, but that could cost your business. A better option is checking around with other merchant account processors, such as eMerchantBroker.com.

We at eMerchantBroker.com know that EMV technology is coming fast and hard, and we will not let any of our merchants suffer from not being prepared. If all goes well, nearly all cardholders will get their new EMV cards at once. If you are not prepared, your business would suffer greatly. It may be hard to change your merchant account provider, especially if they have been nothing but helpful to you. However, this is business, and they know it is not personal. Do not be afraid to switch, especially since your business relies on these changes.

Let us help you get a high risk merchant account today!

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

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.

Live Chat