EMV Delays May Be For Many Years

May 26, 2015

Everyone (except hackers) is excited about the new EMV chip and PIN cards coming to the USA. While implementation is supposed to take effect in October 2015, rumblings are around that it may be delayed until 2020. This is big news for customers, merchants, and processors, but it may be especially troubling for those in need of a high risk credit card processing account.

Forrester Research said in a recent report it expects “more secure, encrypted, and tokenized transactions on digital wallets, mobile-device-based near-field communications (NFC) virtual cards, and EMV contactless payments will prove strong competitors to plastic EMV chip-and-signature and chip-and-PIN payments in the U.S.”

There is little that merchants can do to combat this new shift in deadline, but there is something existing that they can monitor. That “existing” thing is their current high risk credit card processing account. As we know, not all are created equal, and some are better for certain industries. High risk credit card processing accounts can be hard to find, and there are few that have the “know all” to provide superior service and protection. One of these is EMB, or eMerchantBroker.com. With an experienced processor like EMB, all high risk merchants can be assured that everything is being done to protect their customers information, as well as their own.

One of the biggest pluses of the upcoming EMV cards is that they are virtually fraud-proof. Or, at least up until now they are, as hackers evolve as quickly as evening news stories. The technology is promising to those in the high risk industry, as well as those with more traditional businesses and issues. The hope for high risk merchants was that this implementation would help slow down fraudulent issues, and therefore lower their processing fees. High risk processing fees are high, and this new card was looking to be a good thing for the industry. Sadly, it looks as though we all have to wait at least a few more years to fully see what the WV card can do for US businesses.

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