EMV Growth has Equaled Less Canadian Fraudulent Activity

Mar 18, 2015

Fraudulent card activity is up in the states. However, in Canada they are sinking, thanks to EMV’s rise. Thanks to the security-smart EMV cards, fraudulent activity is actually 40% lower than it was in 2013. The data also shows that 80% of all fraudulent card activity takes place outside of Canada, mostly in places where EMV technology is not currently used. This data should persuade card companies to make the switch, but we all know that it is not that simple or easy.

While fraudulent charges are down, it should be easier to obtain a Canadian merchant account, right? Wrong. Nothing has changed in the processing world when it comes to obtaining a Canadian merchant account, even though their card system is one of the safest in the world. There is still the added risk of shipping products overseas, which can equate for some of the reoccurring fraudulent charges. Even so, the added security that the EMV technology brings should help Canadian merchants in the future, as well as Canadian consumers.

While it is not easy to find or obtain a Canadian merchant account, it can be done if you know where to look. EMB, or eMechantBroker.com, is a US-based processor that is one of the few that provides Canadian merchants the opportunity to obtain a merchant account. A merchant account is needed if you plan to accept check or plastic card payments, whether they are “signature” cards or EMV cards. Without a merchant account, you cannot accept these payments. With EMB, you not only get the services of a traditional merchant account, but you also get a great processing rate. Many times, when a Canadian merchant tries to get a merchant account with a US-based company, they charge high processing fees. We at EMB charge “industry-standard” fees. Also, we understand that fraudulent charges are a possibility. We offer all of our merchants the opportunity to invest in chargeback insurance, which can help keep your chargeback fees low after a fraudulent charge.

While Canadian fraudulent activity is down, it is still hard to obtain a Canadian merchant account. When you are ready to invest in your future, turn to EMB.

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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