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.