EMV is Coming and Here to Stay

Aug 26, 2015

Great ready merchants! EMV cards are coming soon, and you may think that they are prepared. Perhaps you have read literature from your processor, or read a blog posting like this one. Perhaps you have even Googled the term. While you may be ready for the change, your credit card processor might not be. Talk is cheap, especially when it comes to new technology. You need to make sure that you and your credit card processor are ready to accept EMV cards.

If this is not the case, you should seriously consider a change. While change is scary, it can also be good.  These cards are proven to have far less hackings, which is great, but for those who are in an industry considered “high risk”, you really need a high risk credit card processor. Even though the hacking risk will be decreased, hackers are getting smarter by the day. Because of this, you need to make sure that your processor is prepared to deal with any fraudulent issues, and their chargebacks. If you have suffered a chargeback, you know how horrendous the fees are. If you have not, you are lucky. A chargeback not only costs you the funds from the fraudulent charge, but also a fee of up to 270% of the fraudulent charge. This can heavily damage any company, and it can sidetrack a company from making a profit.

You need to make sure that your processor – high risk or traditional – if prepared for the EMV change. Yes, there are always glitches with new technology, but card companies have slowly allowed the option change to customers over the past year. Processors should have been updating their systems, but some have not. Ask if they are prepared, and ask how. A good processor will not only be prepared, but can inform you of changes that have already been made. Not all processors are upfront, and this is something that all merchants should look out for. A good credit card processor is upfront with their changes, and if they are not, this should raise a red flag.

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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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