EMV Migration Pushing Merchants to Mobile Payments

Nov 26, 2013


EMV stands for Europay, MasterCard, and Visa. Through their combined efforts comes a payment system we will now know as EMV. It is a joint effort between those three companies to assist in the interoperation chip-based industry for card processing.

Some retailers are not quite sure about the system and have not changed over and quite frankly, just because it exists, doesn’t mean that we all have to like it. It’s a bit like Obamacare, just because it’s there, doesn’t mean we are all happy about it.

“Murphy Oil USA’s Bill Deichler has long said his company may not make the EMV transition because it thinks its own fraud countermeasures are sufficient to offset any extra costs from the card networks’ fraud liability shift. “I would now recommend that retailers really study cloud-based mobile payments as a way to avoid EMV costs and potentially cut down on PCI [Payment Card Industry security standards] compliance costs.”

There doesn’t seem to be a clear winner in the race for mobile payments and technology. Each retailer will have to adjust their merchant accounts to mobile merchant accounts and find the best way that they are comfortable with.

The mobile market

The market that exists with mobile technology is exploding. The ease of the use of the smartphone and the wallet technology makes life a bit easier. The hardest point of all of it will be how to protect it from thieves and fraud. Other than that, the rather simplistic style of one piece of equipment to replace a whole wallet can be very attractive.

Not everyone

Not everyone will want to use a smartphone and all the applications that come with it. Some just like plain old greenbacks or rather…. Cash.

So you might just be a smart cookie and plan to work with all the venues of technology. Imagine the options you can place before your customers. If you are prepared for all of them, then there isn’t a customer that you can’t help.

They would be

The EMV, The Square for on the go, cash, debit, credit, ACH and on; just how would you choose? Maybe you shouldn’t and bring all of them on board.

“Walgreen’s Tim Stepp, says his company is actively investigating mobile payment options, with clerks testing the use of mobile card readers to “complete sales in the aisles and let the customers be on their way”  said ETA.

The point is

Technology is here. Some customers will love it from top to bottom. Others would rather use cash and speak to the clerk before dashing on with their day. Some want to pay with a phone and never see a clerk at all. There just is no way to satisfy all with the same payment system. For your business, the right one is the one you pick. If you choose all, then that works for you, and others decide on two or three of the systems. It’s the fact that they exist and they exist for you…. The retailer.

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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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