EMV Moves into U.S. Market; High Risk Merchant Accounts Serve as a Solution to Growing Risks

May 30, 2014
EMV

With EMV moving in the U.S. market, the concern for fraud is now in the online sales channel. With only half of e-commerce merchants using some sort of consumer authentication program, it has never been more crucial and timely for a better understanding and implementation.

According to an article by cardnotpresent.com, “The main reasons reported by merchants not using consumer authentication are not surprising: 20 percent fear it will negatively affect sales conversion, 13 percent think it will change the user experience and 13 percent say they lack the time it would take to implement.”

With only 45 percent enrolled in at least one consumer authentication program, North American merchants are the farthest behind. Those who are enrolled rely heavily on one of the major 3D Secure programs – verified by Visa or MasterCard Secure Code. In comparison, 60 percent of those outside of the U.S. and Canada have some sort of consumer authentication.

According to cardnotpresent.com, upon further investigation, the types of merchants that are using consumer authentication programs were also considered high-risk business or sold high priced goods. As the EMV moves to the U.S. market, online fraud is going to become an even greater issue thus adding to the element of risk for these online businesses.

One solution is the use of high risk merchant accounts. eMerchantBroker.com is a merchant account provider based in Los Angeles, California that specializes in high risk e-commerce business types. They not only offer merchant cash advance and debit and credit card processing, but they also offer offshore merchant accounts and online shopping carts.

According to CardPaymentOption.com, “The company is willing to work with high risk business types that may not be eligible for merchant accounts through traditional processors, such as adult products, credit repair companies, collection agencies, e-cigarette vendors, firearms dealers, online gaming businesses, nutraceuticals, timeshares, and others.”

With the risk of online fraud growing and businesses waiting to see how the implementation of EMV in the U.S will affect e-commerce, it is never too soon to explore options. With high ratings due to the lack of consumer complaints, eMerchantBroker.com leads the way in offering solutions. According to their website, “At eMerchantBroker.com we specialize in high risk merchant accounts, and we can educate you about why your business may be deemed high risk, and how we can help mitigate the effects of operating a high risk business.”

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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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