EMV – mPOS Competitive Advantage

Jul 21, 2016

The US mPOS market has been in the center of attention of several global mobile POS providers since EMV liability shift in October 2015. This also refers to those providers that once considered the US to be a Red Ocean.

The US and European mPOS Markets

Before October 2015, the US mobile point-of-sale market wasn’t of great interest to most European mPOS providers. Later, with the beginning of the EMV liability shift in the US, companies like SumUp, the UK-based leading mPOS company in Europe, became interested in the US mPOS sector.

It is important to note that the US mPOS market was previously dominated by Square Inc., a financial services, merchant services aggregator and mobile payment company based in San Francisco, California. Today, SumUp and other similar companies are trying to gain some control over the market as well.

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The Difference Between the US and European mPOS Markets

If you compare the US and European mPOS markets, you’ll see the latter has EMV transactions packaged together with PIN security. The former has adopted dip and sign to yield increased customer convenience.

SumUp CEO Dan Klein notes that in Europe they always use a PIN pad, which cannot be said about the US market. So they had to significantly simplify their products for the US market. In the US, PIN and signature weren’t required for more than 60% of Visa’s chip-based credit and debit cards until 2015.

By 2025, the US market is expected to see a larger amount of chip and PIN-backed transactions since Walmart and other merchants target PIN-based transactions for improved security.

Modern World of mPOS

According to Juniper Research, mobile POS terminals and technology are expected to make up 40% of retail sales by 2021. mPOS providers are now focused on capturing as much as possible of that market and are offering new products and services to their  customers.

Thales, a cybersecurity company, announced it would introduce the payShield 9000 hardware security module in the United Arab Emirates. The goal is to help tech provider Swiftch launch a MasterCard and Visa-certified mPOS solution in the Middle East.

WePay, a leading payment services provider, rolled out a new mPOS solution aimed at enabling retailers to integrate online and in-person payments.

Square is going to offer new pricing for their well-known EMV card reader that counted for half a million sales in its 1st year on the market. This is great especially for merchants who cannot afford the reader’s $60 price tag. Soon it will be available for 60 $1-a-week payments.

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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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