Dec 15, 2015

“In the middle of difficulty lies opportunity.” –  Albert Einstein

The US EMV chip card statistics for October 2015 has recently been announced by Visa Inc. The first month’s data concerning EMV liability shift for POS or point-of-sale transactions shows EMV has growing success.

Current Market

According to a spokesperson for The Foster City, a card network based in CA, the current number of Visa-branded chip cards is 180.6 million in the US. 57% of these are credit cards, and the rest are prepaid and debit cards. The total number is 1/4 of Visa’s US card base, counting for about 720 million, which is up 18% in July.

Given another survey carried out in September, Visa states today 70% of Americans have at least 1 EMV card. As for merchants, 529.000 locations are now enabled to accept EMV cards in the US, which is up 49 percent since September.

Such major retailers as Target Corporation and Wal-Mart Stores Inc. have become the most famous corporations with regard to EMV terminals. However, small businesses own the majority of the mentioned locations. The total number of locations accepting chip cards in the US counts for approximately 8 million.

With EMV adoption, the concern for fraud grew higher in the online sales channel, but merchants in the US market knew they could simply turn to emerchantbroker.com to find the best solutions to their business needs, high risk included. Opening a high risk merchant account with EMB, one of the leading payment processors in the field, merchants can enjoy not only cash advance, debit and credit card processing, but also offshore accounts and online shopping carts. EMB can help you reduce your chargebacks and fight credit card fraud with ease.

Encouraged By Results

Visa’s EMV charge volume counted for $8.9 billion in October, which is up 42% from September. Based on Visa’s operating statistics, Digital Transactions News gives the estimate of the October numbers represented about 4% of Visa’s combined credit and debit transactions amount for the month.

The spokesperson mentioned they were extremely encouraged by the numbers received. As he added, the latest numbers showed chip card issuance and merchant acceptance were on the rise. Moreover, chip-on-chip payment transaction volume grew by 42% in November.

Visa’s October 1 liability shift had its impact on counterfeiting. This means the merchant or card issuer, involved in a card payment transaction that doesn’t support EMV, is financially liable for any counterfeit fraud occurred as a result.

The higher level of security is very important to consumers. However, the new procedures required for the EMV use in stores seem annoying to some consumers. Also, they find these procedures to be more time consuming than magnetic-stripe payment transactions.

Merchants are looking forward to adding PIN authentication to EMV chip cards, and the majority of card issuers still prefer chip-and-signature authentication. According to payment experts, the EMV migration in the US is going to last for years. Moreover, it is still a controversial issue.

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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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