Exploring The Future Of Premium Payments

Jul 29, 2021

The payment space is evolving at such a rapid pace. Many solutions being developed today are aiming at providing increased speed, more efficiency, and transparency.

When the pandemic took the world by surprise, it also shook the modern payment system world. Suddenly, payment systems went from cashless to contactless. It also radically changed how everyday businesses would operate.

What Is A Modern Payment System?

A modern payment system integrates seamlessly into your point of sale and provides a powerful payment experience for both customers and merchants. It links merchants to a complete payment ecosystem. This includes merchant services, remote terminal solutions, and acquiring hardware. 

Modern payment systems differ drastically from traditional payment systems. Traditional payment systems relied on cashed-based transactions. With modern payment systems, cash-substitutes are used. What has become prevalent is the use of direct banking, online transactions, credit cards, and internet banking. 

Its Benefits

With both modern and electronic payment systems, transactions have become faster, safer, easier, and more secure. There are clearly more benefits to adopting a modern payment system, complete with premium payment features. Let’s explore a few below.

  • Total Payment Flexibility

In order to remain relevant in the eyes of your customers, you must not only meet but exceed your customer’s expectations. 

This includes having the capacity of accepting a wide range of payment methods. A modern payment system ensures that your business is easily capable of accepting all major credit cards, EMV chip, PIN debit, and contactless transactions such as Samsung Pay and Apple Pay.

  • Get Your Money Fast 

Modern payment systems run entirely on electronic transactions. This means that these transactions are easier to reconcile, batch, and collect instead of cash-based systems. 

As system technology continues to improve and internet connection grows faster, so do electronic transactions. Another great feature of modern payment systems is that merchants can add a “next-day funding” option. Merchants are then able to get paid within 24 hours. 

  • Lower Operational Costs

Another great plus to integrated payments and advanced terminal management is the capability of communicating with various payment devices and work stations simultaneously. Sharing devices across multiple workstations allows merchants to save hundreds of dollars in purchasing new terminals. 

  • Have Access To Premium Payment Services

With traditional payment systems, premium payment services are more costly or unavailable to most merchants. However, modern payment systems make shifting to EMV, acquiring advanced security features, and updating payment devices more accessible. 

Moving Towards Digitalization

Over time, there has been a shift from traditional cash payment systems to digital payment systems. Debit and credit cards first introduced the movement towards cashless transactions. Card payments made it easier for consumers to purchase big-ticket items without needing to carry this amount of cash with them. 

Growing globalization has also contributed to the rise of modern payment transactions. With digital payments, they can be carried out across borders.

In Summary

In order to stay competitive, businesses must be willing to both adapt and adopt the ever-evolving technological advances in payment systems. There are many variables that have brought upon these drastic changes such as globalization, new technology, and ever-changing customer needs.  Payments shouldn’t drive your cost of doing business up. On the contrary, by adopting modern payment systems, it should be considered a competitive advantage for your 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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