Extended Warranty Merchant Account for Your Warranty Company

Oct 26, 2016

For the company in the extended warranty business, the obstacles can appear endless. Trying to obtain safe payment processing services is one of the biggest obstacles of all. Why is it so difficult for these businesses to get off the ground? Their typical categorization of being “high risk” tends to make the task complicated.

Traditional financial institutions shy away from extended warranty companies due to above average chargeback ratios. A high level of customer disputes is also a huge problem for financial institutions or any other low risk merchant service provider. When you add high tickets and irregular expenses, trying to apply with a traditional lender quickly becomes a never-ending game of hot potato.

The Benefits of Choosing a High Risk Provider

  • Many high risk providers are willing to work with you even if you’ve been placed on the Terminated Merchant File, or MATCH List. A traditional lending source, on the other hand, will not touch you if you’ve been placed on this list.
  • Despite having little to no credit card processing history as a new merchant, a high risk provider is still happy to work with you.
  • If your business venture did not go as planned, a high risk provider is still willing to work with you, even with a bad credit history.
  • While high returns and chargebacks make traditional lending sources shy away, high risk specialists offer services specifically tailored to meet your unique needs.
  • For any issues that can – and will – arise, you have an expert support team to help you.

Extended Warranty Merchant Account

Securing an extended warranty merchant account can do more than just provide you with payment processing solutions; your business can also access a unique set of solutions. From new technology to effective tools, your business can secure the help it needs to thrive and grow for many years to come.

With eMerchantBroker.com, an extended warranty company can secure an account that meets the specific needs of the industry. The application process is fast, simple and hassle-free. Once the application has been received and approved, the merchant account can be set up in as little as three days.

In addition, merchants can take advantage of effective tools like chargeback shield and fraud prevention programs. Merchants are also offered competitive rates and multiple secure payment gateways. If your business offers extended warranties, consider what an extended warranty merchant account with EMB can offer your business. Take advantage of payment processing solutions tailored to meet your business’ specific needs.

 

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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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