Facebook’s Messenger to Integrate P2P | High Volume Merchant Account

Apr 28, 2015

Facebook recently announced a new peer-to-peer (P2P) system that will operate on Facebook Messenger. In order to send or receive funds, users will have to load their debit card numbers onto the system. The company states that it is excited about this new service and that consumers should have confidence that the social site can function as a competent payment processor due to its extensive experience as a payment processor for gamers and advertisers since 2007.

Facebook sent out a few statements assuring the public that security is its top priority. Spokesmen for the company state that it will encrypt consumer information as it travels between users. Facebook also claims that the payment system portion of the social site will be housed in a secure environment separate from normal social network related systems.

Facebook Messenger is managed by the former head of PayPal, David Marcus, who joined the Facebook team in 2014. Once Marcus joined the team, Facebook CEO Mark Zuckerberg noted that he wanted the Messenger app to extend far beyond performing simple payment functions. He hopes that Messenger will become a significant partner to the payments industry, as opposed to a competitor.

Despite Zuckerberg’s claims that the Messenger app will not compete with the payment industry, other apps are continually blurring the lines between social media and payments. For example, PayPal’s Venmo is a P2P service that is integrated into a social feed that looks more like Twitter than a banking app. Square Cash, Square’s P2P service, has been combined with Snapchat. So even if Facebook Messenger doesn’t want to compete with dedicated payments processors, then other social media sites appear to be testing the waters.

Facebook’s Messenger app will use PIN authentication and Apple’s Touch ID to protect user account information. Facebook plans to roll out the new functionality in the coming months.

The continued integration of payment processing with social media is extremely appealing to young consumers. As this type of payment combination becomes more popular, merchants must formulate plans to engage in this business or be left behind. eMerchantBroker.com has the high volume merchant account experience to manage the large number of transactions that your business might incur once consumers become comfortable with making transactions across social media space. Contact learn more about what our service can do for your business.

Let us help you get a high risk merchant account today!

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

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.

Live Chat