Fed Rages Battle over Faster U.S. Payment System

Oct 22, 2014
federal-reserve-400The debate over a new faster infrastructure payment system is underway. The Federal Reserve Banks are holding discussions on the feasibility of a more technologically advanced national payment system. However, the Federal Reserve Board based in Washington, DC does not seem especially concerned about upgrading the current infrastructure, and some bank officials believe they will need a fair bit of convincing. Still the Federal Reserve Banks have a strong case for change and are hosting talks to construct a business case for implementing faster payment solutions.

In a recent consultant report, the Fed concluded that constructing a brand new infrastructure would be the best solution for the nation. Currently the United States lags behind other 1st world countries in terms of how long it takes for transactions to travel from point A to point B. The Fed points to U.S. reliance on East Coast banking hours – from 8:30 a.m. to 5 p.m., with weekends and holidays off as part of the problem. The Fed believes that the payment system speed could increase dramatically with an extension of banking hours, mandatory hours on the weekend, and/or 24×7 bank operations.

The talks have generated a plethora of ideas from a real-time payments infrastructure, to Federal leadership of banking infrastructure and/or Federal governance. Many participants have also voiced security concerns. They note that standards and protocols have not kept pace with the technological advancements that threaten the safety of consumer assets. The security of mobile payments were singled out as an example.

The study concluded that if the United States’ dollar is to stay competitive in the global market, it must keep pace with the other markets who are adopting the new internationally recognized ISO 20022 XML messaging standards. A system whose ultimate goal is to consolidate the payments platforms of corporations and banks to promote straight-through processing and lower costs.

Faster Payment Processing with eMerchantBroker.com

As the world turns towards faster payment processing, ensure that your adult merchant account can keep up. Consider eMerchantBroker.com, one of the fastest and diverse payment processors on the planet. Your customers will be able to pay for your products faster and with virtually any type of legitimate form of payment. Let us manage your adult merchant account and payment processes, while you enjoy being the boss.

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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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