Flooring Merchant Account | Secure Payment Processing for Flooring Sales

Jan 30, 2018

Flooring retailers and installers are just one of the many business types that struggle to secure vital credit card processing services. Without these merchant services, it is impossible for these businesses to offer safe processing online, in-store, or wireless terminals for on-site work. Why are these services often hard to obtain? Flooring merchants are just one of the many business types considered to be high risk by providers.

What Makes Flooring Businesses High Risk?

The biggest reason for this categorization is the business being part of an industry providers consider risky and where the potential for financial failure exists. Among the many reasons why a flooring business might be labeled as high-risk, the following are the most common:

  •  Irregular high-ticket sales
  •  Large volumes of transactions
  • Highly regulated industry
  • Small business and startups (limited time in business and financials)
  • Poor or no credit
  • Active tax lien or past bankruptcy
  • Online transactions (higher risk than in-person transactions)
  • Seasonal business

The Benefits of a Flooring Merchant Account from a High-Risk Provider

Because flooring businesses can involve big-ticket sales per week, deal with large volumes of transactions and have slow seasons, many banks shy away from providing a merchant account. In addition, even if a business has a promising future, traditional lenders will turn down a startup simply because it does not have sufficient time in business, collateral and financials. This is where a high-risk credit card processing provider can help.

A high-risk provider specializes in working with merchants that struggle to secure services elsewhere. Even merchants with bad credit (or no credit) and those placed on The Terminated Merchants File (TMF) or MATCH list can secure services with a high-risk provider. In fact, these services can help a business owner repair his or her credit over time.

In addition to securing dependable, affordable and secure credit card processing, EMB offers merchants secure payment gateways, chargeback mitigation programs, integrated fraud protection and ACH processing. Merchants also benefit from the expertise and support of the staff at EMB, which is dedicated to providing the most up-to-date information about obtaining and managing accounts and safely accepting debit and credit card payments.

Merchant Account Application Requirements

Working with a bank involves long wait times, complicated contracts and extensive documentation requirements. EMB, on the other hand, offers a hassle-free application process. The requirements are clear and straight-forward:

  • A valid, government-issued ID (e.g. driver’s license or passport)
  • A bank letter or a pre-printed voided check
  • A secure, working website
  • Three months of the most recent bank statements
  • Three months of the most recent processing statements, if applicable
  • A SSN (Social Security Number) or EIN (Employer Identification Number)
  • A chargeback ratio below 2%

The application itself can be completed in a matter of minutes, and merchants hear back and are approved in as little as 24 hours. From maintaining a busy schedule and managing inventory and labor to landing new contracts, a flooring company’s work is never done. A flooring merchant account can help simplify payments, provide protection and offer support to free up your valuable time.

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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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