Get your Penny Auction Merchant Account approved with eMerchantBroker

Oct 13, 2014

Penny auctions are still a popular way to get items at a reasonable price. The auctions have suffered after website fraud and auctions that just conned people out of their money. However, these times are in the past, and penny auctions are slowly recovering.

Unfortunately, the problems have a negative impact on the risk of businesses and for this reason, many merchant providers and banks have chosen to steer clear, meaning that high-risk providers are your only option.

It is still possible to open a penny auction merchant account and this is a business opportunity that you might not want to miss. It is hard work but it is possible to run a successful penny auction site.

It is important that before you move forward with a business proposal, you are able to ensure your potential customers are able to pay for the goods and services and this is why you must apply for your merchant account with the right provider.

eMerchantBroker is a specialist in the field of penny auctions and the requirement for the merchant account. Therefore, if you are looking for an account that offers competitive rates and is there for you and your business, eMerchantBroker might be the one.

It is important as a business owner of a high-risk business that you are aiming to ensure that your chargeback percentage is less than 3%; aim for this figure, any higher will make opening a merchant account more difficult.

With eMerchantBroker you will feel reassured that you are offered the best rates possible and they are there, looking after your customer’s data too, by providing a secure payment gateway system that will meet all your customer’s needs.

Therefore, if you are looking to open a penny auction business, it is vital that you choose the right merchant account provider, to meet your business needs at a great rate.

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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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