Growing Threat of Payment Fraud

Jul 29, 2016

Fraud and chargebacks can be alarming for your business. Take your time to find the best solution to fraud-related problems before the trouble knocks at your door.

Payment Fraud Survey

The Electronic Payments Association (NACHA) has recently held its electronic payments 2016 conference. A TD Bank conducted a survey at the conference on the future of the financial services sector. 88% of the attendees think the sector is going to be under a greater payment fraud threat in the years to come. 10% believe currently it is possible to fight payment transaction fraud effectively.

Rick Burke, TD Bank Head of Corporate Products, mentions that even if the threat of payment fraud is becoming greater, lots of firms are not ready to prevent what is expected in the upcoming 24 months. Burke further notes that corporate treasurers should discuss fraud-related issues with their banking partners. This will help them keep their payments processing and accounts under control, determine better ways to provide multi-level defense, and successfully detect fraud-related activities.

Today, there are lots of organizations switching to electronic payment systems from physical ones. Only 20% conference attendees’ companies use a paper-free system. 32% think they will convert to an electronic system in the upcoming 2 years. 42% believe the change will take min. 3 years. 49% are sure their business is in need of real-time payment processing. Finally, 74% consider self-service and mobile commercial financial options a priority.

Fight Fraud with EMB

Businesses, especially high risk ones, very often deal with chargebacks and disputes. Happily, you can limit payment fraud and cut chargebacks associated with your business. For this, you should find the right payment fraud protection and prevention programs in the industry. Consider turning a reputable payment processing company like emerchantbroker.com. EMB is voted the #1 high risk processor in the US and offers the best merchant account services in the industry.

In partnership with Verifi and Ethoca, EMB offers customers an unmatched fraud alert and prevention system. Verifi’s new Cardholder Dispute Resolution Network or CDRN allows for controlling disputes by networking with banks and card issuers. These chargeback resolution networks enable merchants to reach the highest rate of chargeback resolution.

With eMerchantBroker, business owners can:

  • Enjoy exceptional chargeback prevention and fraud-fighting programs
  • Get notified about chargebacks just on the spot
  • Partner up instead of fighting alone
  • Proactively fight payment fraud
  • Retain profits

Choose the best for your company and start growing.

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

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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 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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