How a High Risk Merchant Account Can Help Safeguard Customers

Jun 17, 2015

The IRS hackings prove that no one is safe from the reach of hackers. What typically happens though, is that small businesses get hacked any do not know it. It sounds insane, but it is true many times. Small businesses do not have the funds for advanced security that the big business do, and at times they even forgo it all together. Sadly, now it looks like even the Feds need help in the security department. While security is one major thing that all merchants need, there are simpler things that can save you, and your customers, from a major headache.

High risk merchant account providers can help tremendously when it comes to monitoring accounts and providing terminals security. You need to make sure that your provider is up to date, and up to task, when it comes to security. EMB is one of the few who are always on top of any issues that may arise in the high risk industry. Another good rule is to educate your employees on good security etiquette. From not clicking onto unknown emails and popups, to being careful with checks and debit cards, employee error is a good chunk of fraudulent issues. Also, be sure to keep a written record of your standard operating procedure, as well as any checklists that can help you and your staff stay in the clear when it comes security.

It is also a good idea to keep a written inventory of data that you store, be it your data, employee data, or customer data. By keeping this information handy, you can know what may have been compromised if a hacking occurs. Another good rule of thumb is to keep up to date with the Better Business Bureau (BBB) and its online guide to data security. It is updated often, and by checking in a few times per year you can keep abreast of issues and tips that can help you and your employees keep your customers safe. There is no one “right” way to keep your company secure, but there are tips that can help you out along the way.

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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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