How an eBay Merchant Account Can Save You a Ton of Cash

Dec 06, 2016

Selling on eBay is great, but one of the biggest issues comes from accepting payments. While some of us can get away with using PayPal for a few purchases a year, others cannot. If you sell as a professional on eBay, you should consider an eBay merchant account – that doesn’t involve PayPal at all.

While this sounds like a great idea – and it is – eBay has strict regulations on who, and how, an outside source can be used to process payments. According to eBay, “Merchants with their own merchant credit card processing account, and those who use a third-party credit card processor, may also offer their buyers the option of paying directly with a credit card online (including through third party checkout) or by phone”. eBay considers whether or not the payment model is legit and fully secured, as well as whether the payment systems could confuse people.

eBay also considers many factors concerning the items themselves. According to eBay, “Whether the payment model involves precious metals, or other non-cash (points, miles, minutes, coupons, discounts) as consideration”. And for those who wish to accept offline payments, there is this warning: Offline payment methods generally do not offer the same level of protection or convenience as online payments. Nonetheless, they may be appropriate for certain types of transactions and sellers may use listings to offer acceptance of most valid financial instruments including personal checks, cashier’s checks, money orders or COD.

Scary, right? Well, if you have a good merchant account provider you should not worry. While eBay has their preferred list of outside merchant account providers, if you have a secure high risk merchant account provider, such as EMB, you should be okay. This is a great way to keep your business in check – especially since PayPal isn’t favorable to those who have a lot of transactions in a short amount of time.

This is the bad thing with PayPal: They can close an account without notice, and you will be left without payment or a chance to refund your customers. This is the worst idea for a merchant, so if you are selling on eBay, check with your merchant account provider to see if they can help you out.

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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.