How the Chip and PIN Movement Helps your Small Business

Jun 10, 2014
imgresMany are fretting over the upcoming change to chip and PIN debit cards. However, there are equally as many people who are excited. These changes are not only good for the plastic card industry, but also for merchants. This change is coming and your high risk business should be ready.

High risk businesses are less likely to be as prepared as more mainstream businesses, due to the fact that the majority of merchant account processors do not know how to deal with high risk businesses and their needs. Every high risk business needs to be in the care of a high risk merchant account processor. These processors focus solely on those with high risk accounts, such as adultery entertainment websites and e-cig merchants. These businesses are labeled as such because they are at a higher risk of fraudulent activity, verses more mainstream businesses. These businesses have high volumes of transactions, which tend to attract fraudsters, as they think their activity will not be caught. For businesses such as these, you will need an experienced, educated, and advanced merchant account processor. You need, or EMB, knows high risk business operations inside and out. Our full suite of electronic payment processing solutions ensures we can help virtually any merchant accept credit cards and checks electronically. Our top-notch technology helps provide smooth transactions for your business, as well as being ready to go with their chip and PIN terminal and software updates. The news of these cards have generated a lot of positive (and negative) feedbacks; however customers love the idea that these cards are secure. This means that they will likely spend more using them. While this change does not fully take place until October 2015, there are currently companies that are going ahead with the card changeover, so you should be prepared. With EMB you can be approved for a high risk merchant account in as little as 24 hours, with zero fees down. This is unheard of! In addition, the majority of high risk merchant account holders do not pay set up fees, either.

The upcoming chip and PIN changeover can mean big bucks for your business, as many people will buy into the cards security, and use them more. All high risk merchants should be aware as to these changes, as well as if their high risk merchant account processor is ready for them. If not, consult with a merchant service provider that specializes in high risk accounts, such as EMB.

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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.