How to Grow Your Home-based Online Business with a Merchant Account

Mar 07, 2017

The number of merchants currently conducting their operations in the comfort of their homes has rapidly risen in recent times. Unlike more established enterprises, home-based businesses are less regulated, cheaper to run, and offer more flexible working hours. However, merchants that choose to work from home face the problem of limited payment options.

A home-based retailer entirely depends on credit cards to accept payment. Besides making the business more appealing to customers, card payments also give the trader an easy time managing finances. Contrary to popular belief, setting up a credit card payment system is easy. Moreover, the benefits that come with it always outweigh the costs incurred to gain the capability.

Acquiring a merchant account

To start accepting credit cards, you’ll need to open a merchant account with either a bank, an independent broker, or a third-party provider like PayPal. While companies like PayPal can be a good idea if you’re just starting your enterprise, they result in the longest waiting times for payment to reflect on your business account.

On the other hand, getting your application approved by a bank can be hard. Because you lack established premises, the bank will likely regard your home-based business as high-risk. As a sole-proprietor, therefore, your best bet lies with an independent provider.

Below are some ways in which your business will benefit from opening a merchant account with an independent sales organization:

  1. Better rates.

An ill-advised merchant will probably choose PayPal over eMerchantBroker because of the absence of monthly fees. But if you envision your sales to increase over time, you’re better off with an independent provider. These companies charge remarkably lower percentages per transaction to businesses with higher sales and can be more economical than third-party processors

  1. Personalized service

Your account provider needs to have a good understanding of your business to offer the best service. A bank probably has lots of clients just like you, and PayPal doesn’t know you exist. But an independent provider can get to know your operation and tailor your merchant account to precisely meet your needs. Customer support will also be better-equipped to answer your questions and solve problems.

  1. A larger package

Although the sole purpose of a merchant account is accepting and processing card payments, extra services that may come with your package are significantly essential. An independent provider can bundle your account with features like fraud prevention tools and chargeback shield, which will make your online transactions safer.

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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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