How Your Business Can Become A Platform?

Jun 05, 2016

Future success of a businesses is increasingly be associated with platforms. Platform thinking and new technologies can help any business develop to join the platform economy.

Modern Business Requirements

It’s not surprising that Apple, social networks like Facebook and Twitter, sharing economy apps like Uber and Airbnb, and Salesforce as software as a service for the enterprise are currently the top trends in business. All of them boast an extremely powerful feature – a scalable online platform that connects people and ecosystems.

Each of these platforms has its own way of monetization. Growth-oriented speed and scale-focused economies enable these platforms to surpass traditional businesses. To be competitive, businesses should focus on strengthening the power of their platform. Platform thinking lies in the basis of all these issues.

Core platform thinking strategies have already been practiced in the industry. These are associated with elements of franchising, vertical integration, operational efficiency, and scale. Newer components of platform thinking are based on the ways technology enables companies to execute the mentioned strategies at unprecedented scale, meanwhile streamlining processes once thought complex.

To guarantee success for your platform company, it is critical to turn to a reliable payment processor in the filed like With EMB, #1 high risk processor in the US, you can open a low-cost merchant account for your company, including a credit repair merchant account.

How to Become a Platform Company?

To evolve into a platform company, you should take the following steps:

  • Leverage Network Effects

This means you should focus on services and goods that become valuable when more people start using them, thus making your network as large as possible. To build your network, you can also increase the platform value by making it open for others to build on.

For example, Apple, Facebook, and Salesforce started offering application programmer interfaces (APIs) and software development kits (SDKs). People started creating apps, thus making the platform more extended and attractive.

  • Focus on Customer Intimacy

Companies focusing on competitiveness do their best to win on features and price. Customer-intimate companies target experience. They aim at experience not only from the aspect of their customers, but from the aspect of their customers’ customers as well.

This way, Salesforce acquired SteelBrick. The latter is a company helping sales representatives take orders, accept payments, give price quotes, and generate invoices.

  • Curate Your Brand Experience

In our modern times, customer acquisition and network building are based on:

  • Designing a frictionless web experience
  • Offering a mobile app to help people interact with your business whenever and wherever they wish
  • Aiming at user data and expanding actionable insights
  • Incorporating payments right into your platform
  • Eliminating the hassle of entering PayPal or credit card account information
  • Constantly making it safer, easier and more compelling to conduct business on your platform than on other alternative platforms available in the industry

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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.