Apr 19, 2014

Industry Leaders: ISO Agents Key to Electronic Payment Future

Keynote speakers at Transact 14—the annual trade show for the Electronic Transactions Association—addressing the future of the industry highlighted ISO agents moving forward. The mobile revolution for payment processing underscores the achievements of the small and independent sellers. As point of sale and mobile commerce become increasingly dynamic, the role of ISO agents will only grow.

Visa executive vice president Bill Sheedy emphasized Visa’s desire to empower ISOs to grow and develop while ensuring security. The empowerment of ISOs will only develop synergy with Visa according to Sheedy. The model of the future from Visa’s perspective is empowering ISOs will only lead to more profit for all parties involved—and securing sensitive information is paramount to that future.

The second keynote speaker, Google’s Ariel Bardin, provided specific examples of the synergy that develops with ISOs when they work together with industry giants. Bardin, the vice president of product management for Google Payments, highlighted how with Google Payments customers at Rue LaLa and Priceline.com were able to complete transactions with a one-click “Buy with Google” option. This option eliminated repetitive and tedious e-forms to complete an online purchase. Rue LaLa’s conversion of shoppers to purchases quadrupled with the “Buy with Google” option and Priceline.com experienced a 71% improvement in its conversion rate.

The final keynote speaker was VeriFone CEO Paul Galant. Galant focused on the making the system as consumer-friendly as possible. Expanding rewards programs to create flexibility is the key according to Galant. Having points available at multiple gas stations for rewards at multiple grocery stores is the trend and style of the mobile world. ISO agents are at the center of this as with developing technology and sophisticated POS apps, the ability for consumers to pay however, wherever, and whenever they want will lead to growth. Galant pointed out that 55% of Americans prefer to pay with their phone and among those born between the 1980s and 2000s 70% prefer to pay with their phone.

All three keynote speakers painted a picture of electronic transactions with static, monolithic systems are becoming too cumbersome for the mobile population. ISO agents have the mobility and one-to-one opportunities to help spread the new mobile payment processing, and when supported by the industry giants opportunity for profit and growth will become available for all parties involved.

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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 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.

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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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