Is Samsung Pay the Next Evolution in Mobile Payments

Mar 25, 2015

A new player is in the mobile wallet game. Samsung Pay is now available on the Galaxy S6 and S6 Edge. Samsung Pay is the newest competitor for Apple Pay Inc. Apple Pay exclusively uses NFC to make mobile payments, the new Samsung Pay use LoopPay. LoopPay is a magnetic-stripe radio field technology that is set to rival Apple Pay’s NFC tech this summer. Samsung reps are hopeful that the mobile wallet will be embraced and understood by consumers.

When a registered user accesses LoopPay, they need only to press the button on a LoopPay fob or navigate to the app on their smartphone. The user then selects the payment card and presses the “Tap to Pay” button. The data is then transferred to the point-of-sale reader via a magnetic field that any POS terminal can translate, as the signal mimics the same magnetic field change that is passed through a reader with a traditional mag-stripe card.

Samsung’s LoopPay technology is exciting to many in the industry, as it could mean an increase in customer use of Samsung Pay. Right now, Apple Pay solely runs off of NFC technology which must be matched with NFC terminals. There are only 220,000 of these terminals in the United States. But Samsung Pay uses the same magnetic technology found on regular debit and credit cards. As a result, Samsung Pay users can use the mobile wallet on any of the 8 million POS terminals already in existence.

Even though Samsung Pay seems like it may be the next step in mobile wallet evolution, some critics believe it is just a temporary solution, and see NFC as the future. Others lack confidence in Samsung’s ability to manage a payments ecosystem. Regardless of criticism, most in the industry believe that the entry of Samsung Pay is a good thing for merchants for now.

Is your high risk business prepared to accept Samsung Pay? is the number one payment processor that has the experience to manage your high risk merchant account. Our account managers can process Samsung Pay payments by this summer.

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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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