M-Commerce Took Control of 2015’s Holiday Season | eCommerce Merchant Account

Feb 29, 2016

While much of the media’s talk of the 2015 Christmas and winter holiday shopping season consisted of the surge of e-commerce sales, they lacked mentioning m-commerce. M-commerce, or mobile commerce, is growing quickly, and with the lessened prices of smartphones, more consumers are likely to jump on this techie bandwagon. For customers and merchants alike, this change is quick and great, but there is one major drawback to this new technology: the lack of secure payment processing options.

Merchants know the drill: A new, hip way to process payments can quickly turn into a nightmare product. But unlike Apple Pay’s wonky upstart (i.e. duplicate payments without a reversal method) mobile commerce is entering without any issues. The 2015 holiday season saw $12.7 billion in transactions. This was a 59% increase in sales from 2014, which brought in $7.98 billion in sales. The main issue though was not the risk of low performance, but rather the risk of hackings.

Hackings can damage any business, regardless of their financial status. 2013’s Target hackings taught us that even the mainstream can have hacking issues, and while this was tragic for consumers, it helped educate merchants to the fact that they need secure processing. Finding a process becomes complicated if you have a “high risk” labeling, are on the TMF file, or are in need of an ecommerce merchant account. Yes, it can be a challenge to locate the right fit for your business, but it is possible. The key is that you have to ask question.

Inquire about the processor and their clients. Find out if they specialize in your type of business, or if they accept any “high risk” businesses. Specialization is key, and you can find reputable processors for nearly any industry, even for the new and presumed risky e-commerce industry. Yes, the process can be long and hard, but the effort is worth it to keep your business and customers safe in this era of hackings. Remember that this is not something that is a fad, but a long-time commitment to ensure the betterment of your business.

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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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