Merchant Account for Identity Theft Services

Sep 19, 2013
jail for merchant services account (2)

Identity theft is right up there with kidnapping. They have no right to it, and they really don’t need it. What they truly need is to figure out how to be a part of civilized society and have a job that makes them happy. But as it goes, they want more attention than the rest of us, and do put themselves in dubious positions, causing the rest of us, angst.

This in turn brings in the authorities to sort out what has happened. Such is the case of a merchant account, which is processing credit cards that have been stolen, and opened accounts that are in names of businesses that are unaware of their new account.

Who is responsible?

The thieves have gone a step further. Not only did they take the credit card numbers, they also took the identity and address of an employee or owner and took that information to the web. This is where they invade a merchant services company and open an account with this information. From there, they start processing cards at amounts that flows under the radar.

Who gets to pay for this? The merchant servicer or the bank? How about the card? It’s a good question and not an easy answer for sure. Even though the cards are insured, they will squawk about the charges. Then the poor processor may be out thousands of dollars on something that they never saw coming.

The solution

It will slow down the speed of processing accounts, but to prevent fraud and thievery, the merchant account service providers will need to get more information and verifiable information. Past related fraud cases sight the thieves using a similar address, but changed just enough that the mail can and will get lost. Keeping the company they have targeted in the dark.

A system that will irritate the honest public but will need to be in place to shut down the bad guy, and keep merchant accounts working on the honest side of business. The credit card companies already have fraud programs in place and   pretty much are covered, but the merchant account servicers are targets every second of every day, to this brand of fraud.

Just awful

It’s just plain awful to know that this kind of thing is going on. The internet and our traffic make things so much quicker and have alleviated the cart and horse for our deliveries. Those that live in rural areas keep up with their friends all over the world. Communication among families is one hundred fold and we can keep up with things that were put on the shelf and forgotten.

Now, this brand of money thievery has surfaced and it is just plain nasty. It puts the businesses at risk and the credit card companies, as well as folks that are minding their own business. So the lesson here is, watch your credit cards, keep an eye on your accounts and check your credit history often. It’s just about the simplest system to keep them at bay.

Merchant Accounts - Merchant Cash Advance

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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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