Merchants and Banks Scramble to Secure Consumer Information

Oct 30, 2015

The ability to browse endless items and purchase them instantly from anywhere in the world has changed the face of commerce forever. However, this process is flawed as instances of identity theft have skyrocketed in the last few years. This unpleasant reality has sparked a series of conversations and innovations to keep consumer identities safe, while keeping fraud management low and convenient. After all, what good are top tier identity protection systems if they frustrate consumers or eat away at profits? Fraud analysts note that the key to beating criminals, protecting consumers, and keeping merchants in the green is addressing the collective needs of all the players involved.

Security experts estimate that issues of security will cost the global economy around $1.4 trillion in abandoned sales in 2015. If merchants, individuals, and financial institutions are aware of the need to protect consumer identities then why hasn’t there been a consistent standard set for all retailers? Consumers are demanding payment processing that they can trust and easily use. Merchants want systems that are fraud proof but fit into existing payment systems. Banks also need security, compliance and systems to work with their existing infrastructure. Until a feasible solution can strike a balance between all parties, each sector must try their best to work with the others and beef up their existing security needs.

Consumers don’t understand why banks and merchants don’t utilize the newest technologies to protect them. However, problems can often be compounded as ecommerce innovations continue to pop up. New devices come and go, offering easy payment solutions but most lack sound security infrastructure. Serious security infrastructure, not gimmicks, is what will save the identities of consumers in the long run. What good is fast and convenient payment processing if consumers fear for their security?

Frequented industries that obtain a large amount of sensitive data, are often the ones that need better fraud protection systems. The cybersecurity community has complained about the lack of security within the hospitality and travel industry for years. And as consumers travel for the holidays, financial institutions and merchants hope that their current efforts are enough to prevent any major security breaches.

As merchants, banks, and consumers try to find the balance between protection, the budget, and convenience, those in the high risk industry turn to EMB for payment processing. As a major hub for consumer sensitive data, hotels and travel agencies must have their payment processes monitored at every turn. The experienced payment processors at EMB offer premium travel merchant account protection.

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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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