Merchants Must Prepare Payment Systems for Holidays

Dec 01, 2015

The holidays are here. Now is the time for merchants to make fantastic profits by providing comprehensive payment processing to customers. However, it is also a great time of the year for criminals who want to steal consumer information. To prevent fraud from occurring at your place of business, take a few critical precautions to make business move smoothly and keep fraudsters away.

Security is Key

Recent massive data breaches of major retailers has brought security to the forefront of merchant strategy. According to the FTC, over $1.6 billion was lost to fraud during the 2013 holiday season. Businesses must take a more proactive approach on payments security to protect customers and profits. Merchants must upgrade their POS terminals with chip-and-PIN or chip-and-signature functionality to protect themselves against liability for card-present fraud.

Multi-Channel Strategy

eMarketer is predicting a 14.4 percent increase in digital transactions this year. Companies should acquire an omni-channel inventory management solution that gives merchants an overview of total operations. They should incorporate a usable interface with reordering features that reflect best sellers in each location.

Managers must not get too caught up in system upgrades. They must also remember the importance of the in-store experience. An excellent way to boost the in-store experience is to institute a “roaming cashiers.” This keeps wait times down as employees check out customers more quickly.

Gift Card

Giftcards.com reports that over $100 billion is spent on gift cards every year. Merchants must find payments providers that offer easy POS activation, spend tracking features, and support services to maximize profitability from gift cards. Merchants should look into personalizing cards to differentiate themselves from other merchants. Plus adding incentives to up-sell gift cards to increase revenue.

Is your business really ready for the holidays? Increase your profits and protect your customers by implementing these tips. eMerchantBroker offers the widest variety of payment processing for high risk merchants. Plus EMB offers merchant chargeback protection called Chargeback Shield, a program that reduces the frequency of chargebacks by 15-30%. The Chargeback Shield will defend your account while you worry about boosting profits.

Let us help you get a high risk merchant account today!

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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.

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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