Merchants Require Payment Tech’s Support To Fully Digitize

Nov 25, 2020

According to the 2020 American Express Digital Payments survey, 58% of customers who had previously utilized contactless payments reported they are just as inclined to use them now more than ever before. The survey clearly demonstrates that customers are doing whatever they can to avoid contact during the Covid-19 pandemic. 

Since this trend shows no sign of dissipating, merchants are under immense strain to keep up with the rapidly evolving payments revolution, by developing a “comprehensive payment strategy”. 

With global giants like Facebook, Google, Amazon, and Apple, the lower-ranked, smaller players are feeling the pressure to keep up. 

Where Merchants Must Focus On

Online merchants, in order to remain solvent and grow, must focus on global reach and gaining acceptance throughout the world, along with accepting numerous payment types. 

Some merchant solutions that can be incorporated include providing economical and “low maintenance payment forms”. This can mean offering smartphone payments through merchant apps. One capability that would cater to customers during this time is to allow customers to use a merchant app to place an order and then allowing the customer to pick up the item in-store. Via this app, merchants can collect vital customer information, which can also be used to develop customer loyalty programs. 

Secondly, customers are increasingly demanding a seamless payment journey as part of their shopping experience. Amazon has integrated this perfectly with payment initiatives such as prime rewards, Amazon cash, Amazon Pay UPI, and Amazon Lending. These programs have not only improved the customer experience but have also boosted their profitability and their market share. 

Finally, online merchants must not neglect security.  Getting well-acquainted with the most common types of fraud in the industry and working towards lowering fraud rates can take merchants to a higher level of operation. Merchants must seek the right partnership with payment technology companies that offer state-of-the-art and efficient technology such as real-time fraud detection and monitoring. 

No Money, No Problem 

It is no mystery that smaller enterprises will not have access to the deep pockets of their giant competitors. Luckily, more payment providers are removing these deterrents by offering merchants both credit financing and investment solutions that will facilitate merchants to fully scale, manage, and grow their business. This type of support is vital to having a solid, value-filled partnership. 

Payment processors also have the capacity to offer simple banking alternatives and even extend a merchant’s credit line. By doing so, payment providers give merchants direct access to competent creditors and first-rate banking options, enabling them to provide superior services to their customers. 

It is clear that consumers have completely changed their buying behavior and are moving more towards mobile, digital, and social tools for their purchasing needs. The obvious course of action for merchants is to develop modern commerce and sales solutions to stimulate customer engagement and greatly improve their return on investment with each purchase. 

It’s A Win-Win Situation

Payment providers are beginning to see the competitive advantages of assisting online merchants to successfully upgrade their payment solutions. These strategies will both attract and engage consumers. 

By seeing this as a strategic partnership and investing the necessary resources into this collaboration, payment providers and online merchants stand to stay ahead of the payments revolution curve. 

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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.