Microsoft Launches Mobile Wallet As A Cloud-Based Payment Technology

Jul 27, 2016

US technology giant Microsoft has introduced its mobile wallet feature in its mobile app. Currently, the feature is available for Windows Insiders using build 14360 or higher. The company calls it a “cloud-based payment technology.”

Microsoft’s Mobile Wallet

Microsoft has recently announced its wallet for mobile payments, which is a competitor to Apple Pay, Samsung Pay, and Android Pay. Mobile wallet unveiled by Microsoft enables NFC contactless payments at the point-of-sale (POS) for devices running Windows 10 Mobile.

The cloud-based service will be available on Lumia 950, 950 XL, and 650 devices first. Microsoft supports MasterCard and Visa payments on cards issued by Bank of America, People’s United Bank, and several credit unions. Soon, Microsoft is going to close its deals with US Bank, Chase, and Fifth Third Bank.

Right now, Microsoft Wallet can be run as an in-store payment method. Microsoft spokesperson described it as a “first step in allowing for making easier and more secure payments for purchases. With this in mind, merchants running an online business should turn to a reliable payment processor like eMerchantBroker to get the best for their company. EMB is voted the #1 high risk merchant account provider in the US and has an A+ rating with the BBB.

Microsoft, Apple, and Samsung

Apple Pay was available as an in-app online payment method, and now is going to compete with PayPal as a payment method for traditional eCommerce sites. So it will be accessed by desktops or laptops via the Safari Web browser. Currently, Apple Pay is available on models newer than iPhone 6 and the Apple Watch.

Android Pay also offers in-app capability. According to a Samsung Pay executive, customers will be able to use the service online this year. Samsung Pay is currently available on Samsung Galaxy S6 and Galaxy Note5.

As for Microsoft, the company acquired Wand Labs, a startup building messaging technology for apps. Now, Microsoft is planning to acquire LinkedIn, a professional social networking service, for $196 per share. The all-cash transaction is valued at $26.2 billion, including LinkedIn’s net cash.

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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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