Mobile Payment Myths

Aug 24, 2015

Mobile payment apps are becoming more and more popular, and merchants should be able to accept these payments. They are quick and easy to process, which makes the checkout process smoother. If you have a brick and mortar store, this process helps your checkout line move quicker – which everyone loves. However, for all of its popularity, many are still under the assumption that this is a fad, or an unsafe way of processing a payment. Below are some common myths that merchants believe about mobile payment apps.

First off, many believe that they are unsafe to use. While every type of processing is at risk of being hacked, mobile payment systems have increased security at checkout. This is because the customer’s card information is not stored on the card skimmer, or other processing device. Merchants need to make sure that they are able to accept these payments, because not all high risk merchant account processors provide the technology. Most mobile skimmers are small, and at risk of being misplaced. If this happens, because of the lack of information saved, customers information is safe from hackers.

Second, many believe that this is a fad because the technology is new. While it is true that the technology is new, it has been used for the past few years successfully in Canada, the United Kingdom, Spain, and many African countries. The portable system is great for small stores, and for those who cannot otherwise have a way to accept payments. If someone does not have access to affordable electricity, as is the case in certain African countries, this method requires only a WiFi signal to work, and no electrical outlet.

Another myth is that the systems are expensive. This is far from the truth. Portable payment swipers are relatively cheap when you consider that a traditional desktop terminal is an average of $1,000 US dollars. All you need to do in addition to the portable payment swiper is to obtain a high risk merchant account and download a payment acceptance app. It is that simple.

While you may be successful without mobile payment acceptance, times are changing. You need to invest in the technology to accept mobile payments, because this is the future of payment acceptance in the USA.

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 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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