Mobile Payment Processing Poised To Takeover

May 27, 2014

As people increasingly use their mobile phones it is inevitable that mobile transactions will grow. A report from BI Intelligence has found that there is rapid growth in mobile transaction volume. This is changing the mobile payment processing industry, especially in regard to credit and debit card payments.

Consumers and merchants alike are using mobile payment processing methods from scannable QR codes and apps to attachable card readers. Though mobile devices only accounted for 2% of all credit and debit card transaction volume in 2013 in the United States, the annual growth provides a deeper insight. Since 2008 mobile transactions have held an annual average growth of 118%.

One possible explanation for the tremendous growth is that consumers have steadily potted mobile payment processing technologies. Many smartphone users have begun to use mobile wallets, payment apps, and QR scanning apps to make offline and online purchases. The willingness of the consumers to adopt these new technologies is propelling the mobile payment processing industry forward.

The industry though still has a ways to go but is developing quickly. From mobile payment processing app developers to niche technology providers and small payment start-ups, there is much growth in the industry and this is fueling the new technologies. Soon, larger payment processing companies will begin to acquire the smaller start-ups and the industry will develop new standards for mobile payment processing.

The industry still has a long way to grow in many respects. While consumers have embraced the new technologies, many still hold safety as a major issue. Conducting transactions online are high-risk payments and many still aren’t willing to risk their privacy. There is increasing concern regarding the safety of data and security online, especially when considering mobile payments. With fraud and credit/debit card theft rampant the new technologies will have to build up consumer trust to win in the end.

It is clear though that mobile payment processing will continue to grow. As it does, there will be some major issues to work through but consumers and merchants are increasingly turning to these new technologies to conduct transactions.


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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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