Mobile Payments are Cool – and Attainable

Jan 25, 2016

Mobile payment option are growing every year, and everyone from teenagers to the elderly are embracing their convenience and coolness. Scanning your phone is easier than digging through your purse to find your debit card, and it accomplishes the same task. What’s not to love? Well, many processors and banks turn up their noses to this new technology, calling it “risky” and “untested”. While this is common place – especially for already “high risk” labeled merchants – there are options for you.

With more and more people using mobile payment apps, merchants need to invest in mobile payment processing options. This is common sense, but many merchants still believe that someone will whip out their debit card instead. This isn’t always the case, and it can leave you losing business. There are many options available for merchants, from Apple Pay to PayPal to local banking products to process mobile payments. However, not all are the best fit for your company. Not all options have good processing rates, and not all options have the sales limits that you need. For instance, PayPal flags and closes any account that they deem takes in too many charges within a small amount of time. This can be disastrous during the a big sale or the holiday season.

In order to combat this, you need to do your research. There are mobile payment processing options available, like the ones through EMB, that are geared toward high risk merchants. Any merchant can be hit with this label if they end up with too many chargebacks. If the merchant does not know where to look for a high risk merchant account processor, they can be left without the technology needed to safely process mobile payments.

It can take time and effort to find the right mobile payment processing option for your business. This technology is much needed in various fields, from auto shops to e-cig shops, and even salons. Regardless of your industry, customers young and old are using mobile payment technology, and you should cater to them with safe option for processing.

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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