Mobile Payments are here: New Ways to Pay

Sep 21, 2015

The recent innovations in payment technology have been very exciting! It appears that sooner rather than later, we could be able to use our phones and nothing more to transact.

Just a few years ago, it was impossible to imagine that consumers could pay for products and services just by waving a small device. Yet, that has now become the trend. Smartphones have drastically made life simpler. It has not only completely changed how we communicate but also how we shop and pay. So we can now forget cash and swiping credit cards because very soon, we will all be paying using mobile. Just remember that for merchants, high risk credit card processing will remain a necessity for the foreseeable future.

Most merchants are already setting up payment systems that accept mobile payments. Through dedicated and secure apps, you will soon be able to tap and go without exposing vital personal information.

How to prepare for the mobile payment revolution

Step 1: Get yourself an NFC reader

Before you even think about picking a technology to read mobile payments, you first need something to interpret them. Also known as Near Field Communication readers, NFCs are devices that allow the NFC chip in your credit card to wirelessly communicate with both your credit card and the merchant’s cash register.

NFCs are simple devices that should be easy to recognize. In most cases, the reader will attach to your preexisting credit card processor or your tablet. Alternatively, you could come across a freestanding reader made specifically for this function.

Step 2: Familiarize yourself with the services

Now that you’ve picked a technology, it’s time to learn about available mobile payment services and how they work. As you can guess, the two most popular services are from the two giant mobile Operating System (OS) developers; Google with Android and Apple with iOS.

  • Google Wallet

Google Wallet is available to all Android users though it’s now also accessible to users of the latest Apple iPhones. Using the application, you can add money to your Wallet Balance, send money to friends and family, and pay using the Tap and Pay feature.

  • Apple Pay

Users of iPhone 6 and 6 plus can still use Google Wallet. However, Apple has designed its own Apple Pay app that allows users of newer versions of iPhones to send and receive money as well as make payments easily. All you need to do is upload your credit or debit card to the app and pay by tapping the NFC reader.

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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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