Mobile Payments Can Transform Your Business

Aug 24, 2015

Mobile payments are getting a lot of buzz, and it should be taken seriously. This quick and easy payment method can add customers to your business. While you shouldn’t give up on your traditional terminal just yet, the addition of a mobile payment device can greatly aid your business. This is not a fad or fly-by-night trend. In fact, this technology has been used for years in Europe, and it is thriving in Canada.

Mobile payments can transform a struggling business into a successful business with advertising. Many are reliant upon their smartphones, and the free processing apps can be used by millions. The added security features of mobile payments also helps. Because the mobile payment device does not save customer information, there is added security from hackers. This is also great in case of a robbery or lost payment scanner. However, while customer card information is not saved, data is saved to track purchases. This can help you better gauge what sells, and what doesn’t, as long as when your busy times are.

This works for nearly every type of business, but it can quicken and ease the process of a payday loan. The process should be thorough, but getting cash should not take a long time once the customer has been approved. While every payday loan merchant should obtain the ability to accept mobile payments, these merchants should also make sure that they have a payday loan merchant account. A payday loan merchant account will allow these merchants to accept both traditional payments and mobile payments, along with the added security and understanding that only a “high risk” merchant account provider can give.

Payday loan companies are at a higher risk of incurring fraudulent charges, which traditional banks and merchant account providers will not deal with. With traditional merchant account processors, too many fraudulent charges can leave you with higher processing rates, or even without a merchant account. With a payday loan merchant account housed by a “high risk” merchant account provider, you can rest assured that whichever payment terminal, traditional or mobile, you choose will be supported by their expert services.

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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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