Mobile Payments In The Card-Not-Present World

Jul 29, 2016

Given mobile payments, the public attention has mainly been focused on POS solutions such as Apple Pay and Samsung Pay. However, Jane Cloninger, director and owner at Edgar, Dunn & Company, notes that most mobile advancements have been in the sphere of apps and mobile Web.

During the 2016 CNP Expo, Leon Majors, founder and president of Phoenix Marketing International, and other professionals in the field expressed their opinions in this concern. Majors thinks that although eCommerce is used on mobile mostly by millennials, the reality is that many baby boomers get smartphones and just don’t use them. So if you want your business to cover more market segments, you should focus on making it more attractive and relevant to the target segment.

Majors believes that people use the largest screens for financial purposes. Millennials mainly use their phones and are likely to so some research on mobile, then continue on a larger screen. Anyway, mobile is the part of millenials’ purchase process.

Taking into account the importance of mobile payments in the modern world of eCommerce, merchants should find a reputable payment processing company like EMB to get the best for their business needs. Emerchantbroker.com, the #1 high risk merchant account provider in the US has an A+ rating with the BBB. With eMerchantBroker, you can excellently protect your business from CNP payment fraud and minimize your chargebacks. EMB offers a fast application and makes everything simple for you.

According to Nathan Hodgen, mobile product manager at the Federal Reserve Bank of Cleveland,

the question of spending time in an app is rather tricky. Hodgen notes his team is focused on taking advantage of a critical tool for consumers, that is mobile. He thinks the most important issue is to ensure consumers they can get what they need there and provide a quick purchase. Importantly, if you do not offer a place for consumers to meet you on mobile phones, you are going to lose.

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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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