Mobile Payments Take a Chunk of Business from Traditional Payment Sources

May 26, 2015

New data is showing that 27% of online payments made in the first quarter of 2015 were from mobile payment systems. If you are a nutraceutical merchant, you need to hop on the bandwagon, as this trend is not likely to slow anytime soon. While the industry looks hard to figure out, with the help of your nutraceutical merchant account provider, you can figure out the best option for your business.

Mobile payment systems are not new. In fact, for the past few years they have been gaining popularity in African and Asia, in both big cities and third-world countries. The ease and convenience of the mobile payment setup if a key draw for many merchants. The added fact that mobile payment apps are free in the Apple Store and Google Play store allows customers to quickly and easily pay for merchandise, as well as pay their rent and their utilities. In areas where paper and coin currency is not carried for fear of pickpockets and other crimes, this technology is a godsend to residents. It is also great for merchants, as there is no added issue concerning where to put a terminals, or where to find the electricity to power one. Mobile payment systems are operated on smartphones and/or tablets, which can hold charges for hours, if not for days.

Like everything else, not every mobile payment system is not created equal. Some are better for certain industries, and some have a better fee schedule. Other, such as PayPal, are not recommended for someone with many transactions or the possibility to incurring a fraudulent charge. This is because PayPal has the ability, and uses it, to close an account with little notice for any reason. Too many transactions and fraudulent charges are often times the reasons, and this can leave you without a nutraceutical merchant account. It is best to stick with traditional merchant account providers who are knowledgeable in terms of mobile payment systems, such as EMB. It is better to be safe with your merchant account than to take a risk and end up in deep trouble when it is closed for reasons that you cannot control.

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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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