Mobile POS Brings Security Concerns to Small Business

Dec 22, 2014

Small businesses have begun to quickly adopt mobile payment processing. According to ControlScan Inc.’s recent survey, out of 6,186 small businesses 21% had adopted mobile payments at the point of sale (POS). This is up 4% from 2013. Another 4% of the sampled businesses said they were in the process of converting to mobile POS. When asked why they preferred to integrate mobile POS into their daily transactions, the businesses stated they found that customers enjoyed the convenience and speed of mobile payment processing. However, is every small business ready for the power of mobile POS?

With the success of startups like Square Inc., ISOs, big merchant acquirers, and tech specialists, businesses have their pick of the litter for mobile payment processors. But along with ease of processing for merchants and convenience for their customers, mobile POS has brought a lack of concern for security. Out of the same group of respondents that identified themselves as mobile POS users, 63% reported not being concerned about security. 27% said they were somewhat concerned, and only10% were very concerned.

Another horrific statistic that the ControlScan Inc. survey revealed is that 40% of the businesses that institute mobile POS, allow employees to use their own personal devices to process transactions, while only 60% of employers provide mobile POS devices. The PCI Security Standards Council, an organization that institutes mobile data-security standards, notes that many off-the-shelf mobile devices don’t meet generally accepted information-security standards. This means that as many as 63% or more of consumers who frequent businesses that use mobile POS could be in danger of having their data stolen.

If you have a high risk merchant account, chances are you are looking for a credible payment processor who will not charge you excessive fees to handle your account. In addition, you will also need an experienced team that can ensure the safety of your customer’s data if you choose to institute mobile payment processing. Contact to learn more about our secure payment processing for your high risk merchant account.

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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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