Navigating A Rapidly Growing Payment Ecosystem

Dec 22, 2016

The way people are making payments is changing drastically. Smartphones are being used for any formal and informal transactions. To make transactions easier to process, thousands of companies are working and competing each and every day.

Payments Ecosystem

Payment processing means transferring information from one party to another, and digital processing is beneficial for almost all stakeholders in the industry.

Nowadays, payments companies focus on providing a higher level of security. They are offering a wider variety of mobile opportunities and creating commerce capabilities to enable consumers to make purchases via digital devices with greater willingness.

Modern devices, including refrigerators and smartwatches, come with payment capabilities, thus counting for a greater change in consumer payment behaviors. On the other hand, blockchain technology, the protocol underlying Bitcoin, is likely to change the verification process of consumer card payments.

With this in mind, it is highly important for merchants to turn to a reputable payment processor like emerchantbroker.com for a secure merchant account. EMB is voted the #1 high risk payment processor in the US and boasts an A+ rating with the BBB. EMB is one of Inc 500’s Fastest Growing Companies of 2016 and is rated “A” by Card Payment Options.

Modern Mobile Marketplace

The mobile marketplace has been changing and developing with rapid advances in the past 20 years. The marketplace evolved from early days of simple phones when mobile access to the Internet was something new to the launch of the iPhones in 2007.

Now, the world is seeing an incredible growth in the app economy. It’s not surprising that the future of commerce is associated with the mobile channel.

Today, almost 20% of Americans make purchases using mobile wallets on a regular basis. The mobile channel enables 12% of merchants gain half of their revenues. The number is going to double within 2 years.

Starbucks has long been viewed as a pioneer in the world of mobile payments. Today, the company generates 21% of its revenues from the mobile channel. The number is expected to reach 50% in the upcoming years.

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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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