Open Payment Platforms And What They Offer

Aug 25, 2017

The rise of APIs and the race for consumer loyalty have made payments players think of innovative solutions like never before. This has resulted in a new openness to outside developers. Both in the US and abroad, many organizations are opening up developer portals or joining open banking working groups, either by choice or by regulation.

Open Access Is Spreading

Codes provide unique control for companies when it comes to transaction processing, meaning swiping, dipping, taping, or clicking. Today, they’re becoming open to developers working for these companies or other firms.

Using application programming interfaces, outside coders can get closely involved in an existing payment service and integrate it with a new website or mobile app the developer is working on. For example, PayPal started offering such platform in 2009. Today, open APIs and open developer portals are spreading with rapid advances.

In February 2016, Visa launched Visa Developer, giving access to 155 APIs, including those for Visa Checkout and Visa Direct.

In September 2016, Mastercard announced Mastercard Developers, opening developer gateway to critical payments tools.

In October 2016, American Express launched AmEx for Developers, opening its closed-loop developer network to a wide range of developers.

According to George Warfel, general manager for fintech and payments strategy at San Francisco-based consultancy Haddon Hill Group, getting the good developers can be realized only through letting them join an open platform.

To enjoy a proven platform for payment processing, consider turning to, the #1 high risk payment processor in the US. EMB offers exceptional merchant account services, including a no credit check merchant account, and the lowest possible rates in the industry. EMB has an A+ rating with the BBB and an A rating with Card Payment Options and is one of Inc. 500’s Fastest Growing Companies of 2016.

What to Expect from Open Payments Platforms

First, through an open payments platform it’s possible to attract more customers and increase their activity rates. Second, an open platform can account for incremental revenue by selling its API services. Third, an open platform generates data and enables related investment opportunities.

According to experts in the field, the best payments technologies are the ones that will win consumer loyalty, as payments turn from plastic cards into wallets developed entirely with software.

Though the payments business may undergo fundamental changes, one thing never changes: networks must add volume to drive down unit costs. Adding volume in our modern days implies getting the network’s applications embedded in as many third-party apps as possible. As some observer note, emerging technologies like the IoT account for opportunities for volume.

However, developer portals may also have a social purpose. For example, PayPal Holdings Inc. now aims to democratize payments. In November 2009, the company introduced PayPal X, a development platform open to outside developers working on payment applications. Today, through integrations PayPal hopes to make digital payments available for populations that use mostly cash.

When it comes to “open,” it may not be as open as everybody would like: limits, including non-disclosure agreements, exist at some places.

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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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