OnlyCoin Merchant Account

Dec 19, 2018

The concept of wireless payments isn’t something new. The professionals in the field have been working on delivering financial services that offer more convenience and ease of use to people all over the world. So, the market is growing and evolving with rapid advances. Have you heard about OnlyCoin?

If you want to know how payment technology companies are looking for ways to displace the paper check and find card based or electronic push payments, just read below. Also, discover an exceptional merchant services provider that helps business owners enjoy the most convenient way to get access to their money.

Modern Payment Transactions

Payment for goods and services has been around since the dawn of humanity, but the way people enact them has changed. The methods of payments have undergone dramatic changes over the years and continue in the same way. Let’s take cryptocurrencies. Who would imagine using them in the past?

Today, money and payments are focused on payment apps and portals. They’re convenient and offer added uses driven by the new wave of payment development. Such focus is quite natural. Cash can function between parties that’re present. Digital payments have changed this: you aren’t obliged to be present when making payments.

So, the modern payment technology goes on developing, and becoming faster and more trustworthy all around the globe. E.g., the accuracy of fingerprint scanning technology has become vividly reliable in the past years.

The modern sensors have the power to analyze blood vessel structures and figure out whether blood is pumping through one’s fingers. Given mobile payment processing, it’s much easier for consumers to pay with a simple touch of their fingerprint or scan of their face than spend time on typing passwords on small screens.

Payment processors are also focused on offering more advanced, convenient, as well as more secure payment solutions to merchants. A reputable payment processor like eMerchantBroker.com is dedicated to providing only the best merchant services to help you grow without challenges.

EMB, voted the #1 high risk credit card processing company in the US, has an A+ rating with the BBB and A rating with Card Payment Options. The highly skilled team at eMerchantBroker.com can help you with not only OnlyCoin, but also with anything related to merchant payment processing and funding.

Consumers worldwide are looking for more convenient and speedy options, and payments aren’t an exception. Thus, payment companies are doing their best to meet consumers’ needs.  OnlyCoin, a smart payments company, is one of the examples.

More on OnlyCoin & Other Merchant Accounts

Virtual types of currency are slowing replacing cash. You can now store money on a plastic card with its digital links to the bank. This type of payments is easier at brick-and-mortar vendors, as well as online.

OnlyCoin, which is usually referred to as “Coin,” started as an exciting startup aiming to change the way people use card payments. Using Coin, you could load up to 8 cards onto a single plastic device, including your debit/credit, and gym membership cards.

Coin was designed with a mobile phone app to download. When at the store checkout, you could take your Coin card and press the only button to use the necessary card by simply swiping it through the system. When Coin linked to your mobile phone to confirm your bank details through Bluetooth, the payment was being processed.

Later, Fitbit Inc., a US wireless-enabled wearable technology devices company, bought a separate wearable mobile payments technology OnlyCoin had developed, together with related intellectual property. In 2016, after FitBit acquired Coin, all business operations stopped.

The way people are paying for goods and services has been continuously evolving as consumer wants and needs are changing. The paths to more widespread adoption and acceptance aren’t the same. Various payment methods and payment processing solutions are being offered by various companies operating in the industry, thus making great strides in the future development of payments.

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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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