Payment Chargeback Protection For All Merchants

Feb 29, 2016

There is always something changing with business. From changing customer rates, to increased bills, and even processor rate changes, the hits keep on coming for US-based merchants. One of the new changes that all merchants should take a look at are changes in payment protection. The introduction of the “chip and PIN” card was once believed to have solved hacking problems, but some in the industry now dispute these claims. Merchants should investigate all of their options before coming to their conclusions about these new – and unexpected – changes.

The payment protection that chip and PIN cards promised may not be the reality, which is what some pessimist in the processing industry expected. While Europe has a low hacking and fraud percentage, Europe is not the US. The US has been inundated with card fraud issues for decades, and fraudsters are quickly adapting to any industry changes. It is just a matter of time before they figure out the technology to imitate a chip and PIN card. Online processing hasn’t changed, and card numbers, along with the security code and expiration date are still typically the only information needed to secure an online transaction. This makes the changeover to chip and PIN technology more of a hassle than a positive advance.

Smaller retailers, as well as large retailers and e-tailers are all at risk of hackings. This is something that you must take seriously, because a hacking can cause your business to take a quick downfall. Even one hacked customer can leave a social media trail of complaints, which can ruin a company. You must make sure that your business is protected, and there isn’t one quick way to do so. There are many avenues that a merchant can go down to ensure that their shop is protected as much as possible, but there are a few key things that must be done. First, you must have a secure merchant account and chargeback protection. Chargeback protection allows for a thorough investigation of the charge, before it come a chargeback and damages your company. Second, you must have secure computers. There are many types of security around, so this should be an easy task.

You must also educate your employees. Have them ask for an ID if a purchase seems odd. Have them know how to spot a fraudulent card or ID card. Also, be sure to keep them abreast of any security changes, just so that they will not be alarmed if a once routine process is now more complicate.

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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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