Payment Processing for Your Salon

Jan 19, 2018

Total US salon services and salon retail sales increased by 3% to $62 billion. There’re about 270.000 salons and barbershops in the US using and selling salon hair care products. Are you planning to open a salon or you already own one? This article will tell you about the US salon industry and how you can get a salon merchant account for your business.

Salon Industry in the US

The demand for the hair and nail salon industry’s services grew over the recent years with the economic growth that increased discretionary consumer spending on personal-care products and services. Haircut and styling services represent the majority of industry revenue ─ 45.5% of the total.

According to the study from Professional Consultants & Resources, a leading salon industry strategic consultants and data source. The overall revenues for all salon industry services, including hair, skin, nails, plus salon retail grew 3%. The revenue growth in the industry was anticipated to increase by 3.3% annually through 2017.

Salon Merchant Services

Various factors determine the growth potential of beauty salons, such as the characteristics of your target market and the growth of the nearby population. The Professional Beauty Association reports that the number of positions available in the beauty industry is projected to increase by 16% from 2010 to 2020.

If you are looking for reliable and affordable salon merchant services, consider turning to emerchantbroker.com, the #1 high risk payment processor in the US that has an A+ rating with the BBB. Moreover, EMB is rated A by Card Payment Options and named one of Inc. 500’s Fastest Growing Companies of 2016.

Emernchatbroker.com talks to every single business owner to get to know his/her business so to provide exceptional payment processing solutions tailored to that specific business wants and needs. With EMB, you can be sure to enjoy the lowest possible rate and the best terms in the industry.

While opening or running a salon business, pay attention to the fact that people aged 35 – 64 spend 10% – 14% above the average on beauty products and services, according to SBDCNet. If you’re considering to sell haircare products together with offering salon services, don’t forget about households with female children as they spend up to 83% more as compared to households with no kids.

Let us help you get a high risk merchant account today!

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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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