Point-to-Point Encryption Standards are Changing

Jul 23, 2015

Anything that can up security is great for the processing business. Point-to-Point encryption services are about to get a facelift, thanks to new changes. These changes are great for merchants, processors, and consumers, and can lead to a better understanding of card-reading devices. While consumers love the idea, some merchants and processors are hesitant due to security concerns. These new changes may change their minds.

One big advantage for merchants is the ability to choose between vendor’s service packages. This was not the case before, and the fear of being locked into a system that you might end up hating was a big fear. This new change may help shift moods in terms of the mobile processing industry. Another change gives merchants more freedom to manage their own data encryption and decryption environments. While this may not be for every merchants, the freedom to deal with your own customer information and encryption is refreshing. This was once the responsibility of third-party vendors, but the recent rash of hackings have made it tough to trust another company with your customer information.

High volume merchants from all industries need to be careful with who they deal with in the processing industry. While anyone could be hacked, if this happens you then have to contact not only your customers, but also every company that their information ends up with. By sticking with a reliable, streamlined source, you can lessen that hassle. You also need to make sure that whomever you deal with is experienced in high volume companies. High volume companies have long been considered a risk in the processing world, but they are often the best and most lucrative businesses.

You need to make sure that you have a reliable high volume merchant account. It may seem like a hard thing to find, but there are options available. Be sure to ask questions before signing on with any processor, even one with a great industry presence. Not every processor works with every merchant and industry, so be sure to ask what you need to in order to better learn about the company, its fine print, and its fee schedule.

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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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