Positive Changes in ID-Fraud

Apr 13, 2015

Fraud is a big problem in America. According to a recent study, some 12.7 million Americans fell victim to identity fraud in 2014. Despite this overwhelming number, there is some encouragement in that this number has decreased by 3% from the 13.1 million who fell victim in 2013.

In addition, fraud losses are said to have fallen from $18 billion to $16 billion in 2013 (11%).  While these changes are welcome, fraud is obviously far from being a problem of the past or “tamed”. In fact, the percentage of American’s victimized by ID fraud has remained steady the past three years.

Any improvement whatsoever has been looked upon as a welcoming change since the number of individuals claiming that their information has been compromised jumped, or better yet “leapt”, by 160%; this is a change from 23.8 million in 2013 to 61.8 million.

What is bringing about this slow but still positive change for the better? It would seem that the increasing consumer awareness of potential fraud is making a big difference. Industry’s growing use of real-time and interactive technology is also making a dent in the numbers; these practices allow for questionable transactions to be spotted early and before the fraud has time to take place.

With fraud still being an issue for consumers, it becomes an obstacle for businesses. It is a business’ responsibility to protect the consumer’s identity and therefore provide a safe, pleasant experience for that consumer – this includes the way a business conducts its payment processing.

For example, the extended warranty service industry is considered to be “high risk” due to the nature of the business – the above average chargeback ratio that goes along with it. As such, finding solutions to payment processing needs can be very difficult. Fortunately, there are providers out there that specialize in offering businesses labeled as high risk their services.

Emerchantbroker.com, for example, has been consistently voted the best high risk provider by industry experts. The long list of high risk accounts that they offer include: extended warranty service, airlines, gaming, adult, bad credit, adult, telecom, travel, credit repair and many more.

Don’t let the threat of fraud keep you from starting the business you have taken so much time to plan for. Allow EMB to provide safe payment processing solutions that specifically meet your needs. The application process is simple, fast and hassle-free. Take advantage of the quick and easy process and apply today!

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 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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