Profit From The Electronic Payments Growth

Jul 29, 2016

In North America, electronic payments have been adopted by businesses almost without any exception. Going electronic enables businesses to take a stumbling block off the sales process and get increased dollar amount from each transaction.

Vending Machines

Near Field Communication (NFC), services like Android Pay and Apple Pay, biometrics and digital wallet security get more and more advanced. Eventually, they could leave behind debit and credit cards serving as the basic choice for consumers within the upcoming decade.

Historically, vending machines have lacked reliable network connections. It is not always possible to use Ethernet jacks in the best vending locations. The fact that machines should be moved makes everything even more problematic.

Today, the vending machine industry is entering a modern age. Location and flexibility should not necessarily be sacrificed to accept electronic payments. Right devices can enable modern vending machines to use Ethernet, wireless, or cellular connections so to be able to accept electronic payments wherever you wish.

This could be realized with the help of wireless telemetry and machine-to-machine or M2M communication. Both technologies are now highly affordable and reliable. Thanks to these technologies, you can access sales, inventory and maintenance reports remotely.

The Importance of Electronic Payments

Being able to accept electronic payments allows operators not to miss out on millions of dollars of potential sales. As a result, you get a perfect opportunity to choose small cap companies that are involved in selling services and equipment.

The electronic payments industry is of immense importance to merchants. To get a reliable and low-cost merchant account to process electronic payments, merchants should turn to a reliable payment processor like EMB. At eMerchantBroker, you can get the best merchant account services in the industry. EMB is the #1 high risk merchant account provider in the US and boasts an A+ rating with the Better Business Bureau (BBB).

5.5 million vending machines are estimated in the United States alone. They process about $60 billion transactions per year. Almost 10% of them can accept electronic payments. The number of kiosks is even greater and they process $1 trillion ticket payments annually. As for commercial washers and dryers, they are estimated to be 2.5 million, counting for $5 billion in annual sales. Finally, there exist over 10.000 stocks traded in the United States.

The entire industry is switching to electronic payments. New technology and features are being added to old machines. As for new machines, they are being introduced with integrated electronic payment modules. Thanks to these technology advances, consumers will be able to make easier purchases, and new markets will appear for vending machine goods.

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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.