Shoppers are Looking for Holiday Discounts, But It Can Be Costly to Merchants

Nov 23, 2015

It’s the holiday season, and everyone wants a sale. From cars to clothing to cosmetics, deals are everywhere, and consumers can’t get enough. While this is the shopping season is in full swing, merchants are looking for new ways to attract customers. From coupons to apps and text message deals, the options are endless. However, this busy shopping season brings an increased threat of security issues, which brings an increased threat of merchant account issues.

If you are looking to attract new customers, or gain sales from existing customers (and who isn’t?) look at your options. Check out apps, text messaging resources, and coupons. This will not hurt your business. You do need to be careful with all plastic payment card payments, though. If you are an online merchant, ask for a contact email address and telephone number. Make this a required field on the payment form, just as an address would be. This is added protection from fraudsters, as they are less likely to use a checkout form in which they must provide accurate information.

Also, be sure that your employees are careful when it comes to accessing terminal and computer information. This is how Target’s mass hacking happened in 2013, and no one wants to repeat that. While technology for terminals and computers have advanced, hackers seem to be on an equal playing field – if not a step ahead. While a mass hacking can destroy a company, one single chargeback can devastate a company, leaving it with merchant account issues. Merchants should know that there are options available if this happens.

A high risk merchant account is a godsend for companies who have chargeback issues, hackings, or even high processing fees. However, you need to make sure that your high risk merchant account provider is working for you, and not against you. A provider like EMB will work with you to make sure your account is safe, along with providing industry-standard rates. This is not typical for processors, who tend to raise processing rates when a chargeback occurs. Your merchant account can make or break your business, so be sure that you are equipped with the best option.

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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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