Small Businesses Are Making More International Payments, and Using More Cards

Sep 28, 2020

International payments or cross-border payments are important for businesses of all size. In 2019, 37% of small businesses in the U.S. processed payments internationally, and 12% of them used bank account transfers to complete this type of payment. Small businesses are also using more cards. Let’s discover more about the topic and find a respectable payment processor in the country.  

International Payments for Small Businesses in the U.S.

When small and medium-sized enterprises (SMEs) face the impact of currency fluctuations, they need to maximize the use of their cash flow. You as a merchant must be well aware of the fact that trading becomes increasingly cross-border. This means you can’t ignore the importance of fast and simple solutions associated with payment processing.

Did you know that SMEs accounted for 99% of U.S. businesses as of September 2020, and that business credit/debit cards represented the most dominant payment processing options? This once again highlights the importance of offering the right payment processing services to your customers so you can gain more instead of losing sales. 

Modern consumers live in the world of instant gratification. They need more convenience and speed to complete transactions. Moreover, today’s customers are looking for frictionless purchasing experiences. To be able to grow successfully and enlarge your customer base, you should get down to finding a true payment expert like to work with. 

With EMB, tabbed as the top high risk credit card processor in the U.S. and classified as an A+ company by the BBB, you can easily and securely process international payments from around the globe and in different currencies.

Cross-Border & Card Payments for Small Businesses

Crises like the one caused by COVID-19 are especially harmful to small businesses. State-required shutdowns and social distancing force people switch to online channels for making purchases and not only. 

As a result, many small businesses, especially those that don’t have an online presence, appear in a situation where they can hardly make ends meet. That’s where card payments and cross-border payment processing solutions step in. This is how small businesses can overcome such challenges. 

So, the small business market in the U.S. is vast. International payment processing and card payments play a vital role in the growth of small businesses. 

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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