Small Merchants Are You Aware of EMV Shift?

Apr 14, 2015

It doesn’t matter what you do – every business has several different aspects which the merchant has to take care of. From beating competitors to merely surviving, you always have a lot on your plate. Amid being so busy, at times, you lose track of certain important things. So, if you are hearing about the EMV shift for the first time, you are have missed on a very important upcoming change and we don’t blame you.

What is this EMV shift you ask? Well, for starters, what you need to know is that you don’t want to be a party to a transaction that doesn’t support EMV cards. If you are a party to such a transaction, you will bear the liability if there is any counterfeit fraud. Merchants were previously protected from such instances, but come October, this shield will go down.

What does this change bring to your business? One word – risk. That’s correct, since you, as a merchant, are going to be held liable in case of any default, you have added risk to your business that won’t do your risk profile any favors, making it difficult for you to get access to funds and other services from these banks and other financial institutions.

However, this is not the only change this shift brings to the business world. When you hold merchants responsible for defaults, you are effectively providing them with motivation to make sure such defaults don’t take place. Makes sense? It should. When there is so much at stake, wouldn’t you want to play safe?

So, how exactly do you play safe here? By making sure all your debt is successfully collected. All merchants would now want to aim more resources towards debt collection, giving this industry a surprising boom. This ‘indirect demand’ that generates from increased risk is why an increasing number of merchants are considering wetting their toes in debt collection business.

Whether big or small, if you are a merchant, this EMV shift applies to you. Thus, if you are a merchant who wants to play safe, you need a debt collection agency. That is an added expense. But, what if you flip the picture and play the provider? What if you become that debt collection agency? Suddenly, the debt collection industry becomes attractive.

The rise of the debt collection industry is only recent. It is yet to become anything near to being established. Therefore, if you are to get in quick, you can’t expect a walk in the park. There are certainly a few obstacles that you must overcome, the most significant of which is getting access to a debt collection merchant account.

What you need here is an alternative route, what you need here is a specialized provider. If this is what you really need, you should turn to eMerchantBroker, which is a type of provider that specializes in providing personalized debt collection merchant accounts tailored to meet the needs of any aspiring business.

Let us help you get a high risk merchant account today!

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

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.

Live Chat