Sometimes New Technology Isn’t Best For a Credit Repair Merchant Account

Apr 14, 2015

Credit repair merchant accounts come with their own set of risk factors. This can be confirmed by the fact that conservative banks and traditional card processors will not give these businesses the time of day. One reason they contend is that the type of customer being helped is already on the line because they have had problems paying their bills on time. The largest factor is the amount of chargebacks that a credit repair business can run in a month’s time. While the conventional card processors look to have no more than a 2% chargeback ratio, high risk specialists like EMB allow for a 3% chargeback ratio.

Approximately four months ago Apple introduced its Apple Pay as a mobile payment option. Users of iPhones would be able to make payments and their personal data would be much more secure because of new encryption methods, tokenization and fingerprint authentication.  Chargebacks were supposed to decline considerably making this a prime new way to accept payments and having the chargeback ratio drop. It appears that the old adage of ‘all that glitters is not gold’ has reared its ugly head.

Now those banks that originally supported Apple Pay are saying that there is now rampant fraud due to stolen card credentials. If a sale is made with a stolen card it is charged back to the merchant. While Apple points to the banks, the banks are pointing back to Apple. In the end it is the bank that is supposed to know who is and who is not a card holder. It will take time to get this problem remedied which means that high risk specialists like EMB who have stood their ground are more important than ever before.

When you open a credit repair merchant account with EMB, we will continuously monitor charge backs and have a specialist work with you to keep the ratio down. We want you to succeed, not fail. Even if you are just starting out in the industry, we can approve your credit repair merchant account.

Rates are some of the lowest in the high risk arena and there are never any application fees and multiple secure payment gateway options are offered. New accounts are approved in as little as 48-72 hours.

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