Stolen Cards, Gift Card Exchanges, And Credit Cards

Dec 21, 2016

Hackers selling a batch of 50-100 credit card numbers can get $250.000 – $1 million. A buyer can make $2 million – $8 million using these stolen card numbers. As for the risks, the deal is riskier for the buyer than the seller. The data was provided by a research team led by Thomas Holt, a criminologist at Michigan State University.

When it comes to gift card exchanges, you can buy them at discounts on online marketplaces and pay for holiday gifts. According to Raise, the world’s largest gift card marketplace, consumers are going to save over $40 million during this holiday season thanks to discounted gift cards offered by its platform.

The amount you can save is based on how popular the brand is. The more popular the merchant, the lower the discount. Merchants looking for a reliable and secure merchant account should consider turning to emerchantbroker.com. EMB is voted the #1 high risk payment processor in the US and has an A+ rating with the BBB. EMB is one of Inc 500’s Fastest Growing Companies of 2016 and is rated “A” by Card Payment Options.

While talking about cards, it is important to note that Mastercard is going to use artificial intelligence in its global network, thus making transaction approval more effective. The service is called Decision Intelligence. It uses artificial intelligence to learn from each transaction under monitoring. The company aims to provide a high level of security and minimize the number of transactions wrongly declined. The service focuses on examining how a specific account can be used to discover normal/abnormal shopping spending experience.

The federal government is going to raise the allowable limit regarding some credit card late fees. American Express will require higher fees for late payments so you’d better make your payments on time. In January, AmEx will start charging customers $38 if they make more than one late payment in a 6-month period. Previously, it was $37. This will be maximum allowed limit under the Consumer Financial Protection Bureau’s updated guidelines.

 

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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 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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