Apr 19, 2019

CFPB’s Final Rule About Prepaid Cards Adopted with Little Fuss

The Consumer Financial Protection Bureau finally dropped the hammer. Despite the many changes, the rules concerning prepaid cards came and went with little protest. The bureau’s sweeping changes to the prepaid card rule recently took effect, upending issues, including consumers’ access to their accounts, error resolution, and fee disclosures. The Biggest Issue Concerning Prepaid Card Rules The biggest adjustment noted...

Sep 26, 2017

CFPB Shutting Down Prime Marketing Holdings for Lying to Consumers

No one can deny the importance of a good credit score. Low credit scores are associated with higher interest rates, credit obtaining challenges, higher insurance rates, larger deposits for apartments and utilities, and other difficulties related to anything that involves payments. That’s the reason why people turn to credit repair companies so often to have their credit “fixed”, or have...

Sep 18, 2017

Congress Expected to Vote on CFPB’s Federal Rule on Payday Lending

A payday loan, which is also known as a “payday advance,” “salary loan,” “payroll loan,” “small dollar loan,” “short-term loan,” “cash advance loan,” or “check advance loans,” is a small, short-term unsecured loan. It’s a type of short-term borrowing where you borrow a small amount at a very high rate of interest. About 12 million Americans use payday loans each...

Feb 06, 2017

A Lawsuit Against N.Y. Debt Collectors

The Consumer Financial Protection Bureau (CFPB), an agency of the United States government responsible for consumer protection in the financial sector, and the New York attorney general filed a lawsuit in November 2016 against 2 New York debt collectors. The debt collectors were accused of deceiving and harassing millions of consumers to pay inflated debts. The companies inflated consumer debts...

Oct 28, 2016

CFPB Released Outline Regarding Debt Collection Industry

The process of collecting debts can be tricky to newcomers. It is generally unfavorable to startups as well. Traditional banks and many credit processing providers will stay away from you if you do not provide a thorough credit history. Inconsistent revenue streams are also an obstacle hindering the application process for merchant accounts. CFPB Reveals an Outline On July 28,...

Jul 20, 2015

Where Could The CFPB Push the Collection Agency Industry?

There is word out there that many debt examination processes have continued for months or years and that some are yet to be concluded. Could the debt collection industry be lost? The Consumer Financial Protection Bureau (CFPB) has come out to defend the agencies claiming that they are still learning, which is a reasonable argument. But the big question on...

Apr 23, 2015

The CFPB Raises the Heat on Payday Lenders

The federal government is starting to be more aggressive in its oversight of the payday loan industry. The Federal Consumer Protection Bureau is investigating the integrity of payday loans, noting that over 80 percent of people who receive these loans have to apply for another loan within 14 days. The CFPB wants payday lenders to review a borrowers’ ability to...

Aug 12, 2014

The CFPB Begins Taking Complaints on Debt Settlement and Credit Repair

  How the CFPB Works The Consumer Financial Protection Bureau (CFPB) began operations in July 2011, and takes complaints about a wide range of financial services including credit cards, mortgages, bank accounts and services, private student loans, auto and other consumer loans, credit reporting, debt collection, payday loans, and money transfers. On July 21, 2014, the CFPB announced that it...

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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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