Mar 04, 2015

Gripes of Wrath: Debt Collection 2nd Highest Consumer Complaint Industry

Debt collectors are never popular with those they collect from, but for the Federal Trade Commission received the 2nd highest number of consumer complaints about the debt collection industry. According to the FTC’s 2014 Consumer Sentinel Network Data Book, debt collection trailed only identity theft, which has a streak of fifteen consecutive years as the most-complained about transgression, and came...

Dec 24, 2014

Can the Federal Banking System Ever Become Effective?

Senator Elizabeth Warren told New York Federal Reserve President William Dudley to “man up.” Warren was expressing her frustration at a perceived lack of competent bank regulation. While many believe that the problem with Federal oversight is negligence or impotence, some banking officials think that the Federal government’s dual role as both enforcer and regulator is to blame posing the...

Nov 20, 2014

Educate Your Collection Agency Clients on the Best Timing for Collections

There are so many reasons why collection agencies are needed and there is so much potential for your collection agency. You provide a much needed service to all businesses, yet your collection agency merchant account remains at a high risk status. This does not matter whether you are dealing with individual consumers or business-to-business industries. The reason you opened your...

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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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