Aug 12, 2020

Impact of COVID-19 on The Credit Card Market

Payment Systems for Credit Unions or (PSCU), in an effort to determine the COVID-19 pandemic’s impact on both shopping trends and consumer spending, issued data that reflected the decline of U.S. card growth rates for the week ending in June 28, 2020. All debit card purchases went back to a “negative growth”. As per a statement from Glynn Frechette, SVP...

Aug 06, 2020

Contactless Payments Ensure Safety And Convenience

The future of payments is facing monumental changes due to the COVID-19 outbreak. Where in the past, businesses were more cautious about implementing contactless features to receive payment from customers, now many are realizing that not adopting contactless could mean the end of their existence.  Days of simply swiping credit cards could become a thing of the past as new...

Jul 22, 2020

Mastercard Sees Global Surge In Contactless Payments

According to an international study conducted by Mastercard in 15 countries, new payment habits by consumers are rapidly developing due to the COVID-19 restrictions. More and more consumers are abandoning the use of cash and instead are embracing “contact-free” and “digital payment experiences”.  Two Prominent Trends Found Moving Away From Cash In The Store: Almost 7 out of 10 consumers...

Jul 18, 2020

Older Consumers Shopping Online Since Pandemic Outbreak

Using eCommerce integration will facilitate convenient and safe shopping for customers.  Since news of the COVID-19 pandemic broke, many older adults, concerned about complications from contracting the virus, have chosen to take extra precautions by not venturing out to purchase the goods they need.  Instead, they have turned to online shopping and other contactless means of purchasing.  According to eMarketer,...

Jul 02, 2020

Consumers Choose Contactless Payment Amid Pandemic

Mastercard held a consumer poll where consumer behaviors in 19 countries around the world were studied and found the adoption of contactless payments surging. During the months of February and March, prohibitions were enforced worldwide such as social distancing. This ushered in a significant shift that a considerable number of consumers used contactless card payments in order to make their...

Jun 19, 2020

Visa Postpones U.S. Interchange and Fee Changes Until 2021

Interchange and fee changes are placed on hold to help the digital payments industry. Due to the massive disruptions of businesses caused by the COVID-19 pandemic, Visa made the announcement that they will delay the increase in credit card “swipe fees” until the following year, in April 2021. However, it will continue to move forward with its efforts to lower...

Jun 16, 2020

Coronavirus And Its Significant Impact On The Payments Industry

The payment industry was negatively hit by the pandemic; only time will reveal the lasting impact.  On a human and economic scale, the COVID-19 virus has wreaked havoc. One of the many ways that the global pandemic has affected consumers is how they shop. With government regulations strongly urging social distancing and essential shopping, consumers are still leery of going...

Jun 16, 2020

Credit Card Networks Boost Contactless Transaction Limits

Canadian merchant accounts benefit as the “tap limit” increase makes more transactions “touch free”.  Canada is renowned as being one of the most “cashless societies” in the world today. According to a 2017 study conducted by Forexbonuses.org., Canada was cited as the number one most cashless country with every person living there owning more than 2 credit cards. It was...

May 14, 2020

Despite Pandemic, Some Businesses See an Increase in Sales

Businesses with a high risk merchant account can still be profitable if they pivot their business. The Covid-19 pandemic has greatly disrupted the US economy as many businesses were forced to close due to strict social distancing measures. The hardest hit were the small businesses where some had to temporarily halt operations, while others tragically had to close their doors...

Jan 27, 2020

Consumers in Canada Adopting Contactless Payments But Cautious

Canada is going contactless faster than everyone anticipated. Surprisingly, it now outshines the US in adoption rates. Nevertheless, Canadian consumers are still worried about the use of mobile gadgets. According to a recent report, titled 2019 Canadian Payment Methods and Trends, contactless payments in Canada surged 30% YOY in 2018. Payments Canada is the body that oversees Canada’s automated clearing...

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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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