Dec 14, 2017

Credit/Debit Canadian Code of Conduct for Canadian Merchants

The Code of Conduct came into force in August 2010. It’s called to promote business practices, and guarantee merchants and customers fully understand the costs and benefits associated with credit/debit cards. Credit and Debit Canadian Code of Conduct The Code is developed to: Ensure merchants clearly understand the costs associated with accepting credit/debit card payments, thus allowing merchants to have...

Sep 12, 2017

Credit and Debit Card Code for Canadian Merchant Account Holders

The Canadian code of conduct became operative in August 2010 and is projected to encourage good business practices and ensure retailers and customers identify with the costs and advantages of debit and credit cards. eMerchantBroker breaks down the benefits of the Canadian Code as well as a few missing items merchants should watch out for. The Good Effective Discount Rate...

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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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