Dec 27, 2018

Tips for Getting Approved for a Merchant Account

Merchant accounts allow you to accept and process credit and debit card transactions. Though these accounts are something many merchants get approved for on a regular basis, some businesses, like those in speculative industries or those with no processing histories, can have difficulty getting one. Read on to find out how you can increase your chances of getting a merchant...

Feb 28, 2017

Paying for a Merchant Account: How to Get the Best Value for Your Money

The number of payment service companies is currently on the rise, and as a result, acquiring a merchant account is no longer that much of a challenge for most businesses. Many firms offer fast and easy online-based applications; whose approval takes place in only a matter of days. However, the process of opening a new account is often marred by...

Jan 07, 2014

IRS Regulations Regarding Merchant Services

A few years ago the IRS toyed with the idea of implementing another form for business owners to fill out, called 1099-K. 1099-K would be where merchants would report (and thus be taxed on) payment card fees. Thankfully, they reconsidered. The IRS said it would not require merchants to merge the amount they list on Form 1120 and other business...

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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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