Sep 21, 2015

Mobile Payments are here: New Ways to Pay

The recent innovations in payment technology have been very exciting! It appears that sooner rather than later, we could be able to use our phones and nothing more to transact. Just a few years ago, it was impossible to imagine that consumers could pay for products and services just by waving a small device. Yet, that has now become the...

Apr 04, 2014

Smarter Security Means You Can Access Cash from Smartphone

Smartphone loves can rejoice: It will soon be possible to use your phone to access an ATM. ATM maker Diebold Inc. is testing a cash-dispensing-only ATM that relies on a mobile wallet to authenticate the consumer, eschewing a PIN pad and card reader. The ATM, now in test at the Diebold Federal Credit Union, which is unaffiliated with North Canton,...

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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 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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