Mar 28, 2017

Will The Durbin Amendment Be Repealed?

The Durbin Amendment, Section 1075 of the Dodd–Frank Wall Street Reform and Consumer Protection Act, required the Federal Reserve to limit fees charged to retailers for debit card processing. Durbin Amendment For merchants, Durbin is acceptable. The amendment’s interchange price cap affects card issuers with more than $10 billion in assets, which enables merchants to pay less in debit card...

May 26, 2015

PIN-Debit Networks Profited From Visa’s Debit Traffic

Visa’s attempts to help businesses gain customers, all while proving safety, may have backfired. The Durbin Amendment produced transaction requirements, for which issuers must offer at least two unaffiliated networks on the debit cards they issue. That rule broke up a number of long-settled deals by which major issuers had combined Visa and Interlink, or MasterCard and Maestro, on the...

Oct 07, 2013

The Durbin Amendment for Online Business Merchant Account Members

Introduced by Senator Durbin in the Consumer Protection Act of 2010, it sparked a fight that has been ongoing now for almost three years. When one good thing happens, the other side- known as the credit card industry- seems to counteract whatever is done, and continues to send the costs right on down to the consumer. What it was supposed...

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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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