Tech Giants for Faster Payments System

Sep 17, 2019

Amazon, Apple, Google, and other major players in the U.S. tech industry have called on the Federal Reserve to put more efforts in building a real-time payments system. If faster payments are something you’re interested in and if you want to discover an exceptional payment processor for your e-commerce business, just read this article.

Tech Giants for Faster Payments
Financial Innovation Now (FIN), the union of tech companies, has sent a letter to the Fed’s Board of Governors to express their opinion on extending the daily operating hours for the existing Same Day settlement system. FIN includes companies such as Apple, Amazon, Google, and PayPal.

More specifically, the union includes tech companies that offer a large variety of consumer peer-to-peer (P2P) payment applications and card payment processing. Besides, it includes companies offering small business products/services such as payments, inventory management, accounting and tax software, analytics, and online/offline commerce logistics.

FIN is for extending the daily operating hours for Same Day ACH. According to the union, this is beneficial for all those using the ACH network.

According to Richard Levich, professor of finance and international business at NYU’s Stern School of Business, it’s important to improve the payments and exchange system: this mustn’t necessarily be connected with the creation of a new currency. By this, Levich means Facebook’s Libra.

As you may know, FB has recently announced the launch of its new cryptocurrency called Libra and the issues associated with it.

You, as a merchant, should keep your finger on the pulse and keep up with the latest developments in the rapidly growing payments industry. It’s critical for you to take the time to find a true payment expert like to get the best for your financial wants and needs.

EMB, listed as the top high risk processor in the U.S. and ranked as an A+ company by the BBB, can best help you with faster payments. is committed to offering the cheapest rates and the fastest approval to both low and high risk merchants.

Moreover, EMB is considered the “Best All-Around High Risk Merchant Account Provider” by ValuePenguin and an A company by Card Payment Options.

Real-Time Payments Development
The Federal Reserve’s has recently decided to establish a real-time payment system. A big-bank consortium doesn’t approve this since it wishes to operate its own next-generation network, but many smaller financial institutions are pleased with this long-awaited decision.

Such decision paves a path for a new stage in the battle over how people in the U.S. will process transactions in the upcoming years.

By the way, the current Fed network that’s responsible for card payments and direct deposits, and is known as Automated Clearing House (ACH), enables transactions to be settled 3 times a day and only during business hours. Be aware that FIN has recently forced the Fed to extend daily operating hours for Same Day ACH.

Now, let’s look at some facts concerning the development of faster payment processing nowadays:

  • Further development of voice-enabled technology makes e-commerce giants develop much more advanced solutions for consumer finance. E.g., virtual assistant Alexa can dominate voice shopping.
  • Apple is making great strides in the space. E.g., ApplePay already has more than 250 million users around the globe. The new payment system by Apple called Apple Card is designed to include Apple Pay and a titanium card with the user name engraved on it. As of June 2019, Apple Pay become the go-for option for more new users than PayPal. Besides, its monthly transaction volume grew 4 times as fast.
  • Social payments have turned into the norm. E.g., Tencent, the owner of WeChat, has recently joined, the leading e-commerce platform in China, to cover both online and offline markets.
  • Amazon has already unveiled its new credit card designed for those who don’t have good credit.

To sum up, several major players in the U.S. tech space are for a real-time payments system or network that can revolutionize the way banks are exchanging money. Amazon, Apple, Google, and PayPal are among these tech giants.

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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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