The Difference between EMB and Square

Aug 31, 2015

Merchants have a few options when it comes to setting up their merchant accounts. Gone are the days where they had to beg a bank for a piece of the action and a reasonable rate for account management. Because of advances in technology, merchants can decide between setting up a standard merchant account and using mobile processing to manage account activity. The following is a brief look at these two related but very different processes.

Standard Merchant Accounts

Some standard providers will specialize in mobile processing, and some may offer mobile options along with traditional merchant services. This approach offers individuals better account stability (an account less likely to have holds), the ability to process bigger transactions in bigger weekly volumes, the ability to use a virtual terminal for processing, and the possibility to use interchange-plus pricing. In addition, using standard mobile processing may give merchants the ability to negotiate better rates.

However, setting up a regular standard merchant accounts has some disadvantages. These accounts often have higher startup costs and maintenance fees, could come with early termination fees, and may require the purchase of additional equipment. Plus these accounts must be approved by the new payment processor. If your business is on the TMF list, then it’s possible that you’ll be blackballed by many credible processors and be denied an account.

Mobile Processing

Some merchants want to hit the ground running and start processing payments as quickly as possible with little hassle. In the last few years, more services have been created to enable this strategy like mobile payment processing. Mobile providers don’t connect merchants with merchant accounts. Instead they provide pay as you go pricing. Merchants are placed in a large pool and their transactions are monitored. There are several benefits to this method.

Firstly, merchants get instant access to payment processing technology, they have lower setup and maintenance costs, won’t have early termination fees, and they won’t have to worry if they are on the TMF list. However, merchants who go this route also face potentially higher rates, lower processing limits, the inability to negotiate rates, and a higher risk of experiencing account holds and terminations.

If you want to experience competent, long lasting merchant care that won’t limit how many transactions your company can have or limit your growth potential, choose a standard merchant account. If you are on the TMF list EMB can still get you a merchant account. Unlike other financial institutions, EMB doesn’t judge your business based on credit history or risk status. eMerchantBroker will work with you to get your account back on track with their secure payment gateways.

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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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