The Ease of Mobile Payments

Mar 27, 2014

Do you remember the good ol’ days of shopping with a credit card? Those days when it took a long time to check out, and the clerk had to verify your signature and check your driver’s license. This does not happen much anymore; in fact, at some retailers, if you have previously used your card they do not ask for your identification at all. This seems scary, and while it can help the consumer, it is a big help to data thieves.

There is a growing concern among merchants and consumers to improve credit card authenticity, but the extra steps they seem to be taking are hardly airtight measures for reliably verifying consumer identity. While it can be aggravating to ask for a CCV number on the back of the card, it could possibly help prevent theft. Some retailers are already taking this approach, which is great, but a perceptive hacker could easily bypass the number. If the Target data breach has taught us anything, it is that data thieves are smarter than ever.

The Target data breach gained massive attention because of the number of consumers it affected. However, every day there are smaller data thefts that are not broadcast on the news. Card companies Mastercard and Visa have decided that it is better to focus on the card owner or presenter, not necessarily the signature on the back of the card. The original idea behind signature verification was to authenticate the cardholder, but that practice has gone by the wayside. Today, cardholders are not being verified; and in practice neither are the cards. We need a better system that allows us to return to reliable cardholder authentication, and payments via mobile device offer the best combination of technology, form factor, and behavioral familiarity to make that security goal a daily operational reality.  The next step is to enable easier mobile payments for smartphones. The smartphone has already established itself as the single and central command center for all our essential technologies, serving as our primary communication device, our mobile Internet, our on-the-go multimedia center, our camera, our video recorder, our radio, our GPS unit, and more. The list goes on and surprisingly expands with each groundbreaking innovation.  Payments would be made in the cloud and account holders authenticated via mobile devices eliminate this easily exploitable middle step, making mobile payment transactions inherently more secure.

When this is enacted, it should be easier (and perhaps safer) than ever to make mobile payments. Data breaches happen frequently, but new technology, it should make our information safer. By using smartphones as mobile payment tools, card companies are not only using their security but the smartphone’s security, as well.

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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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