Are banks successfully holding onto their payment franchise? The numbers don’t always tell the truth. It is true, however, that the majority of payments made by new methods eventually clear and are settled through the bank system.
Press releases would have you believe otherwise. Each time a new payment method anticipates the number of payments it thinks that it will see, a lot of people seem to jump in on the excitement. Banks should consider the following information in order to determine whether they should feel concerned or not.
First, they need to consider the highest number of possible transactions as a percentage of the roughly 125 billion transactions that take place in the U.S. annually. Second, the bank needs to determine whether or not the transactions in question have generated enough revenue to make the company profitable.
In truth, banks should be more concerned about their customers than the state of the transactions being made. The majority of customer’s have no interest and/or are not even aware of how to trace the payments that they make; that is, they have not taken the time to understand how that simple wave of a mobile phone is going to be processed institutionally or technologically.
In short, banks are losing customer awareness. Customers don’t know that their bank is the reason that those purchases for wants and needs, those transactions, can take place – they can only occur because of their bank. How can banks market new products to their customers when those customer’s aren’t even aware of what they are doing for them already?
What about those transactions that banks aren’t willing to process? Banks often turn away businesses because processing their transactions would be a risk to them. These businesses are categorized as “high risk”. For example, do you have or are you planning on starting a business in the adult dating industry? This business is one of the many that is considered “high risk” and is therefore difficult to secure payment processing for.
Fortunately, there are providers who specialize in working with businesses such as this. EMB has been consistently voted the best high risk provider by industry experts. They offer merchant accounts to many businesses that are labeled as high risk. If you have a business in the adult dating industry, for example, you can easily secure an adult dating merchant account.
The application process is fast, simple and hassle-free. Don’t let the questions surrounding payment processing hold you back from getting your business off the ground. Apply for a merchant account with EMB today!