The Importance of Understanding Your Transactions

Apr 13, 2015

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!

Let us help you get a high risk merchant account today!

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

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.

Live Chat