The Top Pressing Questions about Mobile Payments

Jun 30, 2015

Mobile payment processing is quickly developing around the world. Still there are many kinks in the system to be ironed out before consumers will trust the technology, and before many prominent businesses will invest in them. With every step in the mobile payment evolution, there are more questions that arise. Questions about consumer protections, smartphone compatibility, and overall payments integration often overshadow even the best technological steps forward. The following are a few most common mobile payments topics that are dominating the mobile payments conversation right now.

If It Isn’t Broke Why Fix It?

This isn’t just an age old saying, it also rings true for one of the main issues with mobile payments. The industry has an uphill battle to fight, as consumers are very comfortable with the ways they pay already. Even the great Apple is finding it difficult to persuade consumers to pay with Apple Pay. Somehow mobile payment companies are going to have to convince consumers that tech is better than plastic.

The Effects of Debit and Credit Interchange Rates

One of the major arguments for mobile payments over the use of debit and credit was that there would be no interchange rates. In Europe and the Asia-Pacific region the near elimination of interchange rates has all but demolished innovation talks. In the U.S. however, interchange rates are still in place so mobile payments are still a big contender.

Merchants Will Change Their Minds if They See a Consumer Demand

Currently, most merchants don’t want to undergo the changes needed to make their POS systems compatible with mobile payment systems. As long as consumers continue to choose plastic over mobile payments, they will resist changing to processes that can be expensive if consumers won’t use them anyway.

The mobile payments industry is still in its infancy. Although there have been major steps forward in the industry, mobile payment businesses will have to do some work to convince potential customers that their way is faster, cheaper, and more convenient than what they are used to. Until then, mobile payment companies will have a difficult time getting traditional payment processors to manage their merchant accounts. will manage your high risk merchant account with precision and skill.

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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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