Tips for New Business Wanting to Accept Credit Card Payments

Aug 11, 2015

The world runs on plastic card payments, and if you are a merchant, you need to accept these payments. While a Canadian merchant account may cost you a little, the benefits it can add to your business greatly outweigh processing fees. The ease of plastic card usage can translate into a bigger profit, and a better reputation in your area. New business owners and those who are new to the plastic card acceptance field can find the prospect tough, however there is little to fear.

One of the best things that you can do is to negotiate processing fees. While this is not always possible, this can help you keep more of your earnings while you are getting started. This can also help you get a feel for your prospective Canadian merchant account processor, to see if they are willing to work with you. Be sure to ask for the rate scale for all types of cards, from debit to AmEx to “rewards” cards. Likewise, make sure that your processor is used to working with small businesses. There are major differences with the workings of small and large businesses, and not all processors are familiar with these differences.

You also need to keep on top of security changes and issues that may arise. While many issues are well publicized, there are hundreds if not thousands that are not. This cannot only keep your customers information safe, but it also helps keep your information safe. This is something to keep tabs on with your merchant account processor, since many provide security for their terminals. On the subject of terminals, you need to make sure that if you want a portable terminal that your processor allows it. Not all do, and this can be a major setback, especially if you do not have the room for a stationary terminal.

Accepting plastic card payments is a big decision. For some, it is easier to keep a “cash only” business. However, this ease comes with the complication that most carry plastic cards for payment use, and not cash. Obtaining a Canadian merchant account is a big deal, and something that should not be taken lightly. Before signing on the dotted line, be sure to ask questions. If you are not satisfied, check around and do not feel obligated to sign with the first processor you approach.

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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.