Today’s Landscape of Alternative Payments Industry

Apr 14, 2015

As we continue to move towards more and more technological advances, we continue to change the landscape of many different industries. One such industry which has seen major changes in the last 20 years or so is the payments industry.

Humans started barter trade, before smoothly moving to coins and different other forms of payments and currencies. Today, we have a plethora of different forms of payments, many of which we are completely oblivious to. But then again, why wouldn’t we? Every year, a set of different new forms of payments surface and so, it is hard to keep up with them. At the same time, many forms wither away as they fail to attract interest.

Alternative payments industry has flourished incredibly in the recent industry. Not very long ago, a veteran of this industry sat down to list all the different forms he knew existed. He came up with 140 different entries. Remarkable, no? And then we can also add virtual currencies, such as bitcoin. This really takes the numbers to new heights.

Many of new forms of payments are just creative, redefined versions of already existing and widely accepted methods. Take example of Target’s REDcard, which is more or less a version of debit card that simply uses the unconventional decoupled/ACH debit mode. Paydiant and Mitek Systems Inc.’s Mobile Photo Bill Pay are basically umbrella forms that have become the basis for a wide range of different forms that followed.

Today, from Apple’s EasyPay to Google Wallet, you have an unprecedented range of alternative payment forms. Different businesses require different forms, consider what is being offered and how. The same goes for individuals. Today, at times you do not even have to pay upfront for several different activities that you previously definitely had to.

Take a bail bond agent who acts as a surety of your bail, pledging their own money or property, allowing you to escape having to pay upfront. This is how far we have come, and this is how we have devised ways to offer ourselves convenience. The bail bonds industry has recently seen a surge, as more and more people realize their options, thanks to the increased exposure the general public has enjoyed. If you are considering being a part of the industry, you are in for a treat.

But, before you get started, you need to have a merchant account, something that is not that easy to come by in this business. Is this a deal-breaker? We think not, especially when you have providers like eMerchantBroker, which specialize in offering personalized payment processing services to all those turning towards this industry. With experience and performance on their side, there is no reason why you shouldn’t consider eMerchantBroker to give you your bail bond merchant account.

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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 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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