Top Things to Look For When Finding a High Volume Credit Card Processor

Jun 30, 2015

Every small business interested in survival must seek the assistance of a credible credit card processor. The search for a good processor can be difficult if a business owner does not know what to look for or the rules involved. The following are a few helpful tips for those seeking credit card processing that won’t break the bank.

Credit Card Processing is Expensive. Don’t settle for the first credit card processor that you meet. Do your research and shop for the best rates while looking at reviews of companies online. But don’t just jump at the lowest price, as low prices could be an indicator of bad service.

Read the Agreement. Even though it is a pain to read those lengthy terms and agreements, read them. Honestly, it is in the contract that you will really be able to discern if you’re getting a good deal or a raw deal.

The Sales Rep is Your Friend. The sales rep is more than just the front man for the credit card companies. They are also the people that can advocate for you and negotiate better terms and conditions. They will communicate to underwriters any concerns you may have.

Understand the Payment Process. It is critical to understand that every time your business takes a credit card payment, you are borrowing money according to merchant service providers. The industry that you operate in, credit history, and whether or not you are considered high risk will determine exactly the cost of doing transactions.

Watch Your Credit Rating. It may be possible that starting a business and using a credit card processing company could negatively impact your credit score.

Utilizing credit cards will most definitely benefit your small business, and processors who deny you will lose sales so they should be motivated to provide services. In fact, if you are in sales, e-commerce, or retail you almost are compelled to acquire payment processing in order to make profits. Contact to help process your high volume merchant account and to manage your merchant account. Our team will create and manage your merchant account with no hassle and fair prices.

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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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