U.S. Banks Want to Win Big with Apple Pay

Oct 16, 2014

U.S. banks are preparing for Apple Pay. After experimenting with mobile banking for years, many banks feel secure enough in the technology to let their customers use Apple’s new way to pay for merchandise. The new mobile platform allows consumers to perform transactions with the new iPhone 6, iPhone 6s, and iWatch. This has sparked a fierce debate on the safety and necessity of bank use of Apple Pay.

Apple Pay uses near-field communication which transfers encrypted data between two devices when they are in close proximity to each other. Consumer credit card information is encoded and used as a one-time code at the point of sale, so personal financial information is not stored on retail terminals or Apple servers.

Banks, who have been trying to find safer and simpler ways for their customers to make payments, believe that Apple Pay is the answer. Public interviews with bank officials reveal that most banks want to bet on Apple Pay because of the enhanced security measures, simple user interface, and brand name recognition. Banks are hoping that Apple Pay catches on so that transaction volume in credit increases. However, some bank officials are still skeptical that consumers will reach for their phones faster than reaching for their wallets. They don’t see how using Apple Pay will be any faster than using plastic. And while proponents of Apple Pay integration with U.S. banks point out the increased security measures of touch technology and encryption, opponents note that touch technology has been hacked in the past.

Event Ticket Broker Merchant Account with eMerchantBroker.com

The use of Apple Pay will make the purchasing of merchandise simpler and faster than ever. Now is the time for businesses who can capitalize on quick merchandise sales, like event ticket holders, to make Apple Pay a part of their payment processing methods. eMerchantBroker.com offers expert-handled event ticket broker merchant accounts that will ensure your ticket sales benefit from fast mobile transactions.

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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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