Upgrades are Headaches, as Merchants Try to Upgrade POS Systems

Jul 23, 2015

The EMV countdown in on, with the first “official” batch of cards rolling out in less than three months. However, barring a miracle, many merchants and their POS systems may not be ready. Upgrades are giving merchants and their processors major headaches, as they are taking longer, and taking up more resources, than originally expected.

In a recent online survey, 77% of merchants stated that their slowly updated POS system is keeping them from consistent customer service. Even so, 68% said that replacing their systems completely would take too long and would be too costly. While true, there are things that merchants can do to make sure that their POS systems stay consistent, even in times of change and turmoil. Smaller retailers can use tablets and smart phones to utilize a cheaper POS system, but this only works for small businesses. There is also much debate about the safety of mobile payment systems and contactless payment systems, so there is that. However, change can be good, if that change keeps your company secure.

Before totally changing your POS, contact your high risk merchant account processor. To accept plastic card payments, you must have a merchant account, and many of today’s top businesses are placed into the industry’s “high risk” category. While not all businesses fit into this category, you should still consider changing to a high risk merchant account if you may be on the verge of expanding, or accepting a large transaction rate, or have not-so-good credit. A high risk merchant account processor, like EMB, can offer you the services of traditional merchant account processors but with the added luxury of understanding individual industries, and their needs.

High risk businesses tend to incur a higher percentage of fraudulent charges, and if you have a faulty POS, this is more likely to happen. High risk merchant account processors can help you better understand your own business, and embrace the difference it may have when compared to other business. Everyone is different, and every business is different. Be sure before changing your processor that you ask questions and do your research, because this change can make or break your business.

Let us help you get a high risk merchant account today!

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

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.

Live Chat