Visa Gives Merchants EMV Debit Routing Options

Dec 27, 2016

Visa has recently provided clarification and modification regarding debit routing rules. Merchants can route US EMV debit transactions not just through Visa’s network, but through over 12 available ones.

2 payment application identifiers (AIDs) on the chip enable debit routing and processing. These are the US Common Debit Aid and the Visa Debit Aid. Visa says the Common Debit AID supports any of more than 12 domestic debit networks. Merchants are given an opportunity to choose the network over which a debit transaction is routed or processed.

Merchants can automatically ask a Visa cardholder to submit a PIN while completing in-person transactions, on condition that the cardholder can still use his/her card without a PIN if he/she prefers.

If you’re looking for a secure and reliable merchant account to open for your business, consider turning to EMB is voted the #1 high risk payment processor in the US and has an A+ rating with the BBB. EMB is rated “A” by Card Payment Options and is one of Inc 500’s Fastest Growing Companies of 2016.

In its modification statement, Visa notes that the use of signature verification for debit purchases can be discouraged by merchants. However, signature cannot be completely removed as an option.

When it comes to the PIN debate, according to merchants, the best way to prevent fraud is to require PIN for all EMV chip payment transactions. This refers to both credit and debit payments.

As for issuers and the card brands, they were trying to switch to EMV more quickly, claiming that requiring PINs for credit payments would create confusion among customers. They believed this would make EMV rollouts more complicated.

From the point of view of the debit, US cardholders are accustomed to using PINs for debit purchases, especially when it comes to the cash-back option. So it was more difficult to make the argument concerning signature and PIN.

As compared to the credit rollout, the EMV debit rollout in the US has been much more problematic. The reason has to do with the number of debit routing options existing in the US. Other EMV markets don’t have such complication.

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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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