VISA Helping Small Businesses Go Cashless

Jul 13, 2017

According to the 5th annual ING International Survey, cash is fast becoming less popular among consumers in Europe, the US, and Australia. Alternative forms of payment are increasingly gaining more popularity. The survey included responses from 14.692 respondents based in 15 countries. Nearly 27% in Australia, 21% in Europe, and 34% in the US said they mostly preferred cashless payments.

In the US, the usage of cash is becoming less popular, but cash is still the most used method of payment. Based on a recent Federal Reserve study, about 40% of consumer transactions in the US are completed via cash though credit and debit cards and technologies like Apple Pay and Samsung Pay are becoming more popular.

Are you a small business owner interested in secure and low-cost payment processing? Consider turning to eMerchantbroker.com, a reputable payment processor and alternative online lender. EMB is voted the #1 high risk processor in the US and boasts an a+ rating with the BBB. eMerchantbroker.com offers exceptional high risk payment processing opportunities to merchants of any type and size. EMB is rated A by Card Payment Options and is named on of Inc. 500’s Fastest Growing Companies of 2016.

Going cashless implies both pros and cons that should necessarily be taken into account if you plan to go cashless.

 

Pros of Going Cashless

As for the pros, to handle cash, you should implement better bookkeeping, organize physical transportation of cash, and more. It’s important to note that most consumers prefer to use credit cards. More people are inclined to purchase more when they use a credit card vs cash purchases.

Cashless payments are convenient for large purchases. Also, cashless transactions are recorded, which makes it easy to track purchases. Moreover, plastic cards can often be recovered. They can be canceled or replaced when lost or stolen. In addition, many cards offer travel insurance, extended warranties, cash-back, and travel rewards. What is more, you aren’t obliged to get cash from an ATM. Finally, when traveling it’s safer and more convenient to use cards.

Cons of Going Cashless

What if the power goes out (like it recently did in Los Angeles during a Summer heat wave), it would be hard to use your POB without any power. Or maybe your business is near a school where lots of customers are high school kids that eat at your burger hut for lunch? Most kids use cash and not credit cards.

Next, there are people/places preferring cash only. Moreover, it may be more convenient to use cash for small purchases. Finally, you may be charged fees by some services for sending money.

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