Wearable Currency: The Healthcare-Payment Tattoo Brings Merchant Account Woes

Oct 13, 2016

It may sound like something from a Sci-Fi movie, this is reality: Wearable, sticker/tattoo currency. Healthcare technology bigwig MC10, Inc. has partnered with others to market WiSP (Wearable Interactive Stamp Platform). This is convenient for those who need to pay for merchandise or a service in a crowded convention or event, but do not necessarily want to carry their wallet around. This is great for all of us who attend these crowded events – and great for merchants who can take advantage of its various uses.

One of those uses comes from the medical field, where the sticker/tattoo device can be placed on a patient, and then scanned by a member of the care team to learn the medical history of a patient. This is something that could benefit every one of us – but there may be one big issue in the way of anyone getting ahold of this gadget. That big issue isn’t the FDA or buying it, but rather having your merchant account not go nuts when you do buy it or scan it. It’s bound to happen: Something will go wrong somewhere, i.e., a fraudulent charge, and your merchant account provider will panic and close your account. It happens all too often, and while it may seem like there is nothing you can do, there is. You can stop it from the start.

If you are planning to use or accept payments via WiSP, you should look for a high risk merchant account provider to house your merchant account. These merchant account processors are well-equipped to handle any issues that may come along from a new or iffy payment source. While one fraudulent issue can leave you in a major bind with a traditional merchant account provider, a high risk merchant account provider knows their way around this issue. Another issue comes from the “newness” of this technology. What if it clunks out in a year? Well, a high risk merchant account provider also knows how to deal with those issues, to (remember the short-lived fanfare over BitCoin?).

WiSP is a great idea – and most of us can benefit from it in one form or another. If you are interested in using this product, or accepting it as a payment method, be sure to consult with your merchant account provider first. If they are not willing to accept this payment option, perhaps it is time that you break up with them.

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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 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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