What is EMV?

Aug 28, 2014

As we speak, the United States is getting ready to undergo a major shift in how it technologically equips its credit and debit cards. EMV or Europay, MasterCard, and Visa, is a new fraud deterring chip embedded within debit and credit cards. This new chip has become mandatory for all card distributors as an effort to stop credit card fraud, but could affect your high risk merchant account.

EMV Technology and Merchant Liability

Almost half of all credit card fraud occurs in the United States. Most major markets around the world already use EMV, however the United States has previously stood its ground by sticking with the magnetic strip. However, the recent Neiman-Marcus and Target counterfeit debacles, have pushed for the usage of EMV chips instead of the classic magnetic stripe, which are easy to duplicate. Starting in October 2015, businesses will be responsible for having EMV reading capabilities to ensure consumer financial safety. This means, that if a credit card owner’s card is stolen and used at you high risk business, you will be responsible for assuming the costs if your high risk merchant account does not have EMV card readers.

High Risk Merchant Account with 1st American Merchant Funding

Do you run what is referred to as a “high risk” business? High risk businesses include but are not limited to the following businesses:

  • Adult – All types
  • Credit Repair
  • Sports Betting Advice
  • TMF Merchants
  • Travel & Timeshare
  • E-Books & Software
  • Firearms – Online
  • High Ticket & High Volume
  • MLM & Bizops
  • Collection Agencies
  • Cigars & Pipe Tobacco Online
  • Debt Consolidation
  • Electronic Cigarettes
  • Nutraceuticals
  • Penny Auctions
  • Ticket Brokers – Online Tickets

High risk merchant accounts have an extremely difficult time finding credible lenders and card processors, and with the liability shifts that EMV has instigated, leaving your high risk merchant account in the hands of amateurs or unreliable processors could mean financial ruin. Avoid fraudulent activity being conducted at your business with 1st American Funding. We have EMV reading technology along with close working relationships with all of the top payment processing companies in the country. This means your business will always be protected from fraudulent card activities.

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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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