What You Need To Know About Finding a Payment Processor

Sep 13, 2016

So, you’re opening a business and you need a way to take payments. You will need to find a payment processor – specifically a payment processor that is not PayPal. This can take as little as a Google search to find, but what are you really finding? And what are you looking for? Many startup merchants are not really sure, but you need to be. There are many things that separate the many types of payment processors, from mainstream to high risk, you need to know these differences.

High risk payment processing is something that you should look for if you are a startup, or if you are a merchants that has been stuck with a “high risk” label. This is something that happens to many businesses, from either their industry or their chargeback rate. High risk labeling can cause issues for a company, and having a mainstream merchant account can complicate things even further. This is because a mainstream merchant account provider doesn’t know the issues that can takeover a high risk merchant – and fast. Some merchants, such as e-cig vendors, have a higher risk of fraudulent transactions. This causes chargebacks, which in return costs the merchant and merchant account provider a lot of money and time. Merchant account providers without the knowhow can panic and close these accounts.

This is why you need to look for a high risk payment processor if you are a startup merchant, or just a high risk merchant looking for a better option. They understand the risks that come with these businesses, and many (like EMB) have staff that is experienced with high risk industries. The experience and education thee reps provide can help you better understand your business. Getting into the business world is tough, but with the right support you have a better chance of succeeding. Before you sign on with any merchant account provider, be sure to ask how experienced they are with your industry – and what their plan is when you incur a chargeback.

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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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