May 05, 2017

What You Should Know About Merchant Services

Merchant services can be characterized as a broad array of financial services that a business can use. Merchant services usually refer to merchant processing services that allow for accepting a transaction payment through a secure (encrypted) channel using the customer’s credit card or debit card or near-field communication (NFC)/radio-frequency identification (RFID) enabled device.

Getting a Merchant Account

To accept credit/debit card payments, you should have a merchant account. You can turn to a reputable payment processor like emerchantbroker.com (EMB) to get a merchant account tailored to your business wants and needs.

Thanks to merchant services, you can not only process your credit/debit card payment transactions but also enjoy more financially-related services. Moreover, merchant services can also offer small business funding solutions like merchant cash advances. With EMB, you can get small business funding, including a merchant cash advance, to start and grow your business.

What features the best merchant services should possess?

  1. Mobile Payments

According to Statista, an online statistics, market research and business intelligence portal, the transaction value of mobile payments is projected to have an annual growth rate of 78% from 2016 to 2020.

Google is now focused on rewarding mobile-optimized websites. Businesses are incorporating sales and payment solutions within the mobile platform. Your merchant account should be able to process such payments.

  1. Fast and Efficient Payment Processing

Its’ important to secure sales in a faster and more efficient way so that not to make customers choose your competitor.

  1. Ultimate Security

Your business should meet the latest standards to ensure safety and security of payment processing. Know the latest advancements in the field and find out if your merchant services provider can provide an upgrade.

  1. Flexibility

Small business owners shouldn’t load up their systems with unusable features. For this, try to find a merchant services provider that can easily offer you only the features that you need, thus helping you avoid from paying for extra services.

  1. Top Customer Support

It’s important that a merchant services provider offers strong and knowledgeable customer service support whenever you need it. In case a problem arises from payment processing, it must be solved in real time. That’s why your merchant services provider should offer continued support and help you deal with your issue immediately.

The best merchant services plan ahead and provide choices that bring value to businesses. Simple, streamlined processes that are on the cutting edge of technology can help you process payment transactions without difficulty.

 

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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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