What’s Hot and What’s Not In The Payments Technology Industry

Apr 14, 2015

Some industries have gone down, while others have only flourished and touched new heights. The ultimate upshot is that the results are quite balanced, and this has divided the opinion of many as pundits as to whether or not the U.S economy has recovered well enough from the abysmal crisis it brought upon itself.

One industry that hasn’t looked back is that of payments technology. Before the crisis, there wasn’t much chatter about payments technology industry because there was nothing much to talk about. However, ever since 2008, the industry has seen an unexpected boom.

Today, it stands out as one of the fastest growing industry. The rapid pace at which it was flushed with cash in unprecedented, and has made headlines in recent times. However, experts claim that this already ‘humungous’ size of the industry is not where they would draw the line. For them, sky is the limit for this industry and an increasing amount of further cash is starting to prove them right. This industry just keeps on getting bigger and better.

This has made payments technology a popular choice among new businesses, but when such entrepreneurs actually get into this business, they realize that banks and other traditional financial institutions value proven record over unrealized potential, however large the latter may be. What this entails is a rejection on your merchant account application. So, while the potential for high returns is a definite ‘hot,’ the risk that brings with itself is a ‘not.’

If it was anything else, you would want to take your chances without it. However, merchant accounts are no joke. You need payment processing services to make sure your business is a success. So, when traditional institutions turn you down, you turn to alternatives.

Speaking of alternatives, there are a few providers in the markets, which deal in specialized high risk merchant accounts, aimed especially at businesses like yours, which find it rather difficult when dealing with traditional financial institutions. At EMB, what you sign up for is service that is directly aimed towards high risk merchants, what you sign up for is the ability to accept online payment without any delay.

Let us help you get a high risk merchant account today!

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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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