What’s New With EMV And Chargeback Protection?

Feb 11, 2016

Months After EMV Compliance In The US

According to Brian Kilcourse, partner of Paula Rosenblum of Forbes, the new payment standards are used to shift risks from the banks to retailers. Kilcourse believes consumers haven’t had risks associated with credit cards till now.

Gray Taylor, Executive Director of Conexus, has recently talked about the liability shift. Taylor thinks banks transfer liability to retailers in order to stay away from risks. As he mentions, the costs of fraud have to be borne by merchants.

According to Greg Buzek of IHL Group, after the EMV liability shift in the US, only 6 percent of merchants have met the deadline. On the other hand, only 8.5 percent of merchants are ready to accept EMV.

It is critical to choose the best payment processors in the field so to be able to protect your business and increase revenue. EMB, a highly reputable credit card processor, to offers a unique chargeback prevention system to its customers. In partnership with Verifi and thanks to their Cardholder Dispute Resolution Network (CDRN), and Ethoca’s alert system, EMB provides direct control over credit transaction disputes. With merchant chargeback protection offered by EMB, you can enjoy the highest level of chargeback resolution.

Different Approaches To Chargebacks

According to Rosenblum, the retail industry spent a lot on PCI-DSS compliance, which would never prevent data theft adequately. Today, another fortune is being spent on card readers and software.

According to Buzek, retailers shouldn’t be charged for fraudulent transactions associated with lost or stolen cards. In fact, retailers become liable for all these charges. Moreover, retailers are now trying to keep Track 2 data, which will be necessary for fighting merchants and acquiring banks in case they deal with fraudulent charges. Previously, retailers didn’t store the mentioned data as part of the PCI-DSS.

Taylor thinks banks show a “charge-them-all-back” approach to chargebacks, thus counting for drastic consequences for retailers engaged in small and mid-size businesses. He believes not providing a strategic plan that would go a long way in upgrading the world’s largest payment system is mostly harmful to small businesses.

Taylor considers PIN authentication to be the most effective means to fight fraud and is sure another few billions are going to be invested in mobile, encryption, and tokenization.

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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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