Why Accepting Credit Cards is Essential to Your High Risk Business

Feb 17, 2017

A merchant not accepting credit cards in today’s age and time loses a lot regarding sales and profits. Many customers see credit cards as a safer, less cumbersome way of carrying large amounts of cash and making purchases. If your business doesn’t give them the option, they’d rather move to your competitor than adhere to the alternative payment choices you offer.

Credit card processing is, therefore, essential to the growth of a modern-day enterprise.

Below are a few benefits a merchant enjoys when they accept credit card payments.

  1. A boost in sales

Customers love it when a business gives them payment options that suit their convenience. And nowadays, the majority of shoppers prefer making payments with their credit cards. It is easier, simpler and more secure than the traditional cash or checks approach. Some associations also reward card holders with shopping points, which further motivates them to make more purchases.

When your business accepts credit cards, therefore, you encourage your customers to shop more, which ultimately boosts your product sales.

  1. A level playing field with competitors

As a business owner, the chances are high that just down the block is another merchant retailing the same product, or offering the same services. And this fierce competitor is probably already processing credit card payments. But if your business starts accepting cards as well, a customer will no longer have any compelling reason to go to your competitor’s shop.

  1. Improved cash flow and better management

Credit cards make for a quick settlement process. The payment services provider typically deposits funds to your bank account within a few days, unlike checks or money orders, which can take even weeks to clear. Additionally, accepting card payments also eliminates the hassles and inaccuracies that come with handling cash and filing invoices every day, resulting in easier and better financial management.

  1. Legitimacy

Shoppers tend to trust merchants more when they accept credit cards. When a customer sees the logo of the card organization they’re a part of on your POS terminal, cash register or website, the trust they have in their credit card brand will automatically be passed on to your business. By associating itself with known and trusted brands, the merchant earns a level of legitimacy that appeals more to customers.

E-commerce is the present and future of doing business, and any serious trader has to get with the program. Accepting credit cards is the only way your operation will stay afloat in these shark-infested waters. Moreover, card processing is now cheaper than ever, thanks to favorable rates from trendsetters like EMB. You, therefore, have no reason whatsoever to lag behind the competition.

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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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