Why Apple Pay Will Payoff for Merchants

Dec 22, 2014

It’s been a few months since Apple announced its release of Apple Pay, a mobile wallet available on the iPhone 6 and iPhone 6 Plus. But mobile wallets have been around for a few years, and Americans have been very slow to adopt them. So why are so many mobile payment processing officials excited about the future of Apple Pay in the U.S.?

EMV Pressure

Mobile payment experts like Steve Cadden, believe that current conditions in the States are favorable towards the fast adoption of Apple Pay. On October 2015, acquirers, issuers, and merchants are required to implement Europay-MasterCard-Visa (EMV), a chip card standard that requires new debit and credit cards to switch from data strips to information chips. In addition, merchants are required to attain EMV support processing equipment. The entity that does not provide consumers with EMV chips or processing equipment, will assume liability for counterfeit card transactions.

Apple Pay utilizes EMV technology called near-field communication (NFC) or “tap and go,” transmits the payment token to a particular merchant’s equipment.

Shifting Demographics

In addition to a looming EMV chip card standard deadline, industry experts believe that consumer behaviors indicate a readiness to adopt Apple Pay. First of all, the market that would most integrate Apple Pay into their lives are coming of age. 80 million millennials-adults 18 to 29, and 20 million teens are willing and able to add one more app that will make shopping faster and more convenient.

Name Recognition

And of course, there’s the name recognition that Apple brings to the table. Millennials and post-millennials haven’t lived in a time without Apple playing a critical role in their learning, social, or entertainment experience. With this heightened exposure comes trust in Apple and the desire for their products.

The release of Apple Pay has a few more implications. One of these is the ability of previously excluded industries to use Apple Pay to process their customer’s payments. The adult industry is one of these areas. Now is the time for adult merchants to find a merchant friendly adult merchant processing partner to help manage their accounts. Contact eMerchantBroker.com to learn more.

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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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