Why You Should Look For A Merchant Account Other Than PayPal

Nov 21, 2016

Once PayPal was a real revolution in the world of online payment processing and no one was looking for PayPal alternatives. People could quickly send and accept money from their friends and family, and enjoy safer transactions as compared to other options in the field.

PayPal has an immense presence in the world of online transactions as it offers solid invoicing, payment processing, e-commerce, and reporting tools. Thanks to the advantages provided by PayPal, you can accept payments for services and products without any challenges.

However, the main reason why PayPal is still so popular is because people are so used to it. Only a few other alternatives to PayPal offer better customer service, lower rates, and better interface.

Due to some compatibility issues, people have been hesitant to switch to other alternatives to PayPal over the years. Today, there are no such issues anymore, so you can look for other options that are more reliable and provide more advantages for your own business needs.

One of the disadvantages regarding PayPal has to do with merchant accounts. PayPal has very strict rules for merchant accounts, thus making this payment processing tool not the best option to choose. PayPal can freeze accounts for any reason. Whenever they suspect any little thing associated with your account, they can freeze it. Even a single chargeback or challenged charge can create problems for merchants.

PayPal works for those who have a small side business, or sell on Etsy. PayPal isn’t ideal for high risk businesses as they are associated with a higher rate of chargebacks and disputes. That’s why high risk business owners often turn to reputable payment processors like EMB to get approved for a merchant account other than PayPal. EMB is voted the #1 high risk processor in the United States and boasts an A+ rating with the BBB.

If you think PayPal is not right payment service provider for your business, look for a merchant account provider that has experience dealing with your type of business. They will understand the issues that may arise from your business and offer the best solution to your own specific business needs.

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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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