Women Lead in Canadian Online Business Boom

Jan 25, 2016

The old school thought of business owners was that only men could pave the way for new, innovative ways to conduct business. Thankfully our thinking has changed, and our change in thinking is proving a reality in Canada, where women are taking control of internet businesses and sales. It shouldn’t matter who owns a business, but the new wave of women entrepreneurs have opened eyes in Canada’s risky internet sales environment.

The main issue with Canadian merchants – male or female – is the lack of merchant account options. Some offer services to those who sale just to their Canadian cohorts, but jack up processing rates for international sales. Even those who sale to the United States suffer from these inflated processing fees. Also, too many international sales make a company look risky, so processors place it into the dreaded “high risk” category. This, combined with a merchant’s unproven business record can spell disaster for someone looking to obtain a merchant account.

This unproven business record is even more common with women merchants, which is why the statistic is a big deal. How are these women getting merchant accounts? Some are probably using Square, PayPal, or ApplyPay to process online payments, but there are issues involved with these processing options. Processing rates can be high, and especially with PayPal, too many transactions in a short period of time can lead to an account closure. This leaves you with a way to process plastic card payments, and without a way to refund customers because PayPal “freezes” account funds.

The solution is simple: Find a Canadian merchant account that allows for international sales at reasonable rates. These charges and processing fees can damage even the most profitable company, leaving them taking out loans or closing their doors altogether. This is troubling, and it hurts the Canadian economy. You need to search for a merchant account provider who has expertise in dealing with Canadian-based merchants, like EMB. While there are many around, not all are created the same, so be sure to do your research before signing on the dotted line.

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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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