You Need the Right High Risk Merchant Account to Fight EMV Issues

Mar 31, 2016

Merchants are supposed to have already switched to EMV card capabilities, right? Well, many have not. I have shopped at stores that do not have the processing capability. This can be hazardous to your business, leaving you unable to process some cards and liable for issues that may arise. While mainstream businesses have not had issues finding capable terminals, high risk merchants are not as lucky. With the risk high risk merchant account, you should already have EMV processing capabilities.

According to a recent survey by Digital Transactions, only 29% of high risk merchants were accepting EMV card payments. The process is actually simpler and quicker for customers, so why wouldn’t a merchant obtain it? Well, most high risk merchant account providers are not offering the technology yet, or if they are, they are charging more for it. This is unacceptable for merchants who must abide by these new regulations. The inability or refusal to do so brings high fines from the card industry. While EMV cards are no doubt safer to use, thanks to the encryption process, some fear that once hackers figure out how to get into the encryption process, they will not be any safer than magnetic strip cards. Only time will tell, but that is not a reason to forgo the changeover.

If your merchant account provider is not willing to cooperate with the new terminal technology, you should consider your options. This should be easy, but if you are in need of a high risk merchant account it is often anything but. You need to know where to look, and there are options available for you, regardless of why your business is considered “high risk”. The thing to watch out for are the processors who claim to specialize in all types of high risk businesses without stating the differences in these businesses. Every industry in unique, from e-cig sales to adult toy sales, and even car dealerships. Each has their own challenges that your high risk merchant account processor must understand. Be sure to interview your prospective processor before signing on the dotted line, because the wrong choice can negatively affect your business.

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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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