Terry McAvoy, owner of an in-store and online clothing business

Increases Savings Reaped By Removing Credit Card Processing Challenges

Retailers who have bricks-and-mortar businesses, as well as online shops, can have a difficult time streamlining their ventures, especially when it comes to merchant accounts and credit card processing. The challenge to have a cohesive structure while not overpaying on rates and fees are must factors to business longevity, and something that a clothing business needed to address to expand.

The Challenge

Terry McAvoy, owner of an in-store and online clothing business, knew that not working with a single processor was causing inefficiencies, and would dire ramifications for the company in the future. Some of its partners sites operated independently, which led the business working with multiple payment processing companies. It not only created an unnecessary burden on the entire team, it had to deal with separate contacts and agreements. This created extra work, and the business was unable to get a clear picture as to whether this structure was cost effective. Overall, the business’ leaders felt it was paying higher processing fees than necessary. Therefore, the business began its search for a new processor. After much research and thorough vetting, it moved forward with eMerchantBroker.com (EMB).

The Solution

There was no continuity among its home store and partner sites. After analyzing the information for all sites, it was determined that some of the transactions were being classified incorrectly. Ultimately, the retailer was paying more and cutting into its profits by working different rate and fee structures offered from multiple processors. The goal was to find a single processor that could offer secure credit card processing at lower rates.

EMB was able to offer the business customized processing quotes that matched its processing volume, ticket prices, transaction types, and security needs. After a quick review of the business, analyzing its current fees and contracts, the business was able to reach an agreement that saved it money.

The business also was able increase processing volumes and enhance security by taking advantage of EMB’s partnership with e-commerce platform, Shopify. EMB’s newly developed payment gateway, PinwheelPay, provides Shopify merchants with advanced features, including 3D Secure, multi-currency conversion, and intelligent transaction routing. In a few, simple clicks, the retailer quickly integrated it with its online stores.

Moving to a single processor, turned a complicated payment structure into a seamless, cost-effective operation. The business also looks forward to new PinwheelPay features, including Bitcoin acceptance, and more than 100 alternative payment methods, that will be released in the near future.

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The Benefit

By working with EMB, the retailer was not only able to increase processing volume, but it also had access to other value-added benefits. It offered a seamless integration and the functionality was nearly plug-and-play.

Measured benefits experienced include:

  • In only a short period of time, on average, processing rates have decreased by 25%
  • EMB’s integrated solution is fully PCI-compliant and uses strong encryption technology when processing payments, so instances of fraud were reduced by 50%.
  • Profit gains have permitted the retailer to expand its inventory by 15%, and it has a future goal of expanding by another 10% within a year

With the help of customer reporting, EMB has helped the retailer to effectively manage credit card processing costs. Due to the high volume of transactions, the retailer needed custom reports to offer visibility into each, including any potential chargebacks, and EMB was able to meet its needs and exceed its expectations.

Additionally, the customer support during the on-boarding process was unmatchable. The quality of the support made the transition easy, and, therefore, there were no delays in business or negative impacts to its customers.

Award winning.

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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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