eMerchantBroker Overview
eMerchantBroker provides merchant services to merchants in high-risk industries. While they will accept low-risk businesses too, you will find better rates with other providers. They have a 99% acceptance rate for a legitimate high-risk merchant. That makes them an ideal choice if you are very high risk or a hard to place business. No matter what your business, you have a high chance of getting approved. But obviously, that comes with a price, and they are more expensive than many other providers.
So it depends on your type of business whether they are a good choice for you. If you are having problems getting your merchant account, then they may be the perfect solution. They have excellent customer reviews and hold an A+ rating with the better business bureau. And, considering they cater to high-risk industries, they have a very good track record and positive reviews.
Products & Services
eMerchantBroker offers secure credit card processing services for online businesses. They are not the best choice for retail brick and mortar stores as they do not deal with hardware. But for high-risk merchants with an online store, offer all the products and services you need. They provide you with a full account and a unique Merchant ID. And they accept merchants operating outside of the US. The payment gateway they provide integrates with all popular payment service providers and shopping carts. They also help small businesses with loans. And their systems can handle cryptocurrency payments too.
Merchant Accounts
When you accept credit card payment processing in your business, you need a merchant account. Many providers like Square aggregate businesses under one merchant ID. That shortens the setup time and makes it cheaper. But that also means that a bank can freeze your account at any time due to the actions of someone else. With eMerchantBroker, you have account stability as no one else shares your account. But this costs more and might be too much expense for a low-risk business. Low-risk businesses will find better rates for a merchant account elsewhere.
High-Risk Merchant Accounts
As a high-risk merchant, it makes better business sense to choose a provider like eMerchantBroker. They specialize in this area and can help protect your business. They accept almost all high-risk merchants, as long as they are a legitimate company. Traditional financial institutions do not like to work with certain industries, such as adult or gambling sites. But eMerchantBroker works with several different payment processors. That affords them more opportunities to find a bank to work with you. They also have excellent customer reviews for their high-risk merchant services.
Payment Gateways
While most people pay by credit card, the world is changing fast. You need to offer the best processing options to your customers at checkout. eMerchantBroker has its own gateway that you can incorporate into your store. This makes everything run smoothly and setup is an easy process. They also support most of the popular third-party gateways if you already have a site set up. You can choose from big names such as Authorize.net or NMI and that should be more than enough for any business. Their support team can help you with any integration issues.
eCheck/ACH & Paper Check Processing
While paper checks are a thing of the past, the concept of checks is still quite popular. eChecks use the same principle, but without the need for paper. The best part is that you bypass credit card fees so it is a cheaper option for payment. This can be cost-effective for customers making recurring payments. And if you are not one of the 99% of accounts accepted by eMerchantBroker, you can also use this method exclusively. You will lose out on credit card purchases, but be able to trade without a merchant account.
Chargeback Protection Services
There are many reasons why your business may be high risk. But the most common reason is your processing services statistics. As a high-risk business, you are more likely to encounter fraud issues and chargebacks. And if your chargeback ratio is too high, you run the risk of the bank freezing your account. eMerchantBroker uses Verifi and Ethoca to help keep your chargeback ratio low. They will alert you whenever there is a chargeback and help you contest it. By keeping your ratio low, you will keep your account active.
Business Funding
It can be difficult starting a high-risk business. You need to secure your merchant account and this will come with high fees and strict terms. One of the most common issues you will face is a rolling reserve. The bank will hold back some of your sales as security against chargebacks. An eMerchantBroker account allows you to apply for cash advances. You get a cash advance in exchange for a percentage of future credit card sales. This can be a great feature if you are confident in your business model and need cash to expand.
International Merchant Support
One of the best advantages an online store has is the ability to expand. You simply need to market your site in another country to find customers. But you need to be sure that your payment processor can handle payments from that country. As you expand into more countries, managing data can become more difficult. And ideally, you want to accept payments using local payment methods. eMerchantBroker offers support in more than 40 countries. This makes them a great choice for an international business. If you plan to expand into a particular country, check their website for more details.
Integration Partnerships
eMerchantBroker is a technology-minded company that integrates well with third-party platforms. They partner with all the big-name platforms, so your checkout will integrate easily. You can use Square, Woo Commerce, Shopify, and Kount. And Apple Pay and Google Pay also work seamlessly. And with NMI and Authorize.net you are completely covered. Offering several payment options to your customers is key to closing sales. We live in a fast society and people want to pay as quickly as possible, with the least effort. Having a wide range of payment options will make your store more attractive to customers.
Cryptocurrency Payments
Accepting credit card payments is enough for most businesses. But it makes better business sense to offer more options. Cryptocurrency is still a relatively new concept for many people. But many people are embracing it as their payment method of choice. eMerchantBroker offers support for Bitcoin and other crypto payments. This affords you many advantages. It saves you money as you can bypass paying credit card processing fees. It is an international currency as it is not limited to location. And payments can show up in your account within a few minutes.
eMerchantBroker Fees & Rates
When you get a low-risk merchant account, your rates and fees are usually transparent. But there are many more considerations when it comes to high-risk merchant accounts. Providers like eMerchantBroker need to work with several processors. That is why they can boast a 99% acceptance rate. They will work hard to get you your merchant account. But this extra effort comes with a price.
And this price depends on how high risk your business is, and what your requirements are. So there are no transparent fees or rates, every case is different. You will not know your exact rate until after you complete your application. But you can expect credit card processing rates of around 3 to 4% + $0.15. This is standard from providers like eMerchantBroker. That is why lower-risk merchants are better suited to other providers. eMerchantBroker is geared towards high-risk merchant accounts.
Contract Length and Termination Conditions
As with their fees and rates, there is no set contract length or terms. But for most high-risk businesses, merchant accounts have a 1 to a 3-year contract. This is standard for high-risk accounts as the provider is taking a higher risk with your account. Since your contract works on a case-by-case basis, you can try to negotiate better terms.
Your contract will also include an early termination fee in the event you close your account early. Again, this will vary for each business, so check your contract thoroughly. Many high-risk companies close down early and this termination fee can be quite high. So make sure you have a sustainable business model before accepting your contract.
eMerchantBroker Technical & Customer Support
eMerchantBroker offers all the usual customer support. You can find their email contact information on their website for general inquiries. If you need tech support, it will be better to call them directly during business hours. They have many extensions listed on their website to speed up the process. You can also use their live chat during business hours. Customer reviews are positive about the quality of support they provide.
Is eMerchantBroker Right for Your Business?
There are many pros and cons to having a merchant account with eMerchantBroker. The services they offer are top-notch, so you will be in safe hands with them. But as a low-risk merchant, you may find their rates are a bit high. They are best suited to a high-risk business. And they have a 99% acceptance rate, so if you are in a high-risk category, they may be perfect for you.
Our Verdict
eMerchantBroker is a great choice if you are high-risk or have trouble getting approved. While their costs may be higher than many other providers, they specialize in high-risk companies. So you get reliable support and a stable merchant account. But they are not the best choice for low-risk businesses or brick and mortar stores. Overall, we rate them best for high-risk eCommerce stores that are having difficulty getting approval.