eMerchantBroker Review

eMerchantBroker is a top payment processor that focuses on high-risk merchant accounts. Established in 2011 and based in Thousand Oaks, California, EMB offers a range of financial services designed for businesses that struggle to obtain merchant accounts from traditional banks.

Company Background

eMerchantBroker was founded in 2011 and is based at 2985 E Hillcrest Dr #209, Thousand Oaks, California. Blair Thomas, the current CEO, and David Silverton co-founded the company together. EMB is known for providing dependable and safe payment processing services, especially for industries that are considered high-risk.

Since starting, eMerchantBroker has consistently received an A+ rating from the Better Business Bureau, which it has held since 2012. This rating shows the company’s dedication to excellent customer service and ethical business practices. The dedication shown by EMB in resolving customer issues and maintaining a positive reputation in the industry is highlighted by the BBB accreditation and high rating.

Products and Services

eMerchantBroker offers a comprehensive suite of products and services designed to meet the needs of high-risk merchants. Here is an overview of their key offerings:

Merchant Accounts

EMB provides specialized merchant accounts tailored to high-risk businesses, ensuring they can process payments effectively. Unlike traditional providers that aggregate multiple businesses under one merchant ID, EMB offers individual merchant accounts. This approach provides greater stability and reduces the risk of account freezes due to another merchant’s issues.

High-Risk Merchant Accounts

EMB specializes in catering to high-risk sectors that are frequently rejected by conventional financial institutions. Their skills enable them to serve various industries, such as adult entertainment, gaming, CBD, and e-cigarettes. EMB’s readiness to collaborate with these difficult categories makes it a top choice for businesses facing challenges in obtaining merchant services.

Payment Gateways

EMB integrates with major payment gateways like Authorize.net and NMI, providing secure and reliable transaction processing. These integrations ensure that merchants can choose from a variety of gateways to find one that best suits their business needs. Features include seamless integration with existing systems, robust fraud protection, and user-friendly interfaces.

eCheck and ACH Processing

EMB provides support for eCheck and ACH processing for merchants seeking alternative payment methods. This service enables companies to take electronic checks as a cheaper option to credit card payments. Advantages consist of reduced processing fees and quicker transaction times, which makes it perfect for recurring payments.

Chargeback Protection

High-risk merchants are particularly vulnerable to chargebacks. EMB partners with Verifi and Ethoca to offer comprehensive chargeback protection services. These tools help merchants monitor and mitigate chargebacks, reducing the risk of account freezes and financial losses. The importance of this service cannot be overstated, as it directly impacts the sustainability of high-risk businesses.

Cryptocurrency Payments

In keeping with modern payment trends, EMB supports cryptocurrency transactions, including Bitcoin. This service allows merchants to expand their payment options and attract tech-savvy customers. The benefits include enhanced security, lower transaction fees, and the ability to reach a global customer base.

Business Funding

EMB also provides financing solutions for businesses like cash advance services. This service grants high-risk merchants access to capital by considering their upcoming credit card transactions. Approval criteria primarily consider monthly sales revenue, which benefits businesses with imperfect credit by facilitating funding. This can prove to be an essential asset for high-risk merchants who require assistance with cash flow management and investment in expansion.

Pricing and Fees

eMerchantBrokeroffers a variety of pricing structures designed to accommodate the needs of high-risk merchants. Their pricing strategy reflects the elevated risk associated with these accounts, often resulting in higher fees compared to standard merchant accounts.

General Pricing Structure

EMB utilizes a combination of tiered and interchange-plus pricing models. The tiered pricing model categorizes transactions into qualified, mid-qualified, and non-qualified, with varying rates for each category. For interchange-plus pricing, merchants pay a fixed markup above the interchange rates set by credit card networks. This transparency can help merchants understand their costs better, although exact rates vary based on the merchant’s risk profile and processing history.

Transaction Fees, Monthly Fees, and Other Charges

The usual fees for EMB transactions vary from 3.00% + $0.15 for swiped payments to 4.00% + $0.25 for keyed-in transactions. The charges for high-risk merchant accounts are typically elevated compared to low-risk accounts because of the heightened level of risk. Along with transaction fees, EMB also imposes a monthly fee, the specific amount of which is not publicly revealed and changes based on the merchant’s volume and risk level. Additional potential fees may involve gateway charges, batch charges, and chargeback fees, with chargeback fees typically amounting to approximately $25 per occurrence.

Contract Terms and Early Termination Fees

Contracts with EMB typically span one to three years and often include automatic renewal clauses. Merchants should be aware of early termination fees, which can be significant and are intended to cover the provider’s potential losses from ending the contract prematurely. These fees are a common feature among high-risk merchant account providers and can be a critical consideration for businesses evaluating their options.

Comparison with Industry Standards

Compared to industry standards, EMB’s fees are on the higher side, reflecting the specialized services and higher risk associated with high-risk merchant accounts. Conventional merchant accounts with low risk typically provide lower fees for transactions and more favorable terms. Nonetheless, for companies in risky sectors, the capability to obtain trustworthy payment processing from EMB may surpass the increased expenses, particularly when other providers might refuse service entirely.

By understanding EMB’s pricing and fee structure, merchants can make informed decisions and better manage their payment processing costs. While the fees may be higher, the tailored services and support for high-risk industries provide significant value for businesses that need specialized solutions.

Customer Support

eMerchantBroker provides strong customer support options to ensure merchants can get help when necessary. The company offers around-the-clock assistance, essential for businesses in high-risk sectors where problems can occur unpredictably. Businesses have multiple options to reach out to EMB such as a hotline, email, and a contact form on their website.

The quality of customer service at EMB is generally well-regarded. The support team is known for being knowledgeable and responsive, addressing inquiries and resolving issues promptly. This level of service is particularly important for high-risk merchants who may face unique challenges and require specialized assistance.

User reviews of EMB’s customer support are mixed but generally positive. Many merchants appreciate the availability and professionalism of the support team, noting that their issues are typically resolved efficiently. However, there are some complaints about long wait times and difficulties in reaching a representative during peak hours. Despite these occasional issues, the overall feedback indicates that EMB is committed to providing high-quality support to its clients.

Contract Terms

eMerchantBrokertypically offers contract terms ranging from one to three years, which is standard for high-risk merchant account providers. These contracts often come with automatic renewal clauses, meaning the contract will renew for an additional term unless the merchant proactively cancels within a specified period before the term ends. This can be advantageous for merchants looking for long-term stability but may be a drawback for those seeking more flexibility.

One key aspect to be aware of is the early termination fee, which EMB charges if a merchant decides to cancel their account before the contract term is complete. This fee can be significant and is designed to cover the provider’s potential losses from ending the agreement prematurely. It’s essential for merchants to fully understand the early termination fee details outlined in their contract to avoid unexpected costs.

Furthermore, despite EMB’s efforts towards transparency, users have sometimes reported challenges in getting a detailed breakdown of fees and terms in advance. Merchants need to carefully examine all contract specifics and ask EMB’s sales agents for clarification if any terms or fees are not understood.

Overall, while EMB’s contract terms are typical for the high-risk merchant account industry, potential users should carefully review and understand the specifics to ensure they align with their business needs and avoid any unforeseen charges.

Integration and Compatibility

eMerchantBroker stands out in its ability to seamlessly integrate with well-known e-commerce platforms, making it a flexible option for online companies. The business backs compatibility with popular platforms such as Shopify and WooCommerce, allowing sellers to seamlessly integrate EMB’s payment processing features into their current e-commerce sites. This compatibility guarantees merchants can continue operations seamlessly without needing to completely revamp their existing systems.

In addition to e-commerce platform integration, EMB is compatible with a wide range of payment methods. This includes traditional credit and debit card processing, ACH and eCheck payments, and even cryptocurrency transactions. Such broad compatibility allows merchants to offer diverse payment options to their customers, enhancing the shopping experience and potentially increasing sales.

The ease of integration and setup with EMB is another significant advantage. The company provides detailed guides and support to help merchants get started quickly and efficiently. Their payment gateways are built to easily combine with current systems, cutting down on the time and energy needed to put their solutions into place. This user-friendly approach ensures that even those without extensive technical expertise can set up and manage their payment processing effectively.

Reputation and Reviews

eMerchantBroker has established a solid standing in the payment processing sector, especially for merchants with high-risk profiles. The organization has maintained an A+ grade from the Better Business Bureau (BBB) and has been accredited since 2012. This excellent rating shows its dedication to addressing customer concerns and upholding ethical business standards. EMB has received a rating of 4.0 out of 5 on TrustPilot, reflecting a mostly positive customer experience as shown by multiple reviews.

Common praises for EMB include its fast approval process, the ability to secure merchant accounts for high-risk businesses, and the variety of payment solutions offered. Customers often highlight the knowledgeable and responsive customer support, which helps resolve issues efficiently. Additionally, merchants appreciate the flexibility and range of services that cater specifically to high-risk industries.

However, there are some recurring complaints. These often involve the higher transaction fees compared to traditional merchant accounts and occasional difficulties in reaching customer support during peak times. Some users have also mentioned issues with the transparency of pricing and terms.

EMB takes initiative in responding to criticism, usually dealing with issues directly on review platforms. This quick response reduces discontent and shows dedication to customer service and enhancement.

Overall, eMerchantBroker’s reputation is bolstered by a combination of strong customer support, specialized high-risk services, and proactive engagement with user feedback.

Pros and Cons

eMerchantBroker provides various advantages and a few possible disadvantages for merchants, particularly those in high-risk sectors. Here are the main benefits and possible drawbacks outlined.

Pros

High Approval Rate for High-Risk Merchants: EMB specializes in high-risk merchant accounts, making it a valuable option for businesses in industries that are often rejected by traditional processors.

Diverse Payment Solutions: EMB supports a wide range of payment methods, including credit card processing, eCheck and ACH payments, and cryptocurrency transactions, providing flexibility for merchants.

Chargeback Protection: With partnerships with Verifi and Ethoca, EMB offers robust chargeback protection services, helping merchants manage and reduce chargebacks effectively.

Comprehensive Customer Support: EMB provides 24/7 customer support, ensuring that merchants can receive assistance whenever needed.

Seamless Integration: EMB integrates smoothly with major e-commerce platforms like Shopify and WooCommerce, making it easy for merchants to set up and manage their payment processing.

Cons

Higher Fees: The transaction fees and other charges with EMB are generally higher compared to traditional low-risk merchant accounts, reflecting the higher risk involved.

Contract Terms: EMB typically requires contracts that range from one to three years, often with automatic renewal clauses and early termination fees, which can be a drawback for some businesses.

Customer Support Wait Times: While EMB offers 24/7 support, some users have reported long wait times during peak periods, which can be frustrating for merchants needing immediate assistance.

Transparency Issues: There are occasional complaints about the transparency of pricing and terms, with some merchants finding it challenging to get clear information upfront.

eMerchantBroker provides essential services and support for high-risk merchants, though it comes with higher fees and some contractual obligations. Businesses should weigh these pros and cons carefully to determine if EMB is the right fit for their payment processing needs.

Comparison with Competitors

eMerchantBroker is distinct from other high-risk merchant account providers because of its tailored services and impressive approval rates. EMB stands out among other providers in the high-risk sector due to its various unique selling points that give it a competitive advantage.

How EMB Stacks Up Against Competitors

EMB is known for its willingness to work with a wide variety of high-risk industries, including adult entertainment, CBD, and gaming. This contrasts with some competitors who may limit their services to fewer high-risk categories. Additionally, EMB’s robust chargeback protection services, facilitated through partnerships with Verifi and Ethoca, are more comprehensive than what many other providers offer, helping merchants manage disputes effectively.

Unique Selling Points

High Approval Rates: EMB is more likely to approve high-risk merchants compared to many competitors, providing businesses with much-needed payment processing solutions.

Diverse Payment Options: EMB offers various payment methods such as credit card processing, electronic checks, ACH payments, and cryptocurrency, which may not be offered by other providers.

Advanced Chargeback Protection: The collaboration with Verifi and Ethoca guarantees that merchants have top-quality tools for preventing chargebacks, which helps them manage disputes and minimize financial losses.

24/7 Customer Support: While some competitors may offer limited support hours, EMB provides round-the-clock customer service, ensuring that help is always available.

EMB stands out in the high-risk merchant account industry with its high approval rates, wide range of payment options, and strong support services. EMB’s distinct features are designed to address the requirements of high-risk merchants, distinguishing it from other service providers.

Conclusion

eMerchantBroker is a strong choice for merchants with high-risk needs for specialized payment processing solutions. Its strong competition is bolstered by its high acceptance rates, varied payment methods, and thorough assistance. Potential users, particularly individuals in high-risk sectors, will see advantages from EMB’s customized services and 24/7 customer assistance.

FAQs

What types of businesses benefit the most from using eMerchantBroker?

High-risk businesses, such as those in adult entertainment, CBD, gaming, and e-cigarettes, benefit the most from eMerchantBroker’s specialized services, which offer high approval rates and tailored payment processing solutions.

How does eMerchantBroker handle chargebacks?

eMerchantBroker partners with Verifi and Ethoca to provide comprehensive chargeback protection. These tools help merchants monitor and mitigate chargebacks, reducing the risk of account freezes and financial losses.

What are the contract terms and are there any hidden fees?

Contracts with eMerchantBroker typically range from one to three years, often including automatic renewal clauses. There may be early termination fees. While EMB strives for transparency, some users report occasional issues with understanding the full scope of fees upfront.