Americans are Anxious about New Ways to Pay but increasingly Wary about Personal Security; New Survey Finds

Sep 15, 2015

Americans are anxious about personal security but remain optimistic that these issues will be fixed soon to allow them enjoy the benefits of online transactions. In fact, most people are already imagining a bright future with even better ways to pay.

According to a new research by MasterCard, Americans aren’t very confident in the security of their personal information. The survey which was conducted between May and June 2015 reveal that a majority (77%) of Americans are anxious about their financial information and social security numbers being compromised or stolen. But perhaps the most surprising finding is that consumers seem to be more worried about their credit card security than their homes being robbed!

Of the respondents, 62% indicated that they feared about their financial information being stolen or compromised than their emails being hacked while an impressive 59% felt less worried about their homes being robbed. It’s a sad state of affairs considering that 55% of the respondent also said that they would rather have their naked pictures leaked online than fall victim to credit card and identity theft.

The good news is that a large portion of the population is ready to embrace any changes aimed at further securing their financial information. With this in mind;

  • A majority of American consumers (69%) are already using or plan to use chip cards. And,
  • More than half (56%) are currently using mobile digital payments via apps or secure websites or plan to do so soon.

Other findings from the survey show that;

  • Americans are eager to take an active role in securing their financial information. Of those surveyed, 48% believed they had an important role to play in protecting their financial information and were ready to act as appropriate.
  • Most consumers believe there are more secure ways to make payments now more than ever – 83% of respondents expressed their excitement about more secure technologies that are helping to protect financial information while 77% were happy with the progress made so far with regards to protecting online payments.
  • New payment technologies are a welcome part of the average American’s life – as new technologies continue to emerge, most Americans indicate that they will do everything to stay on top of current trends. Already, 75% of respondents know about biometric payments and 82% are aware of contactless or tap-and-go payments.

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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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