Are E-Cig Merchants Being Left Behind when it comes to Mobile Wallet Payments?

Jun 15, 2015

Mobile payments have become a new “must” for retailors. Recent studies have shown that a large number of consumers are using a mobile wallet to make their payments. For retailors that do not accept mobile wallet payments, they could be losing considerably in sales.

In a January 2015 survey conducted by Interactions Consumer Experience Marketing Inc., approximately 30% of consumers use a mobile wallet for payment. The wallets considered ranged anywhere from major third-party apps like Apple Pay to online wallets like Visa Checkout. It was also revealed that, if a store was found to accept no mobile wallet, 36% of users informed surveyors that they would have walked out – 56% said they wouldn’t go back.

As far as usage patterns, almost 62.5% of consumers pay with their mobile wallet apps at least once a week. 19% of consumers informed surveyors that they actually use their wallet once a day. Not surprisingly, the younger generation of consumers have the heaviest usage.

Apple Inc., Google Inc. and Samsung Electronics Co. have lined up for battle over who is going to control mobile payments. Meanwhile, companies like Starbucks Coffee Co. chain’s wallet boasts more than 12 million users. Some of the top mobile wallets for iPhone and Android include: LoopWallet, Softcard, PayPal and Google Wallet.

One booming industry has so far failed to jump in on the success of mobile wallets – e-cigs. E-cig merchants are not offering to accept these payments, despite the fact that mobile wallet payments are popular due to their ease and convenience. Consumers love them!

If you are an e-cig merchant who has a merchant account provider that does not allow you to accept mobile wallet payments, it is time to go elsewhere. There are very few high risk processors that are willing to provide merchants access to mobile wallet payment acceptance – eMerchantBroker being one of them. You can solve your high-risk categorization issues while also securing this capability.

With e-cig merchants discovering that they can secure safe payment processing solutions from providers like EMB, the hope is that they will soon jump in on mobile wallet payments. If they don’t, they will miss out on a booming opportunity. In the long run, it will only hurt their business if consumers choose to turn around and walk back out the door, taking their mobile wallet payment elsewhere.

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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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