Canadians Geared to Adopt Mobile Banking Technology | Canadian Merchant Accounts

Oct 20, 2015

Canadians are quickly starting to adopt mobile payment practices and credit card use. Credit card use has risen up 34 percent from 2014. A recent TSYS Canadian Consumer Payment Choice Study shows how eCommerce is boosting digital engagement. Canadian consumers are learning what they want from credit cards, retailers, and mobile apps. The TSYS report shows that loyalty and rewards programs along with mobile banking apps are the features that consumers are the most excited about.

Canada has one of the highest penetration rates of contactless POS. Canadian consumers are finding loyalty and rewards programs extremely attractive options, often letting these programs decide which cards they choose at the POS. The TSYS report found a correlation over the past two years between the availability of loyalty and rewards programs, and payment decisions. Reward type features like cash back options, discounts and other rewards continuously encourage a consumer to use a particular type of payment.

The continued growth of eCommerce, also encourages Canadians to use credit when they are making online purchases. In fact, the report showed that Canadian consumers prefer credit cards to debit cards in general. The TSYS report also reflects a preference for mobile features like services and inquiries over payments, but this is expected to change while the mobile payments space is growing.

The report found that when Canadian consumers did use mobile apps, they used their mobile bank apps almost twice as much during the month than any other app. Those that used banking apps were between the ages of 25 and 44. This trend comes as no surprise to Canadian financial institutions who recall the earliest mobile wallet offerings were actually introduced by Canadian banks.

Consumers are searching for offerings that provide them with the safety, convenience, and ease of traditional payment methods. As merchants move forward, it is important that they keep this in mind when developing applications and payment processors. eMerchantBroker has helped many Canadian merchants reach their financial goals through competent payment processing and account management. Now merchants can enjoy unbelievable profits in partnership with EMB. Start your new Canadian merchant account today.

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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 on 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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