Canadians Not Sure if Mobile Payment is Secure

Dec 29, 2014

Mobile payment technology has accelerated in the Western hemisphere. The U.S. is making major headway with consumers, especially millennials, with the release of Apple Pay and other mobile payment processing systems. However, Canada is not adopting mobile technology as rapidly as the United States. GfK Canada, a Canadian research firm, says they believe adoption of mobile technologies will speed up in the near future once Canadian consumers are convinced that mobile payment processing is safe.

Currently, mobile payments in Canada only make up 2% of all consumer purchases. In the last six months, only 21% of Canadians reported making a mobile payment online or in store. This figure drags way behind other countries like China (83%), South Korea (62%), and the United States (33%).

New Generations

Just like the United States, many Canadian mobile merchants believe that millennials are the key to accelerating the use of mobile payment applications. The market that will make mobile apps take off is coming of age. 80 million millennials-adults 18 to 29, and 20 million teens have been raised in a world where their mobile devices are central to their lives. This means they will seek out any app that makes their lives a little more convenient. Especially financial apps that makes product consumption simpler and faster than ever before.

Canadians site security concerns as one of the main reasons for slow acceptance of mobile payment applications. GfK Canada states that Canadians are more conservative with financial matters than other countries, and won’t fully accept mobile financial technology until merchants prove that their information will be secure.

The safety of customer information should be the top priority of any Canadian merchant account. Is your business ready to accept mobile payments for customers? Do you have a competent payment processor who can guarantee the safety of your customer’s private data? eMerchantBroker.com now services Canada and continues to offer the best security and management solutions for Canadian merchant accounts.

 

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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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