Millenials Choose Security Over Convenience For Mobile Transactions | High Risk Merchant Account

Mar 21, 2016

In 2015, the US Census Bureau reported that millennials were the nation’s largest living generation. Nowadays, they are considered as the most important market segments in the modern world of business.

Millenials Vs Modern Business World

The Millennial Generation or Generation Y follows Generation X or Gen X. Millenials’ birth dates are ranging from the early 1980s to the early 2000s, according to the majority of demographers.

As for Gen X, this is the generation born after the Western Post-World War II baby boom. The majority of specialists in the field give different birth dates to Gen X, ranging from the early 1960s to the early 1980s.

Based on a report by comScore, 1 in 5 of millennials no longer turns to desktop computers to go online. They prefer mobile-friendly features for making payments. What is more, 74% of the Internet users who are 55 and older use mobile devices.

Merchants accepting card-not-present payment transactions need to protect their businesses and customers from fraud in a proper way. To prevent fraud existing in the mobile channel, merchants should choose a reliable processor like EMB.

EMB, the # 1 high risk processor in the US, can get you a secure high risk merchant account without any challenges.

Merchants Going Mobile With Millennials

In the modern world of mobile ecommerce, security and convenience concerning user authentication and verification are of utmost importance. This is important especially for merchants and payment processors.

The modern world is going mobile with incredibly rapid advances. Mobile advertising is expected to grow 38 percent in 2016, counting for $71 billion.

M-commerce counts for 29% of ecommerce transactions in the United States. This is according to Criteo. As Aité Group states, current CNP fraud makes up 45% of total card fraud in the US.

Based on a recent millennial survey, 54% of them chose security over convenience with regard to mobile devices. Moreover, 52% of millennials claimed they chose where to spend their money or which companies to prefer based on what the company allowed them to accomplish via a mobile device. Millennials are for taking additional measures to validate their ID in the mobile channel.

Offering mobile options and capabilities is a must toady. Modern consumers expect this from merchants. It is critical for merchants and payment processors to upgrade features used for identity verification. This way, they can go hand in hand with the modern mobile generation and new platforms.

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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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