Mobile Payments Take a Chunk of Business from Traditional Payment Sources

May 26, 2015

New data is showing that 27% of online payments made in the first quarter of 2015 were from mobile payment systems. If you are a nutraceutical merchant, you need to hop on the bandwagon, as this trend is not likely to slow anytime soon. While the industry looks hard to figure out, with the help of your nutraceutical merchant account provider, you can figure out the best option for your business.

Mobile payment systems are not new. In fact, for the past few years they have been gaining popularity in African and Asia, in both big cities and third-world countries. The ease and convenience of the mobile payment setup if a key draw for many merchants. The added fact that mobile payment apps are free in the Apple Store and Google Play store allows customers to quickly and easily pay for merchandise, as well as pay their rent and their utilities. In areas where paper and coin currency is not carried for fear of pickpockets and other crimes, this technology is a godsend to residents. It is also great for merchants, as there is no added issue concerning where to put a terminals, or where to find the electricity to power one. Mobile payment systems are operated on smartphones and/or tablets, which can hold charges for hours, if not for days.

Like everything else, not every mobile payment system is not created equal. Some are better for certain industries, and some have a better fee schedule. Other, such as PayPal, are not recommended for someone with many transactions or the possibility to incurring a fraudulent charge. This is because PayPal has the ability, and uses it, to close an account with little notice for any reason. Too many transactions and fraudulent charges are often times the reasons, and this can leave you without a nutraceutical merchant account. It is best to stick with traditional merchant account providers who are knowledgeable in terms of mobile payment systems, such as EMB. It is better to be safe with your merchant account than to take a risk and end up in deep trouble when it is closed for reasons that you cannot control.

Let us help you get a high risk merchant account today!

Get Started