New Survey Reveals Youth Movement: Mobile Wallets Are In

Feb 05, 2015

The tune of how consumers are paying is beginning to change, and it’s because of the youth. Younger consumers, 18-34, are far more likely to declare that leather wallets are a thing of the past according to a new service. This trend is, of course, great news for the online, high risk business world. With more and more consumers switching to mobile wallets, cash is becoming a thing of the past. For those with high risk merchant accounts, this means more transactions and more revenue.

A survey of more than 900 adults by the Fair Isaac Corp. found that consumers in the 18-34 bracket are far more likely to consider using a mobile wallet in the next 12 months than their older counterparts. Realistically, credit drives the economy, and when tempered with the convenience of mobile devices this is of little surprise. The millenials that comprise the coveted 18-34 age bracket are 32% more likely to make the switch than those that are 35 and older. Raise the minimum age bark to 50 and that percentage jumps to 52%.

These numbers are just further demonstration of the importance of merchant accounts to high risk businesses. Consumers, now more than any point in history, are trending towards digital transactions. Business survival depends on an easy-to-manage high risk merchant account that can alleviate chargeback concerns. Merchants need only spot the success of PayPal and Venmo to confirm this trend: 39% of consumers of all age groups are likely to utilize PayPal or Venmo.

These figures are juxtaposing the need for high risk merchant accounts against the backdrop of conventional banking. eMerchantBroker has offered unique and tailored merchant accounts to high risk merchants for years with award winning quality. It’s time for your business to get ahead of the curve too with a custom high risk merchant account designed for your needs.

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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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