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.