Dec 26, 2017

Online Sellers Hit All Time Records on Cyber Monday 2017

Cyber Monday was the biggest online shopping day in U.S. history. According to Adobe, the grand total was an estimated $6.6 billion in sales, representing a 17 percent increase over last year. In comparison, Black Friday and Thanksgiving Day generated $5 billion and $2.9 billion in online sales, respectively.

The top Cyber Monday sellers included: Nintendo Switch, Apple AirPods, Google Chromecast and Funko Pop dolls. “Super Mario Odyssey”, Apple AirPods, Samsung tablets, Apple iPads Sony PlayStation VR and Microsoft Xbox One X were some of the top purchases from these sellers. The most popular toys purchases on Cyber Monday were PJ Masks, Funko Pop dolls, L.O.L Surprise dolls, ride-on cars and Hatchimals Collectibles figurines.

Online giant, Amazon (AMZN), once again beat its own sales record on Cyber Monday. In fact, it shared that Cyber Monday 2017 is now its single biggest shopping day of all time. From Thanksgiving to Cyber Monday, customers ordered “hundreds of millions of products”. According to Amazon, their best-selling product was an Amazon-branded product: the Echo Dot smart speaker.

In a statement, Dave Limp, senior VP of Amazon devices and services, shared that “Customers purchased millions of Amazon’s Alexa-enabled devices this weekend, and Alexa devices were the top sellers across all of Amazon”.

The “big guys” were not the only businesses who enjoyed their biggest sales on Cyber Monday. Small businesses and entrepreneurs also experienced record breaking sales on the online platform Cyber Monday. Customers ordered almost 140 million products from small businesses globally during the five-day period following Thanksgiving.

Protecting Your Business from Online Shopping Scams

According to the National Federation, an estimated 164 million Americans shared that they planned to shop online during Thanksgiving weekend rather than at big retailers like Target and Walmart. With such a massive number of consumers shopping via mobile browsers, experts urged holiday shoppers to be wary of online holiday shopping scams. Their biggest tips? Be cautious when shopping on a mobile device, lookout for bogus apps, avoid questionable email links and always use secure network connections.

Friendly fraud and scams have also led many business owners to secure additional measures of security for their business and customers. For example, chargeback protection and prevention programs from a provider like EMerchantBroker.com. With an ever-increasing number of consumers opting to shop online versus in-store during the holidays, these solutions will likely be more and more sought after in the future.

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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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