Pinterest Announces New Buyable Pins and Pinterest Online Shop

Nov 27, 2015

In June, Pinterest announced the launch of Buyable Pins. This feature allows users to buy things they want right from Pinterest. To the delight of Pinterest fans, these made-for-mobile Pins allow these purchases to take place at no extra cost. In addition, the shipping and customer service can be handled the same way it always has been. In order to make all of this happen, Pinterest has teamed up with Apple Pay, Bigcommerce, Demandware, IBM Commerce, Magento and Shopify.

In working with Apple Pay and other payment processors, Pinterest has taken the steps to ensure that all credit card information is secure. Bigcommerce, IBM Commerce and Magento are helping thousands of new merchants to become easily accessible to customers looking for products and services on Pinterest. Launch partners Demandware and Shopify are also helping Pinterest in rolling out the new Buyable Pins.

According to Pinterest, “Even in these early days, we’re seeing strong results from Buyable Pins. A study of Buyable Pins from Shopify merchants showed 2x higher conversion rates compared to other Pins on mobile. That’s promising to us (and hopefully to you!) because we wanted to build something that would make mobile shopping frictionless.”

In an effort to fully monetize, Buyable Pins will be coming to Android OS phones. Recent research from Millward Brown supports the idea that pinners are open to buying products at different price points from their mobile devices. This research found that 93% of pinners use Pinterest to plan purchases. In addition, 87% of pinners have purchases something because of Pinterest.

According to Deepak Advani, general manager of IBM Commerce, “Pinterest is turning into the go-to destination for today’s progressive shopper who expects instant gratification with exceptional experiences”.

In another big move to make Pinterest an e-commerce destination, the company made a new announcement about Pinterest Shop. This trend-focused shopping section will rotate collections on a daily basis. These listings, curated by Pinterest editors, will be a mix of items from both major chains and smaller shops.

Pinterest has reassured merchants that, because they are not charging any fees for Buyable Pins, these new sales are coming to them at no cost. For merchants, these new Pinterest announcements mean great opportunities to connect with customers and utilize social media for product promotion, all while offering customers a safe payment processing experience.

For merchants that are still concerned about the high risk categorization of e-commerce and how to secure the payment processing to get started, a high risk merchant account – like the high risk merchant accounts offered at EMB – can provide merchants with the solutions they need. Such an account can also offer customers a safe and satisfactory experience.

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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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