Recent Cyber Monday Statistics | Biometric Authentication

Jan 11, 2017

According to a new report, online shoppers don’t make Cyber Monday deals the way they did it in the past. A 2016 holiday shopping study by one of the leading international payment service providers shows that of 76% of US and UK consumers planning to shop online during the 2016 holiday season only 38% were going to do so on Cyber Monday. The survey participants blamed the scarcity of big savings for the pullback.

When it comes to preferred payment methods, the report shows the most widely-used online payment method in the US was the credit card (59% of survey participants). Then, came PayPal (35%) and debit cards (25%). UK consumers mentioned PayPal as the most trusted online payment method (50%). Then came credit cards (38%) and debit cards (33%).

Online customers were mostly concerned about security issues. Only 19% of survey participants believed using biometrics instead of passwords for purchase authentication could mitigate security-related risks. Over 15% of respondents thought their biometric data were being spoofed.

It is critical for merchants doing an online business to turn to a reliable payment processing company like EMB is the top high risk payment processor in the US and boasts an A+ rating with the Better Business Bureau (BBB). EMB offers unique chargeback protection and prevention programs. EMB is rated A by Card Payment Options and is one of Inc 500’s Fastest Growing Companies of 2016.

According to the CEO of one of the top international payment service providers mentioned above, there was nothing unusual about the fact that the online shopping trend was going to continue during the 2016 holiday season. It was worth mentioning that despite the existing interest in making purchases online, consumers were highly concerned about whether their personal information would be protected or not.

However, consumers don’t show great interest in taking measures to protect their personal information. Before we could move forward with newer authentication technologies, it is vitally important to have securely stored data and then open a possible new area to identify theft.

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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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