Recent Report On Mobile Payments And Cross-Border E-Commerce

Apr 13, 2017

According to a global survey of 2.300 companies and consumers, fast-growing companies are more likely to embrace and accept mobile payments than those companies that experience slower growth.

43% of companies whose profits are growing by at least 11% offer a mobile app that supports payments. The same can be said about 34% of companies that have slower profit growth. Additionally, only 8% of companies that have zero or negative profit growth offer in-app payment options. The information is based on a new report from Ingenico ePayments, NTT DATA, Oxford Economics, and Charney Research.

The survey also revealed that companies that experience fast growth sell a bit more online than those featuring slower growth rates.

It became clear from the survey that companies underestimate consumers’ enthusiasm for mobile payments, so they put larger efforts in addressing their customers’ security concerns.

With this in mind, e-commerce merchants should turn to a reliable payment processor like emerchantbroker.com (EMB) to open a secure and low-cost e-commerce merchant account for their business. EMB is voted the #1 high risk processor in the US and boasts an A+ rating with the BBB. EMB offers the lowest possible rates and the top services in the industry. EMB will help you fight fraud and enjoy reduced chargeback rates without major challenges.

As the authors of the report note companies that are financially successful are “ahead of the curve” regarding e-payment adoption. No matter what type of business they’re doing, they are well aware of the fact that people enjoy the payment component of a transaction the least. Customers like when the payment method is virtually invisible, and businesses want payment options that bring in customers without costing them too much in fees.

The report shows that success was based not only on mobile payments, but on cross-border e-commerce as well. 56% of companies that have annual profit growth that exceeds 11% sell internationally, and only 44% of slower-growing companies sell internationally.

The survey also found out that 48% businesses accepting mobile payments also accept crypto currencies, in contrast to 7% of businesses not supporting mobile payments. Mobile payments represent less than 8% of consumers spending globally, and only 9% of consumers said they own or use digital currency. 1 in 4 companies already accept payments from virtual currency, mainly in the field of technology and banking sector.

The study shows consumers in emerging markets are twice as likely to use mobile payments for travel, entertainment and shopping compared with those in the developed countries.

 

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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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