Shoppers Prefer Using Mobile Devices For Paying In-Store

Apr 27, 2017

According to Mobile Ecosystem Forum’s annual Mobile Money Report, a recent survey in the field shows that 18% of shoppers turn to their phones to pay in-store, and 2 years ago this number was just 8%. 6.000 consumers in 9 countries were asked about their preferences concerning mobile payments. The research shows:

  • 38% of Chinese consumers have made an in-store mobile payment, which is almost double the global average. They use mobile wallets such as Tencent/WeChat and Alipay.
  • 78% of people had made a purchase using a mobile device in the last 6 months, which is up 4% from 2014.
  • 61% of survey participants now use their mobile device for banking. 44% use apps to check their balances, and in 2014, this number was 28%. 29% pay bills using a mobile device, and in 2014, this number was 20%.
  • Cart abandonment rate continues to be high. 58% of people have started to pay for something from a handset, only to abandon it before checkout. 31% did this because they were required to provide too much sensitive information. According to 21%, the process took too much time.

If you’re interested in safe and secure payment processing, turn to emerchantbroker.com, the top high risk merchant services provider in the US. EMB provides unmatched merchant chargeback protection to merchants of any type and size to help them grow their businesses without challenges. EMB has an A+ rating with the BBB and is rated A by Card Payment Options. EMB is one of Inc. 500’s Fastest Growing Companies of 2016.

Salsify, product content management tools provider for distributed commerce, reports nearly 77% of all shoppers turn to their mobile phones if they’re interested in some product information while making purchases in physical stores. Only 35% are likely to ask an in-store salesperson about a product.

84% of consumers aged 18 – 29 would use a handset to shop online. The same can be said about 78% of shoppers between the ages of 30 and 44.

According to Jason Purcell, CEO and co-founder of Salsify, the study shows the importance of having a systematized approach towards maintaining digital content to attract and retain customer attention that would lead to increased sales.

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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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