The 2015 Canadian Holiday Retail Sales Projections are Promising

Nov 27, 2015

According to the Ernst & Young (EY) report, “Redefining Loyalty for Retail”, it was projected that holiday retails sales in Canada would grow four percent over last year. Millennials would drive spending, with British Columbia leading in sales. The report also revealed that Millennials interests would shift from consumption to experiences, both online and in-store.

With 19 percent decrease in gas prices, a new and generous federal child tax payments and employment growth, shoppers are predicted to be even more optimistic this year. Retailers might find it of interest that Millennials are predicted to still pick clothing, toys, electronics and gift cards as top choices. Their need for new experiences, however, might just lead them to more gift card purchases this year for travel and restaurants.

According to Daniel Baer, EY partner and national retail and consumer products industry leader, “Millennials seek experiences, fun and personalized indulgences, and they’re willing to pay a premium for them”.

Baer went on to share that, for functional items, millennials will expect to experience convenience, selection and low prices. He also encouraged retailers to be aware of how social-media savvy and digitally connected Millennials are. Retailers would be wise to add the smartphone and tablet to their set of interactive tools this holiday season.

Even with the increase in e-commerce, it is also predicted that brick-and-mortar stores is where the majority of holiday shopping will be taking place. According to Baer, “retailers need to adopt the right technologies and the right attitude to leverage their real estate if they [retailers] want to delight consumers”.

It is important for Canadian retailers – all retailers – to realize that the ways to engage consumers are multiplying rapidly. In order to thrive, retailers will have to adapt quickly to keep up with and offer consumer’s the experience and options they want. One way to do this is by offering consumer’s payment options that also safeguard their information, such as a high risk Canadian merchant account with EMB.

A Canadian merchant account allows merchants to offer iCheck processing. This account also provides merchants with chargeback protection and prevention programs. With the holidays fast approaching, now is the time for Canadian retailers to make the most of the predicted growth in sales. Making sure you are equipped to offer your consumers the very best in payment processing while also catering to their digital connectivity is a great place to start.

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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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