Voice Tech Growing: Most Consumers Are For Paying via Voice

Sep 18, 2019

The majority of users polled in London expressed their willingness to use a voice-enabled technology to pay for low-value goods. What about your customers? Are you providing the best for them? What’s going on in the voice tech field in terms of payment processing? Let’s move forward and see.

Voice Tech Is On the Rise

Revolutionary technologies like VR (virtual reality) or AI (artificial intelligence) are increasing their impact on products people use every day. Step by step, they’re becoming inextricably linked with people’s daily lives

Let’s take digital home assistants: they’re providing consumers with greater comfort to use voice for making and authenticating purchases over the internet. Consumers increasingly find it more comfortable to also use voice-activated tech to access services and control their home.

So, voice technology is turning into an integral part of people’s everyday life. Thus, it’s no surprise that big companies, startups, governments, and public sector players are taking more interest in this type of technology.

According to Google, as of 2019, voice is responsible for 20% of all searches. Besides:

  • 31% of smartphone users around the globe turn to voice-enabled tech at least once a week
  • According to Statista.com, in 2018, more than 34 million devices with smart speakers were sold in the U.S.
  • In 2018, 58% of consumers relied on voice search to find local businesses

Patrick Gauthier, vice president of Amazon Pay, says that consumers using voice to pay for goods will further revolutionize the world of commerce. What about your business? Are you meeting the needs of your customers? Working with a true payment expert is critical in this regard.

A reputable payment processor and alternative online lender like eMerchantBroker.com can help you get answers to your questions concerning voice tech. True payment experts at EMB are ready to help you with growing your business through the right payment processing services tailored to your own needs.

eMerchantBroker.com is the top-rated high risk payment processor in the U.S. and is listed as an A+ company by the BBB. Moreover, EMB is ranked as an A company by Card Payment Options and is considered the “Best All-Around High Risk Merchant Account Provider.”

Using Voice Technology to Make Payments   

Given digital assistants and smart speakers like Amazon Echo and Google Home are gaining more traction among users, voice-enabled systems are becoming more and more widespread.

Did you know that when the average human types, he\she enters about 50 words per minute but uses about 140 words per minute while speaking? So, it’s no surprise that a simple “OK, Google” phrase is turning into a preferred option for getting the necessary information.

According to the COO of a global payments provider, the era of voice is already here. With consumers increasingly having less difficulty using voice technology, it’ll become more and more comfortable to order goods and make payments through voice. Let’s look at some numbers:

  • The majority of consumers find voice technology to be quicker and offer greater convenience as compared to traditional payment methods
  • A large group of people thinks voice and fingerprint used for verification are more secure for making payments online. However, the majority still needs to add a password to this process to increase security.

As of 2019, Amazon’s Echo, Alphabet’s Google Home, and Apple’s HomePod represent the most rapidly growing consumer tech since the smartphone, as research firm eMareketer reports. The basic issues associated with this type of tech include data protection and transparency, privacy, and fraud.

According to the co-founder and CEO of a venture capital and private equity firm, the growth of voice technology is increasingly driving out the need for keyboards. Major players in the technology field well understand the value of voice and work on developing new abilities concerning the collection of voice data for advertising and product recommendations.

To sum up, voice is transforming the way people interact with personal technology and brands. Consumers find voice has the potential to better meet their needs. They’re trusting companies to take voice-driven experiences to the next level. Increasingly, ordering goods and making payments using voice is becoming the mainstream both via smart devices and mobile.

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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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