Users choose PayPal mainly for online purchases and sending money to friends and family. When it comes to merchant account services, however, they often turn to other options in the field.
In North America, 60% of consumers use cash at least weekly to make purchases at a merchant location. According to a new report from Accenture, this is down 7% from 2015, counting for the most significant drop in the use of traditional payment methods recently.
Even though there is decline in cash use, cash and plastic are still the most common payment methods. In North American, the use of debit cards for payments in merchant locations is still 58%. The use of credit cards has grown 3% from 2015 making 53%.
The future of payment processing is associated with mobile wallets. Nowadays, most of our online payments are still being completed via laptops and desktops. The transition to mobile payment processing will occur at some point. On the one hand, people are increasingly spending more time on their mobile devices. On the other hand, there is a slowdown in PC sales.
PayPal Merchant Account Services
Based on research by S&P Global Market Intelligence, shares of PayPal Holdings Inc. jumped 10.3% in September. The rise followed the announcement made by the company regarding its expanded partnership with MasterCard.
Given PayPal merchant account services, users often consider them rather severe. PayPal can freeze your account as soon as they suspect any little thing. A frozen account will not allow you to access your funds, refund any money, or get information concerning your customers.
If you’re interested in PayPal merchant services, consider turning to emerchantbroker.com to open a merchant account that best suits your business needs. EMB is voted the #1 high risk processor in the US and boasts an A+ rating with the BBB.
If you are a high risk business, you’d better choose an alternative to a PayPal merchant account. High risk businesses are often associated with a higher level of chargebacks. This makes a PayPal merchant account a real challenge for you. That’s why you need to find a merchant account provider that specializes in the high risk sector and are well aware of all the issues that may arise from your business.