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07/08/2009 -
The recession is making it difficult for many consumers to make ends meet, whether they have lost their jobs, faced salary or benefits cuts or have been denied access to credit.Consequently, consumer spending behavior has been significantly affected - the latest Nielsen Economic Current estimated that consumer expenditure will decline 0.9 percent from the previous year by the end of 2009.
As a solution to this situation, many consumers are choosing payment methods that give them greater control over their spending, such as prepaid credit cards, which allow them to spend only the money they have.
In fact, Mercator Advisory Group projected that total load volume for prepaid credit cards will reach $362.3 billion by 2011.
Therefore, retailers, restaurants and other merchants need to ensure that they are equipped to process prepaid credit cards, as the number of consumers who are using these types of cards is increasing dramatically.
Merchants should check with their payment card processing provider to ensure that their point-of-sale terminals are equipped to handle prepaid credit cards along with traditional credit cards and gift cards, so as not to lose out on this large segment of their customer base.
