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16/10/2009 -
Canadian merchants may be able to expect more action for their credit card processing machines in the coming months, as the Conference Board of Canada announced Friday that the economy is expected to grow by 2.9 percent in 2010."The recession had a strong and painful effect on Canada's economy, but the darkest days appear to be in the past," said Pedro Antunes, director of the national and provincial forecast.
While real gross domestic product is expected to decline by 2.1 percent in 2009, the board forecasts that it will rebound "more vigorously" fueled by rising consumer confidence and low financing rates.
The board believes the largest driver of economic growth will be the ongoing federal and provincial stimulus plans, which should balance out the weak private sector performance expected to continue into next year.
As consumers become more confident and the economy continues on its growth trajectory, small businesses should begin to see the impact of increased spending. Therefore, merchants are encouraged to update their POS terminals to make sure that they can keep up with increased customer demand - this includes accepting prepaid cards in addition to debit and credit cards, as well as enhancing security and improving uptime.
