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20/08/2009 -
Many businesses are lulled into a false sense of security by thinking that accepting credit cards is the only payment card processing capability they need.While accepting credit cards is a large step toward optimizing a business' bottom line and customer service, it is just a small piece of the payment processing pie.
Accepting debit cards, prepaid cards and gift cards has become increasingly important as the recession and credit crunch have pulled consumers in the direction of cards that are more financial management-friendly.
For example, recent research from the TowerGroup found that, in the past 15 years, debit card transactions in the United States grew from 1 percent of noncash transactions to more than 50 percent in 2009.
"The debit card market showed steady growth since its inception, but it is now the 'top-of-wallet' card for American consumers as a result of tightened credit lines and consumer frugality in the face of an uncertain economic future," said Brian Riley, research director for bank cards at TowerGroup. "With direct deposit of payroll and government benefit payments now common, the debit card is even more important to consumers."
Many payment processing providers offer point-of-sale technology and merchant accounts that allow debit card, prepaid card and gift card processing, so businesses that do not currently have those capabilities are encouraged to consider switching providers.
