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15/12/2009 -
Businesses may want to consider adding gift card processing - and issuing - to their merchant services this holiday season, as the sector is poised to experience growth compared to last year, according to a recent report from payment processing research firm Mercator Advisory Group.The study found that gift card sales decreased last year in the face of the recession, but that the improved economic situation may lift gift card sales back to previous levels.
Mercator forecasts that dollars loaded on closed-loop or private-label gift cards will see a 1.9 percent increase over the 2008 holiday season, while open-loop or network-branded cards will grow by up to 50 percent.
Though the sales of private-label cards may experience less of an increase than open-loop cards, the benefits of offering store-brand gift cards may be greater for merchants - studies have shown that people typically spend more than the face value of gift cards, and that many go unredeemed, which can help improve profits. Gift cards can also help improve cash flow and inventory management, by delaying the actual purchase of goods.
