Industry News

Local business can cash in with gift card payment processing

By Louis Georgakakis

19/06/2012 - Businesses that invest in point-of-sale terminals capable of conducting gift card payment processing might be able to boost sales with the help of the SoMoLo movement. It stands for social mobile and local, and revolves around the trend in which consumers are increasingly interested in sharing experiences through social networks and using mobile devices to receive targeted information and buy goods locally.

To promote consumers' access to products and services within their communities, LocalGiftCards.com was recently launched.

"Consumers should be able to shop locally when they are buying gift cards online, and now they can," said Sarah Miller, marketing director at LocalGiftCards.com. "We're connecting small businesses with their biggest fans … If your friend across the country loves a certain restaurant in his hometown, we make it easy for you to give him a gift card from that restaurant."

This kind of availability could provide small, local businesses with a significant revenue stream since gift card spending has increased 6 percent year-over-year since 2005, according to findings from The Tower Group. By 2014, the gift card market is expected to reach $11 billion in sales, and continue growing until it exceeds $200 billion by 2021.

To capitalize on theses sales opportunities, retailers can expand their merchant accounts to facilitate gift card sales in addition to credit and debit card processing. 

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