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21/08/2009 -
The merchant account industry, faced with reduced consumer spending and rapidly evolving technology, is currently experiencing tremendous growth and change, said the latest research study from Mercator Advisory Group.Among banks, non-banks and other merchant account providers, focus has shifted primarily to value-added services, technology and PCI compliance.
The latest technological advances include wireless point-of-sale terminals and chip-and-PIN cards, among other innovations, while PCI compliance is becoming more important than ever, leading merchant account providers to increase their focus on fighting off the latest security threats and publishing security standards for the industry.
For merchants, these changes in the market mean an increased offering of point-of-sale terminal options and improved PCI compliance capabilities, which will likely come with more rigid compliance standards for businesses to follow.
As technological advances continue to hit the industry at rapid speed, staying up-to-date with the latest point-of-sale terminal options can make a significant difference in the speed, efficiency and profitability of a merchant's business, while continued PCI compliance can guard against potentially disastrous data theft.
Merchants are encouraged to find a merchant account provider that is abreast of these industry changes, as they will be able to pass the advances and innovations on to their merchants.
