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14/08/2009 -
Despite the recession's impact on consumer spending and even access to credit, businesses in North America have increased their use of credit card processing services to meet the rapidly growing popularity of credit card transactions, according to a study from Packaged Facts.The study, released this week, was titled The North American Market for Third Party Payroll, Payment and Health Care Transaction Processing. It reported that the third party processing services market grew to $62 billion in 2008 and has experienced "exceptionally strong growth" in the past five years.
Furthermore, the study projected that the market will see 9 percent to 10 percent annual gains through 2013, as more and more consumers choose to use payment cards for their purchases.
Considering the recent reduction in consumer spending due to the economic downturn, as well as the effort from businesses to reduce their expenses, the fact that such a substantial amount of merchants still see credit card processing services as a worthwhile investment speaks volumes about the increased usage of payment cards, as well as the benefits this service offers to businesses.
