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23/12/2009 -
Businesses with merchant accounts should anticipate a continued increase in credit card processing activity in the coming months, as the country's real gross domestic product and employment numbers both posted gains in October - further solidifying the evidence pointing to economic growth and increased consumer spending.Statistics Canada reported this week that nonfarm payroll employment increased by 34,500 in October, following an increase of 15,900 in September.
In a separate release Wednesday, the agency reported that real GDP grew by 0.2 percent in October, marking the second consecutive month of growth.
In particular, businesses in the tourism-related industries performed well that month, representing one of the sectors that saw the most growth, said Statistics Canada.
Analysts believe this may be more than a one-month fluke, and that it signals the slow start to an economic rebound.
"The economy does seem to have turned," Rick Waugh, CEO of the Bank of Nova Scotia, said in a conference call with analysts, Bloomberg reported.
As the economy continues its growth and consumer spending returns to normal levels, businesses are encouraged to make sure their merchant services include a variety of different payment processing capabilities, from debit and credit card processing to prepaid and gift card acceptance, experts advise.
