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05/11/2009 -
The widespread acceptance of credit cards and other electronic payment cards has become something that consumers depend on, as exemplified by a recent study from Aite Group.The report found that, in the past three years, U.S. credit card holders traveling outside the U.S., Canada or Mexico had a 50 percent chance of experiencing a problem with U.S. payment card acceptance.
As a result, of those who had difficulties with overseas payment processing, 62 percent have changed their spending behavior.
"Nearly two-thirds of cardholders adjust payment behavior after a bad experience, directly resulting in lower usage of the problem card," said Nick Holland, senior analyst with Aite Group and co-author of the report.
The primary problem, Holland noted, was with the POS terminal compatibility.
"An issue caused by incompatible card technology is treated far more seriously by cardholders than issues stemming from card acceptance, fees or merchant policies," he said.
To ensure that consumers keep using their credit cards for payment processing, merchants are advised to keep their POS terminals up to date and to offer a variety of different types of payment processing, such as chip card compliance as well as the acceptance of debit and prepaid cards.
