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12/02/2010 -
In a move that may be soon carried over to the Canadian payment processing industry, Visa announced this week that it will no longer require customers to sign for purchases of $25 or less.The change will go into effect July 2010, and will apply to approximately 98 percent of all U.S. merchant category codes.
Calling this a "significant advance in the ongoing migration to digital currency," Visa said that the program "has the potential to increase speed at the point of sale and enhance customer satisfaction."
Improving these measures may very well increase the level of payment processing activity merchants see, as a Visa survey found that 69 percent of respondents said either convenience or speed was their primary reason for using their debit or credit card.
This represents yet another reason for businesses to include debit and credit card processing in their merchant services - another study from Visa found that "payment options influence a consumer's decision to visit a business and acceptance of payment cards has the potential to lead to stronger customer satisfaction and retention for retailers."
Electronic payment processing magazine Digital Transactions reports that Visa's decision may undermine any industry efforts to move toward contactless technology.
