Accepting all payments to capitalize on consumer spending
January 17, 2013

Following the Great Recession, most industries faced some of the worst conditions in the past several decades. While the worst seems to be over, the economy still has a long road to travel to return to normalcy, and this is especially true for the retail sector. However, merchants that have integrated payment systems can expect to see better performances stemming from increased consumer spending, as several recent reports indicate shoppers are returning to the stores.

The U.S. Department of Commerce released its latest Advance Monthly Sales for Retail and Food Services report, revealing stronger performances last month than the month prior. According to the department, December sales reached $415.7 billion in December, increasing 4.7 percent year-over-year and 0.5 percent from November.

The report indicated that December capped the strongest year of retail and food services sales since before the Great Recession, with the twelve month period hitting 5.2 percent higher revenue levels than 2011. Further, retailers and members of the food industry enjoyed 4.2 percent higher sales in the fourth quarter of 2012 than the same period of the year prior.

Finally, the study showed that retail trade sales increased 4.4 percent year-over-year in December, and 0.4 percent from November's results. General Merchandise experienced the strongest increase from November to December out of all the segments surveyed by the Commerce Department in the report.

Merchants should consider adopting the necessary platforms to accept credit card payments to capitalize on improved consumer spending. As the economy continues its turbulence and no analyst is sure how 2013 will fair regarding consumer confidence and spending, integrated payment solutions will help merchants remain competitive by ensuring that all potential transactions are carried out in an efficient and convenient fashion for the customer.

Nexus: G-WEBCD3