Leverage economic growth with advanced payment processing tools
January 06, 2014

Companies that can easily accept credit card payments are on the cusp of a major growth opportunity, if recent economic data is any indication.

While businesses in the U.S. have struggled over the last several years to fully recover from the effects of the Great Recession, 2014 is shaping up to be a much more positive year. In fact, the online news publication Quartz recently listed a variety of reasons for small and medium-sized enterprises to feel hopeful about how the economy will improve in the coming months. One issue in particular is the fact that American consumers are suddenly finding themselves in relative financial stability. The website cited data from J.P. Morgan that estimated nationwide household wealth will increase by $8.2 trillion this year.

Similarly, growth in spending money is directly correlated with the recent upward trend in retail sales across the nation. The more confident individuals feel in their own financial situations, the more likely they are to go shopping or make purchases with credit cards.

Keeping the big picture in mind
These trends, along with burgeoning e-commerce industry, present a variety of unique opportunities for smaller retailers to make big strides in 2014. Much of this potential lies in the decision to update payment processing infrastructure to enable maximum flexibility and reliability.

Even businesses that have a strong brick-and-mortar presence can benefit from integrating new online technology into their ongoing operations. For example, Andrew Gazdecki, founder and CEO of a mobile Web platform provider for small enterprises, wrote in Business 2 Community about how the average shopper today spends more time than ever before browsing the Internet on mobile devices such as smartphones and tablets.

"People are spending almost a fifth of their waking hours using their mobile devices, and there are still small businesses that are ignoring mobile marketing," Gazdecki, explained. "Unfortunately, when you do that, you risk the market ignoring you."

To make the most of these changing consumer habits, stores should focus their marketing efforts on attracting shoppers who are the most inclined to incorporate multiple channels into the overall retail experience. Businesses owners can further prepare for these trends by investing in integrated payment systems that make it easier to connect otherwise isolated transactions.

Enterprises that are able to see the big picture in today's market are the ones most likely to benefit from a recent surge in economic activity and consumer spending.

Nexus: G-WEBCD2