Carla Balakgie, CEO of the Electronic Transactions Association says that the current economic condition and malicious fraudsters with criminal intent are among the biggest problems facing the payment processing industry.
According to Balakgie, the downturn in the economy is the biggest problem facing payment processors. Credit is tight. Consumer spending is down. And merchants are faced with a slow-down in retail sales. The situation is not likely to change anytime soon. Consumers are less able to take on additional debt and lenders are continuing to make credit difficult to obtain.
Merchants are keeping a close eye on payment processing costs. Sales organizations selling payment processing have to offer benefits other than low rates. Offering alternative payment processing options is one good way to add value to current merchants and to acquire new ones.
Another important consideration is protecting merchants from fraud. Online fraudsters have become increasingly sophisticated and target any weak links in the payment processing electronic transaction flow. It is crucial to have a ongoing payment processing strategy in place to block fraudulent transactions and handle any security breaches quickly and effectively.
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