With the summer months looming, retailers must be licking their collective chops in anticipation for what figures to be a busy season.
We are nearly five years removed from the financial crisis that rocked the nation and had a dramatic effect on the global economy. In that time, consumers laid low and kept spending to a minimum, but as time has gone by, more individuals have increased their confidence at the checkout counter. According to a report from the U.S. Department of Commerce, retail sales rose 1.1 percent in February, to $421.4 billion, marking the biggest one-month jump since last September.
When the weather warms up this summer, retailers should expect to see an increase in foot traffic which, in turn, typically results in more sales and more credit card swipes.
Of course, there is a downside to the equation. While no organization should ever consider more business a bad thing, that doesn't excuse reckless behavior such as failing to implement solutions designed to maintain customer data security when card swipes go up.
As this blog mentioned last month, credit card fraud has increased concurrently with the rise in retail spending. Those two trends probably aren't a coincidence. The more customers that buy, the more times retailers are going to swipe credit cards. With all those numbers collected in a point-of-sale (POS) system, the more valuable an asset it becomes for a criminal.
That's why it's crucial for businesses to obtain POS credit card processing software that not only promotes quick and easy processing to meet the demands of a growing customer base, but also insert a layer of security to protect sensitive data. As criminals are presented with new resources to assist with their efforts on a daily basis, it's becoming incredibly important for organizations to attain PCI compliance to let customers know their information will be safe.
Working with a POS system provider will help merchants achieve this.