Thursday, August 25, 2011
Regulatory entities continue to try to catch up to the rapidly evolving technologies fueling ecommerce and mobile marketplaces. Payment processing services have already been transformed by the now preferred web-based marketplace, and new types of regulatory compliance as expected to transform the retail industry further.
ZippyCart recently published an article explaining how Internet Retailer, an online survey group, evaluated how businesses would be effected by a Federal Reserve Board ruling to reduce fees for debit card purchases. The survey found that 17 percent of respondents said they would provide discounts for debit card payments, as the ruling issues cost savings for debit payments and is not applicable to credit card purchases.
The website asserts that the ruling will provide online and store-front businesses with an opportunity to save money and increase profit margins. Additionally, the source believes the change will benefit consumers as much as it does vendors.
In addition to the savings promised to retailers from the recent FRB ruling, accepting online purchases comes with other potential benefits to benefits, especially in terms of efficiency. The Washington Post recently released an article explaining how the U.S. Department of the Treasury expected to save $450 million annually by accepting online payments.