Over 10 Years in Business Since 2001, Collective Point of Sale Solutions has been Canada’s Choice for payment processing services and secure point of sale solutions. We have served more than 11,000 businesses across Canada and processed more than $1 billion in debit and credit card transactions.
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Consumer debt slows across Canada
July 22, 2012 - 1:52pm
The lingering effects of the recession continue to dissipate, and it is being reflected in the finances of Canadians. Although they are still borrowing in droves, consumer debt is growing at the slowest rate since before the economic slowdown, according to the Canadian Press.
The second quarter witnessed debt growth of just 3.1 percent, almost one-third lower than the 4.4 percent from the same period in 2011, the source reports.
"For the last couple of years we have seen almost double digit growth in some cases, it slowed down a bit last year, but we have never seen it slow down as much as we have [in the second quarter] probably for the past five or six years," Nadim Abdo, vice president of consulting and analytical services at Equifax Canada, told the source.
The reduction in debt is an indicator that the Canadian economy is getting back on the rails, which is good news for consumers and businesses alike. As consumer debt decreases - or grows at a more reasonable rate - merchants can typically expect an influx of customers.
How can businesses handle these new customers?
When this happens, it is integral that they have the right payment processing systems in place to handle the newly flush rush. As the data indicate, Canadians are still using their credit cards and debit cards at a high rate and they expect credit card processing merchants to be able to process their transactions quickly and securely.
Merchants who want to keep their less debt-ridden customers happy should contact their merchant services provider to ensure they have the best equipment available. Picking the right provider can also help make sure they will have the service if they ever need to update their pos terminal or if they require troubleshooting.