01/11/2012 -As consumers continue to pay with their credit cards instead of other options, the companies that complete those transactions have seen larger volumes and rising profits. Recently, both MasterCard and Visa released financial reports showing strong performance.
MasterCard explained that during the third quarter, net income was up 8 percent as it hit $772 million. The company also experienced an uptick in
credit card processing volumes, which rose 24 percent during that timeframe to reach 8.7 billion. Part of that growth was owed to a 14 percent increase in the number of cross-border transactions completed.
At the same time,
Visa announced that its profits rose during the fiscal fourth quarter on higher volumes of consumer transactions. The number of transactions processed during the period increased 2 percent year-over-year, beating MasterCard with a total of 14 billion payments processed.
As these trends continue, retailers may see a greater portion of their customers paying with plastic instead of cash or checks. To accommodate these patrons, they can install
point-of-sale terminals that allow for quick and easy purchases. An efficient checkout system can boost customer satisfaction and lead to future sales.