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Cover Story: Outlook 2009 |
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It’s batten down the hatches time for electronic payments professionals as they prepare for 2009. Most experts agree consumers, merchants, ISOs, merchant processors, value-added resellers (VARs), and acquiring banks face a tough 12 months. That said, there are a few bright spots, and times of great challenge also bring great opportunities to those with the foresight and resources to seize them.
In an industry that has enjoyed double-digit growth rates for at least 15 years, slower growth is a “shock to the system,” says Kurt Strawhecker, managing partner of the Strawhecker Group, Omaha, Nebraska. “That rising tide had pretty much lifted all boats. This is the first time in memory, even for us veterans, that growth has slowed.” Some processors have reported that both transaction volume and dollar value in October 2008 were down from October 2007 levels.
“It’s different now than it has ever been,” agrees Donna Embry, senior vice president for business and product development for Payment Alliance International, Louisville, Kentucky. ISOs, acquirers, and processors are “redoing their budgets for next year to reflect lower expectations. Some players may fall off the cart, but they will be the ones who are closest to the edge.”
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