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Check Payments Help Retailers' Success in Back to School Shopping

Posted by Brandon Weaver | Tue, Aug 28, 2012 @ 10:15 AM

back-to-school, children, retailYes, it's that time of year again: Summer is coming to a close, it's time to start making sack lunches, sign permission slips and enforce early bed times. This can mean only one thing; back-to-school shopping is in full swing! Each year there is always a new "it" product to have where kids want to impress their friends with the newest shoes, clothes and the like. What will it be this year?

Here are some statistics that demonstrate the popularity of back-to-school shopping:

  • According to the Census, "$7.7 billion were spent at family clothing stores in August 2011." Only Christmas holiday shopping in November and December is the sales volume higher, which makes back-to-school shopping the second busiest time of year for retailers.
  • The National Retail Federation states, "July retail sales increased 0.8 percent from the previous month and 1.2 percent year-over-year. This increase can in large part be attributed to the back-to-school shopping season. Traffic at major U.S. retail ports is also expected to rise more than 6 percent this August over last year as retailers begin to stock up for the holidays ahead."
  • Finally, the Huffington Post adds, "more than 90 percent of the 1,000 surveyed indicated they spend more on new outfits for their kids than on clothes for themselves."

With such a high priority placed on back-to-school shopping, where do parents spend their time and money? Online shopping is available and becoming increasingly popular but a vast majority of online retailers require credit cards, which carry high interest rates. Even if parents purchase online they run the risk of ordering the wrong size, the wrong color or even getting the incorrect items shipped to them. This is not a good situation because children are disappointed, parents have to send it back to the retailer and now they don't have new clothes for that all-important first day of school.

What does this translate to? Parents skipping the online checkout and shopping more in the store. Most parents have a checking account and with high credit card interest rates, check payments remain a popular payment method. Think about it; if parents shop online kids have to wait in anticipation for the items to arrive in the mail. Contrast this with traditional in-store shopping where kids can show off their new kicks the same day and before school even starts!

Back-to-school shopping is one of the busiest periods of the year for retailers. It's an exciting time for kids, parents and retailers alike. Plus, shortly after back to school shopping ends the holiday shopping begins. The time to act is now. Download our free insider's guide to Check Guarantee and start learning how to gain the competitive advantage you deserve.

 

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Topics: Retail, Electronic Check Processing

Written by Brandon Weaver