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Rent-to-own News
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Rent-to-own News - Debit card payments up 21 percent in Federal Reserve StudyBetween 2003 and 2006, American's overall use of electronic payment methods jumped 12 percent according to a new study by the federal reserve system.
A relatively new payment option, open-loop transactions, which, according to the study, typically appeal to the "underbanked and unbanked segment of the population", accounted for 322 million transactions representing approximately $13 billion worth of total electronic transactions in 2006. No comparable data was available for open-loop transactions for 2003.
The study shows the use of "signature" debit card transactions -- 16 billion were processed in 2006 -- as the most commonly used form of electronic payment, second only to credit cards.
But those trends are no news to Chris Bolin.
Bolin, who owns two Bolin Rental Purchase stores -- one in Kentucky and one in Tennessee -- does not accept checks and says nearly 50 percent of his business is done through electronic payments.
"We've been doing that since we've opened," Bolin says. "There's a huge volume in those kind of transactions, especially in debit card transactions, we've seen an increase in those over the last few years."
The Fed study also shows double digit growth in the use of ACH transactions, or automated clearinghouse transactions. These transactions, which are most often in the form of direct deposits and automated payments, saw an 18 percent increase in use over the three year period from 2003-2006.
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RTOHQ: The Magazine
RTOHQ: The Magazine is the Association of Progressive Rental Organizations' award-winning rent-to-own industry magazine, and it's available here. | ||
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Complete issue of RTOHQ: The Magazine | June - July 2008
The Connectors
Identity Theft in the Rent-to-Own World
APRO’s 2008 Convention Education: Your Gateway to New Ideas | ||
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Association of Progressive Rental Organizations 1504 Robin Hood Trail Austin, Texas 78703 800/204-2776, ext. 103 Fax 512/794-0097 |