Get the latest retailer news on the New Zealand economy and merchant business in our monthly Retailer News. Each issue covers a range of topics, including merchant service updates, credit card fraud, and economic commentary from BNZ Chief Economist Tony Alexander.
If you have any queries regarding any of these articles, or your Merchant Facility in general please contact BNZ's EFTPOS & Internet Merchant Sales and Services team on 0800 737 774, Option 4.
In this month's article
February 2015, see previous articles
Economic commentary from BNZ Chief Economist Tony Alexander
Around the world, apart from in major oil exporting countries like Russia, Venezuela and Nigeria, the question all economists and retailers are asking is this: To what extent will the downward oil price shock lead to a boost in retail spending? Theory tells us that NZ consumers, for instance, will be better off by at least $500 a year on average. There will be some extra spending, along with extra saving. Where will the money go?
Initially we are likely to see only higher spending on small discretionary items. But as petrol prices stay low and go lower, householders will increasingly consider the decline to be permanent and they will shift their higher spending to larger items like whiteware, cars (with bigger engines) and overseas travel. This latter effect in fact could be strong given the high level of the NZ dollar which is likely to be sustained because of weakness in many other economies through this year and next.
Protecting your business and customers
Merchant data breach events worryingly continue to increase both globally, as seen in some high profile compromises such as Target and Home Depot in the media, but also here in New Zealand. We have seen a significant increase in e-commerce and card-not-present merchants being targeted. The reason for this is the attacker/s undertaking this can be located anywhere in the world and do not enter the country of the merchants they are targeting.
The most easily and frequently targeted merchants are those who:
- Use their website to collect card data, which is later manually processed.
- Or those where the transaction is either hosted on their own system or partially hosted on their own system.
Where possible have the transaction redirected to a fully hosted solution offered by a PCI DSS compliant Service Provider.
Read more in the latest Retailer News PDF 34KB 02.2015
If you have any queries regarding any of the above articles, or your Merchant Facility in general please contact our EFTPOS & Internet Merchant Sales and Services team
on 0800 737 774, Option 4.
Previous Retailer News articles