Moneris Spending Report quantifies profound financial impact of floods on evacuation areas; shows -46.08 per cent decrease in overall spending
TORONTO, July 3, 2013 /CNW/ - The record flooding in Alberta has understandably caught the attention of all Canadians. Data released by Moneris Solutions Corporation ("Moneris"), Canada's largest credit and debit card processor, has highlighted the economic effect of the floods in Calgary, where a state of emergency is still in place. According to the Moneris Spending Report, businesses located in and around the evacuation areas saw a decrease in overall spending of -46.08 per cent during the flood week, compared to the previous week. Spending outside of the evacuation area was also down -22.27 per cent during the same period.
While spending was down in most industries, both within and outside the evacuation areas, grocery stores and apparel were an exception. Outside the evacuation area, grocery stores saw an increase of 7.36 per cent in dollars spent, while apparel stores saw a 17.73 per cent increase in spending, compared to the previous week. Within the evacuation area, both grocery stores (-15.65 per cent) and apparel (-72.51 per cent) experienced a significant drop in spending during the floods, compared to the previous week.
"It's to be expected that residents and businesses alike will feel the negative economic impact of a natural disaster of this magnitude, as we've seen in Calgary and surrounding areas - and the Moneris Spending Report numbers quantify just how profound that impact has been," said Jeff Guthrie, Chief Sales and Marketing Officer at Moneris. "Moneris is committed to helping our small business customers begin to recover from the devastating effects on their businesses. We will be supporting Alberta small businesses by replacing or repairing flood-damaged Moneris equipment to help get them up and running as quickly as possible. We will be waiving any fees normally charged by Moneris in connection with these activities, and Moneris staff is in place in the province ready to assist. We're confident that Calgarians and Albertans will come through this disaster even stronger than before."
Please feel free to contact the Moneris Service Centre 24 hours a day, 7 days a week at 1-866-319-7450.
About The Moneris Spending Report
The Moneris Spending Report provides a snapshot of consumer spending activity in Canada by analyzing credit and debit card transaction data. As the market leader with the largest merchant base, Moneris presents detailed analysis and insight on a quarterly basis. The percentages cited are derived from actual sales volumes - the dollar values of credit and debit card transactions being processed by Moneris merchants.
About Moneris Solutions
As one of North America's largest providers of payment processing solutions, Moneris Solutions Corporation offers credit, debit, wireless and online payment services for merchants in virtually every industry segment and processes more than three billion transactions, annually. Through its Ernex division, Moneris offers electronic loyalty and stored-value gift card programs. With more than 350,000 merchant locations, Moneris provides the hardware, software and systems needed to improve business efficiency and manage payments. For more information please visit www.moneris.com.
SOURCE Moneris Solutions Corporation