Looking for a new niche? Consider payment card compliance
Some accountants are finding a new stream of revenue among clients who are merchants: payment card compliance services. Credit card issuers - American Express, Discover, MasterCard, VISA, and JCB - are vigilant when it comes to enforcing rigorous standards on businesses that accept credit card information for any purpose. And the slow economy only underscores the need for security. Between 2007 and 2008, insider theft more than doubled, which is why, when a breach occurs, the credit card issuers bring the hammer down hard on merchants.
- Creates off-peak seasonal work
- Reduces audit risk
- Improves financial statement disclosures
- And facilitates staffing flexibility and scheduling
The economy may be in the doldrums, but the need for payment card compliance continues to heat up. If your firm needs to grow, this is one area worth considering.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.