FAYETTEVILLE, Arkansas — Arvest Bank announced that its credit card division generated record sales volume in merchant services for 2021.
Arvest Merchant Services provides a variety of solutions that enable business customers in the bank’s four states to accept credit and debit cards. In addition, local advisors in relation to merchants support their customers.
In 2021, Arvest Merchant Services recorded records in number of transactions – 4.7 million – and in sales volume – 968.8 million dollars. Those totals are up 29.5% and 19.3%, respectively, from 2020.
“We are proud of last year’s growth, which can be attributed to a variety of factors,” said Lorrie Madden, president of Arvest’s credit card business. “One of the biggest in terms of merchant purchase volume has been the increased shift from purchases made with cash and check to purchases made with a card and, more specifically, contactless or contactless purchases. It seems that the pandemic has increased customers’ willingness to use these features and minimized the need to touch devices and ask others to handle their cards.”
Arvest’s credit card division has been providing credit card services for over 30 years.