InComm, a leading third-party gift card provider, is following the example of American Express and is pulling out of New Jersey, effective June 30, rather than comply with changes in the unclaimed property law.
The growth of gift cards has been nothing less than phenomenal. But while gift cards have come to provide a critical source of earnings, they also face an intensifying regulatory environment, including tax and financial reporting for gift cards, that has become increasingly complex.
Consumers are predicted to spend an average of $106.49 on Father’s Day spending this year, up from $94.32 last year, according to the National Retail Federation’s Consumer Intentions and Actions Father’s Day survey.