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How Big is the Merchant Processing Industry

How Big is the Merchant Processing Industry

For sales agents, the most lucrative opportunities come not from working within a corporate office, but in the independent market. While this is a given, though, many find the step from internal security to solo growth potential intimidating. Sales professionals interested in operating independently succeed based on their ability to find and serve a large enough client and customer base, and many find this daunting.

But some opportunities push beyond the niches that limit sales potential for most products and services. Sales professionals that operate as merchant services resellers have the ability to sell to business customers in every industry. Partnering with an excellent independent sales organization opens up an almost limitless set of customers to which a strong independent sales professional can sell payment processing services.

Credit Card Purchasing Growth

Credit card and debit card purchases play an outsized role in commerce in the United States. In 2016, credit card purchases in the U.S. totaled over 3.3 trillion dollars--an almost threefold increase from the total in 2000. People make electronic purchases, in person and online, every day. Fewer purchasers rely on cash than ever before, and every business, in every industry, depends on processing payments to stay afloat.

Beyond direct card payments, mobile payments are emerging as a critical component of doing business. In 2015, mobile payments accounted for $550 billion in commerce in the United States--and are projected to grow to $2.8 trillion by 2020. As more large and small businesses accept these payments, the payment systems that process them will continue to be updated and replaced, leaving a tremendous growth opportunity for merchant services resellers.

The Role Payment Processing Plays

For every payment that uses cards or mobile payments, a payment processing system plays a role. These systems, in a matter of mere seconds, confirm the identity of the cardholder and the availability of funds; communicate with both the payer's financial institution and the business's financial institution, and facilitate the transfer of funds. In doing so, it runs encryptions and other security measures to protect the information during transfer, both on behalf of the business receiving the money and of the person making the purchase.

And merchant services resellers who work with the best payment processing clients offer more than just the service that occurs in the moment of the transaction. As security threats become more sophisticated, payment processing systems have to continue to evolve. The payment processing services thus involve frequent updates to systems and require regular customer service for both the technology and the customers who depend on it. A payment processing system can last for years, but only when the other service elements are in place to maintain, update, and improve the offering.

Opportunities for Merchant Services Resellers

Both the ubiquity and the nature of payment processing create opportunities for merchant services resellers to enjoy incredible career growth. Selling payment processing services allows the sales professionals involved to sell across the industry lines that limit other products and services; an independent sales professional can sell these systems to every kind of business: from department stores to bowling alleys to mom and pop bakeries. Anyone who sells anything needs payment processing services.

Moreover, a sale--and the commission that comes with it--does not stop at the moment that merchant services resellers get a signed contract. Every payment processed comes with a fee for the transaction. Those fees cover the cost of service on the account, the cost of security and other updates that occur, and the cost of the residual commissions for the sales professionals involved. A sales professional who sells payment processing services successfully earned commissions from every sale, and residuals from every purchase made through the processing system.

The opportunity for merchant services resellers shows no sign of slowing down. Any time an entrepreneur wants to get a new business off the ground, he or she needs the ability to process payments before revenue can come in. Any time a business grows, or any time the technology in place becomes obsolete, a new or updated processing system must come into play. For a savvy, talented, and aggressive sales professional, virtually no limits apply to the ability to present merchant services and earn commissions. When they partner with the right clients and sales organizations, merchant services resellers work with one of the best and fastest-growing opportunities that sales professionals can have.

Merchant services resellers still need to develop their sales skills and be willing to put in the effort. As with any other opportunity, the most driven and talented professionals will earn the best results. But the potential for this work, particularly for those who build on great partnerships, rises above that of almost any other opportunity. Great sales professionals selling great merchant services can reach almost any level they choose to achieve.