If you look around your neighborhood, it may look like the payment processing market is saturated. Most businesses accept credit cards, and almost anyone operating online does so, too. Still, appearances can be deceiving. Market projections show that the global payment processing market is expected to grow almost 10% annually, from $35.6 billion in 2018 to an estimated $68.8 billion by 2025. If you are looking to grow sales for your ISO or SaaS service, the opportunity is there for the taking.
Understanding the Numbers
Anytime you look at global growth, you need to understand where the growth is coming from. Selling processing services, like any sales work, requires you to identify where gaps exist in the market. This can include geographical areas and changing markets, as both give growth potential to you. You can and should look to sell to businesses unhappy with their current solution, but the easier targets will always be companies growing into a need. New and growing businesses and sectors should serve as focal points for your ISO or payfac sales.
Growing Online in Your Market
Here, one source will always be new businesses. North America figures to have the greatest share of payment processing sales for a long time to come, but part of the story will always be new and emerging businesses replacing those that go out of business. New online businesses \ may provide particularly lucrative ground to you. Anyone selling online will need a way to collect electronic payments. While fledgling businesses starting from zero will often use basic, free, or low-fee options, they will require more sophisticated solutions as they grow. Their pain points in processing power become your opportunity to identify and serve new clients. Focus on new and growing online businesses to boost your sales potential.
International Payment Processing Opportunities
In terms of space for growth, international markets are emerging, particularly in Asian Pacific areas. As more businesses in these areas take on payment processing capabilities, they will require a service that can keep up with international regulations and laws. Beyond this, you will need to be able to handle payments in multiple currencies, both to handle local transactions and international sales. Finally, you will need to build or outsource a customer service team that can circumvent language barriers for your overseas merchants. If your ISO does not have these capabilities, it needs to develop them.
Your local payment processing market may feel full, but the global market is looking to almost double over the next seven years. Make the investment now in developing your product and service model to take full advantage. Sales opportunities are there for you. It is up to you to take advantage.