Feature Article: The Payment Processing & POS VAR Revolution
By Mike Monocello, Business Solutions magazine.
POS VARs, there's a war currently being waged, and you're at the center of it. Credit card processing is huge business. According to findings by analyst firm First Research, the U.S. credit card processing industry includes about 2,000 companies with combined annual revenue of more than $40 billion. Typically, these card processing companies gain market share via a sales channel that includes independent sales agents and/or independent sales organizations (ISOs). This sales channel made good sense as long as card processing was performed via a stand-alone processing terminal. However, today the number of standalone terminals is shrinking and being replaced with card processing that's integrated with the POS terminal (i.e. the software on the POS system is handling the card processing). As integrated processing has increased, so too has the opportunity for POS VARs. Due to a number of reasons (more on this later), POS VARs stand as a super selling machine of payment processing. Card processors are quickly coming to this realization and looking to recruit VARs to their sales channel. In short, you're a hot commodity, and if you aren't currently selling payment processing, you should be. If you are selling payment processing, you might not realize the advantage you have.
Used with permission from Business Solutions magazine.