The payments industry is advancing at a rapid pace as new technologies and players enter the space quicker than ever. The industry is no longer characterized by traditional banks and ISOs; instead, processing companies have become more advanced and are able to offer a variety of features to their merchants.
At the same time, newer companies like Square and Stripe have entered the payments ecosystem, charming business owners with their ease of use and aesthetic. Amidst this competition, however, there are massive untapped opportunities. Given the advent of business software, POS systems, and sophisticated APIs, the payments ecosystem is rapidly evolving toward a more partner-centric business model.
Succeeding in this new environment requires a shift in sales strategy mindset. Below, we explore how to do this effectively in a crowded marketplace.