The Rise of Credit and Debit Transactions
People tend to think of trends in the business world as the province of the world's heavy-hitting economies. The United States and China, in particular, wield outsized influence in many areas. But when it comes to the movement toward a less cash-driven society, a governmental focus on technology and a more nimble economy combine to create change more quickly. In a recent study, Canada was ranked as the number one country as the most cashless society.
For sales professionals, this creates enormous opportunity for working with independent sales organizations. Selling digital payment processing services in Canada provides the potential for an enormous customer base and a lucrative income for the right sales agents.
Canada's Moves Toward Cashless Society
Cash payments have declined worldwide in the last decade. Digital payments, through debit and credit cards or mobile payment technology, are faster and safer than cash payments, providing a measure of convenience for both consumers and sellers alike. And Canadians are moving toward higher usage of digital payment methods quickly, in terms of the number of cards the average person holds, the percentage of cashless payments, and the share of total payments that run without cash.
Of course, for this to work, businesses must have the ability to process card and mobile payments. They purchase digital payment processing systems, which manage the electronic collection and communications required for payments to transfer from the purchaser's financial institution to the seller's. These systems manage to account for the payments and protect the data encoded on the cards as it moves between the parties.
Sales Opportunities in Digital Payment Processing
This component of the process means that, as Canada moves more toward being a cashless society, independent sales professionals will find more opportunities to partner with independent sales organizations to sell the digital payment processing systems. The ISOs, by working with independent agents, are able to offer commission payments much higher than an in-house sales team could earn.
Further, by contracting with multiple processing providers, the ISO and its agents can open up to an enormous market. Every business, large, small, or in between, has to process these payments to maintain operations and revenue flow. In other words, every company in Canada serves as a potential customer for the independent agent working with an ISO to sell the hardware, software, and services package required to process payments.
Finally, the commission opportunities for independent agents extend well beyond the initial sale. Every payment processed on a digital payment processing system generates a fee, from which independent sales agents collect residual commissions for as long as the system remains in operation. The income available thus far exceeds what almost any other sales opportunity can provide.
Not everyone can do this work. Independent sales agents rely on their own skill and work ethic to maintain a living, and the pressure becomes too much for some people. But for the confident, aggressive sales professional, the opportunity becomes one of almost limitless potential. As Canada's digital payment expansion continues, independent agents partnering with the right ISOs will thrive for years to come.