Posted: July 23, 2012
Colorado Companies to Watch spotlight: Payment SolutionsBy the staff of ColoradoBiz
Snapshot: Loveland-based Payment Solutions provides merchants with the ability to accept and transmit electronic payments such as credit and debit cards, gift and loyalty, eCommerce and mobile payments.
Leadership: Kenneth Salazar has been CEO since the company’s founding in 2004.
Work force: Payment Solutions has more than doubled its workforce since 2008 when it had 34 employees. It ended 2011 with 75 full-timers and expects to expand to 110 this year.
Competitive Edge: Payment Solutions has a direct-sales model and follows a "call and close" methodology with telemarketing sales appointments for its sales executives. Most of its competitors, the company says, simply hire as many "1099 agents" as possible to see who "sticks."
Growth curve: Payment Solutions’ revenues have more than tripled since 2008, including an 86 percent gain last year. The company is projecting another 6 percent boost in 2012.
Innovation: The company says success in its industry lies with answering the question, "How do we drive revenue to our merchants and thus make them more profitable?" But it has sought to differentiate beyond having some of the best rates and fastest funding times. Last year Payment Solutions created a "rate and service guarantee" whereby if it did not deliver the rates as promised or there was an unresolved service issue and dissatisfaction with service, the company would waive all contracts.