Inc. magazine has good news for the payments sphere - the industry is among the fastest growing sectors in the U.S. economy. In 2010, the financial services industry grew 108 percent over 2009, the publication said in its annual Inc. 500/5000 rankings of the fastest growing businesses. The rankings are based on revenue growth from the end of 2007 through 2010.
Eight payment companies made it to the top 500 fastest growing companies list - the same number as in 2010; 44 payments industry companies reached the top 5,000. The top 500 list reports aggregate 2010 revenue of $10.5 billion while the reported aggregate revenue of the top 5,000 list is $185 billion, with a median three-year growth of 147 percent.
"Fast growth at any time is a big achievement; fast growth during the past few years is just short of miraculous," Inc. Editor Jane Berentson said. "The Inc. 500 consists of these just-short-of-miraculous companies, the ones that through ingenuity and ambition have increased revenue, hired employees and grown fast in difficult economic times."
Leading the payments industry on the list was PaymentMax Processing Inc. of Thousand Oaks, Calif., which placed at number 11 on the top 500 list. This company experienced growth of 10,058 percent over the three years and $10.8 million in revenue in 2010. An indication of how phenomenal the growth has been for this company is that last year it was listed at 151 on the top 500 list. PaymentMax said in a release the secret to its success is "lower rates, quicker account setup for merchants, rapid funding, more flexibility and around the clock customer support."
Century Payments Inc. came in at 12 on the top 500 list with 9,258 percent growth over three years and $22.5 million in revenue last year. Braintree Inc. finished 47th with 4,199 percent growth over three years and was listed sixth on the financial industries list. Electronic Payments Inc., which finished 493 on the this years list, is the first ISO to have attained an Inc. 500 ranking four years in a row.
A list of ISOs and payment processors included on the 2011 Inc. 500 List follows:
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