SOURCE: Packaged Facts

Packaged Facts

August 13, 2009 10:42 ET

Third Party Processors Parlay Technology Into Market Growth

NEW YORK, NY--(Marketwire - August 13, 2009) - Despite a sluggish economy that has slashed jobs and dampened credit card usage, the third party processing (TPP) market grew by more than 11% in 2008, to reach $61.9 billion, and is poised to jump 57% through 2013, according to "The North American Market for Third Party Payroll, Payment and Health Care Transaction Processing, 3rd Edition" by leading market research publisher Packaged Facts.

Third party processors are outside organizations that process and manage transactions between sellers and buyers. Corporate functions contracted out to these third parties are usually "back office" or non-revenue generating activities: payroll, human resources, customer service, accounting, payables and receivables, record keeping and transaction processing.

Seeking to offset the impact of lower employment figures in the payroll space and reductions in consumer use of credit in the payment space, third party processors continue to bank on the ongoing move from paper to electronic processing. Major TPPs are also promoting new technologies to give their businesses a boost, working to increase revenues from existing clients, and tapping into related growth areas such as human resources outsourcing and mobile transactions.

Healthcare TPPs are counting on a boost from Uncle Sam to maintain growth. "The federal government's massive stimulus package allocates a portion to healthcare IT," notes Tatjana Meerman, publisher of Packaged Facts. "Additionally, the drive for healthcare reform is helping to train public attention on using technology to streamline healthcare for patients and providers, a shift that won't come overnight but is likely."

"The North American Market for Third Party Payroll, Payment and Health Care Transaction Processing, 3rd Edition" assesses the market for data and payment-related transaction outsourcing. The report focuses on three key segments -- electronic payment processing, payroll processing, and healthcare transaction processing -- with separate chapters tracing the service trends, market trends and competitive strategies driving market growth and competition within each of these industry segments. For further information, visit: http://www.packagedfacts.com/redirect.asp?progid=71119&productid=1939947.

About Packaged Facts - Packaged Facts, a division of Market Research Group, publishes market intelligence on a wide range of consumer market topics, including consumer goods and retailing, foods and beverages, demographics, pet products and services, and financial products. Packaged Facts also offers a full range of custom research services. Follow us on Facebook at www.facebook.com/Packagedfacts.

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