Cold email software for payment processors
Acqro gives payment processing and merchant services providers cold email that researches each prospect's company before writing. Below: verified federal data on the industry across all 50 states, the buyers it sells to, and a playbook for outreach that earns replies.
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How many payment processors are in the United States?
The United States had 4,711 establishments in NAICS 522320, financial transactions processing, reserve, and clearinghouse activities, in 2023, employing 177,887 people. The largest markets by establishments were California, New York and Florida. Source: U.S. Census Bureau County Business Patterns.
Payment processors in the US by the numbers
- US establishments
- 4,711−6.4% vs 2022Census CBP 2023, NAICS 522320
- Paid employees
- 177,887Census CBP 2023
- Average annual pay
- $132,587Census CBP 2023
- Firms under 10 employees
- 78.2%Census CBP 2023
- Largest state
- CaliforniaBy establishments, CBP 2023
Census does not publish a separate category for payment processing and merchant services providers; figures use NAICS 522320, Financial Transactions Processing, Reserve, and Clearinghouse Activities, the closest official industry. 78.2% of establishments have fewer than 10 employees, so most firms in the industry run outbound with a founder or a very small sales team. The 875 firms with 10 to 249 employees are the ones most likely to be building a repeatable outbound process.
The five largest states hold 46.2% of all establishments. Among states with at least 100 establishments, the fastest growth between 2022 and 2023 was in North Carolina (+10.3%), Georgia (+2.8%) and New Jersey (−0.7%). Growing markets bring new competitors and new buyers at the same time, which rewards outreach that is specific rather than volume-driven.
Payment processors by state
All states and DC ranked by number of establishments, with the change since 2022.
| Rank | State | Establishments | Employees | Change vs 2022 |
|---|---|---|---|---|
| 1 | California | 657 | 36,448 | −9.0% |
| 2 | New York | 475 | 8,941 | −7.4% |
| 3 | Florida | 454 | 10,181 | −1.9% |
| 4 | Texas | 372 | 20,210 | −6.3% |
| 5 | Georgia | 218 | 13,893 | +2.8% |
| 6 | Illinois | 154 | 6,065 | −9.4% |
| 7 | New Jersey | 146 | 1,750 | −0.7% |
| 8 | Pennsylvania | 128 | 5,273 | −7.2% |
| 9 | Arizona | 127 | 8,577 | −1.6% |
| 10 | Colorado | 125 | 3,636 | −7.4% |
| 11 | North Carolina | 107 | 2,610 | +10.3% |
| 12 | Ohio | 98 | 6,387 | −16.2% |
| 13 | Michigan | 95 | 1,695 | +3.3% |
| 14 | Massachusetts | 94 | 781 | −5.1% |
| 15 | Washington | 94 | 2,823 | −7.8% |
| 16 | Utah | 86 | 6,983 | −13.1% |
| 17 | Tennessee | 85 | 4,046 | −4.5% |
| 18 | Nevada | 82 | 4,011 | −2.4% |
| 19 | Minnesota | 81 | 1,449 | −14.7% |
| 20 | Virginia | 74 | 3,144 | +1.4% |
| 21 | Maryland | 70 | 2,704 | −15.7% |
| 22 | Indiana | 59 | 1,459 | −4.8% |
| 23 | Wisconsin | 58 | 1,394 | −9.4% |
| 24 | Missouri | 56 | — | −16.4% |
| 25 | Connecticut | 50 | 527 | −2.0% |
| 26 | Delaware | 50 | 1,318 | +4.2% |
| 27 | Nebraska | 50 | 6,732 | −10.7% |
| 28 | Louisiana | 48 | 216 | −4.0% |
| 29 | Oregon | 46 | 638 | −17.9% |
| 30 | South Carolina | 43 | — | −12.2% |
| 31 | Kentucky | 37 | 1,319 | −14.0% |
| 32 | Alabama | 36 | 280 | −14.3% |
| 33 | Kansas | 31 | 1,278 | −16.2% |
| 34 | Oklahoma | 31 | 255 | 0.0% |
| 35 | Idaho | 29 | 165 | 0.0% |
| 36 | Iowa | 27 | 1,066 | −18.2% |
| 37 | Mississippi | 25 | 106 | +19.0% |
| 38 | Montana | 25 | — | −7.4% |
| 39 | Maine | 21 | — | −16.0% |
| 40 | Arkansas | 18 | — | −21.7% |
| 41 | North Dakota | 18 | — | +5.9% |
| 42 | Wyoming | 18 | — | +28.6% |
| 43 | South Dakota | 17 | 718 | −10.5% |
| 44 | Rhode Island | 16 | 137 | −30.4% |
| 45 | New Hampshire | 15 | — | −11.8% |
| 46 | District of Columbia | 14 | 143 | −17.6% |
| 47 | New Mexico | 14 | 103 | −12.5% |
| 48 | West Virginia | 12 | — | −14.3% |
| 49 | Hawaii | 9 | — | −18.2% |
| 50 | Vermont | 9 | 39 | −18.2% |
| 51 | Alaska | 7 | 23 | +16.7% |
Who payment processors sell to
Common buyer industries for payment processing and merchant services providers, with US establishment counts and how many have 10 to 249 employees.
| Buyer industry | Establishments | 10–249 employees | Employees |
|---|---|---|---|
| Restaurants and Other Eating Places | 618,476 | 348,428 | 11,406,584 |
| Retail Trade | 1,043,373 | 331,104 | 16,046,207 |
| Personal Care Services | 160,726 | 20,964 | 764,640 |
| Offices of Dentists | 135,665 | 36,422 | 1,028,889 |
How payment processors should run cold email
Payment processing and merchant services providers sell card processing, payment gateways and point-of-sale systems. These are the contacts, triggers and messages that make a first email relevant rather than generic.
Who to email
- Owner or general manager
- CFO or controller
- E-commerce manager
- Operations director at multi-location businesses
Signals worth researching
- New locations
- Launch of online ordering or e-commerce
- Point-of-sale changes
- Ownership changes
What to say
- Reference the new location or channel
- Speak to transparent pricing and operational fit
- Offer a statement review
What to avoid
- Savings promises before reviewing statements
- Aggressive urgency tactics
Cold email for payment processors, answered
How many payment processors are there in the US?
There were 4,711 establishments in NAICS 522320 (Financial Transactions Processing, Reserve, and Clearinghouse Activities) in 2023, employing 177,887 people. Source: U.S. Census Bureau, County Business Patterns 2023.
Which states have the most payment processors?
By establishments in 2023: California (657), New York (475), Florida (454), Texas (372) and Georgia (218). Source: U.S. Census Bureau, County Business Patterns 2023.
Who decides on payment processing at small businesses?
Owners and general managers decide at most small businesses. At multi-location or larger businesses, the CFO, controller or operations director is involved.
When are businesses open to changing payment processors?
When opening new locations, adding online sales, replacing point-of-sale systems or changing ownership. These moments create a natural review of the payment setup.
Is cold email legal in the United States?
Yes. The federal CAN-SPAM Act permits commercial email to business contacts without prior consent, provided the message identifies the sender accurately, uses a truthful subject line, includes a valid physical postal address and a working opt-out, and honours opt-out requests promptly. CAN-SPAM applies in every state and preempts most state commercial email laws, except provisions aimed at falsity or deception. This is general information, not legal advice.
Explore related pages
Payment Processors by state
Other industries
Sources and methodology
Every figure on this page comes from a federal statistical release and is shown with its source and reference year. Figures the agencies withhold or publish with high noise are left out rather than estimated. Page updated September 17, 2026.
- U.S. Census Bureau, County Business Patterns 2023 and 2022: establishments, paid employment for the pay period including March 12, annual payroll, and establishments by employment size. Industries use NAICS 2017 codes.
- Industry definition: NAICS 522320, Financial Transactions Processing, Reserve, and Clearinghouse Activities, used as the closest official category for payment processing and merchant services providers.
Built for payment processors who sell to a finite list
Acqro researches every account on your list and writes the first email from what it finds.
Prefer a conversation? Get in touch.