VIDEO TRANSCRIPTION
Hey everybody. What’s up?
It’s Justin Live from B2B Vault, the payment technology podcast with your host, Allen Kopelman. And we’ll be providing you with educational information about Payments FinTech, decentralized finance, and the technology businesses use in today’s world. And in today’s podcast, we’re going to be giving you guys the monthly wrap-up. We decided, to try something a little bit new for the episodes for all the shows that we do. So, we created a bit of a schedule because we talk about the same things, but not necessarily. The same exact thing, like something that’s in under FinTech or something that’s underpayment processing or something that’s under real estate or some in a cryptocurrency.
So, in today’s podcast, we were going to we decided that we would do the wrap-up of all the different topics that we had during the month and a little bit more laid back as usual than most shows, but yeah. A little less structure! Yeah, less structure! So, as part of today’s podcast, if you want to ask us a question, we’re going to leave a comment on the B2B Vault community page, the B2B Vault page, and the Twitter page, and you could go and visit there and we could even do it on LinkedIn too, right? Yeah! And we’ll leave a thing there, ask B2B Vault the question. And your question could be included in the 100th episode, which is going to be happening in a couple of weeks, right? August 10th. Okay. So, watch out. I just gave Justin a surprise assignment. Oh, what? So, that’s what we’re going to talk about.
So, in the roundup today, I guess we’ll just go down the list. There are Nine podcasts that we put out this month. So far seven, “seven”, you got duplicate in there, because of the one I got a duplicate. It’s not necessarily a duplicate, but we started doing the FinTech Friday. So, there are two episodes in there that, okay. That is in there. No, well there weren’t about the same thing! No, it’s just FinTech financial technology, whatever was happening in the week we talk about on Friday. So, one of the most popular things we always talk about is whenever we talk about CBD and cannabis, those get a ton of listens.
So, I’ve seen some of them have more than a hundred, some have more than that. Cuz the tracking is different is not exactly accurate tracking. Yeah. It’s really tough to find out. Cuz it only tracks into a couple of apps. So, it doesn’t track all the podcast apps and there’s like more than 50 of them where the podcast is. Oh, yeah! Yeah. More than 50 different podcasts platforms that people have cannabis. So, we talked about cannabis-related businesses. And how, and what is it? What is a cannabis-related business? Because that had me befuddled a little bit as well. Like what, it’s not obviously a cannabis business is what like a growing? Well, the cannabis business would be somebody selling cannabis. What about growing? Like in a dispensary or growing well, they’re selling it too, but there’s not considered a cannabis-related business.
So, cannabis-related businesses are like L E D lights. You’re selling pipes. You’re selling other things like we have a guy that sells rolling papers, packaging, cones, packaging, and different things to a cannabis card doctor. So those kinds of things. Cannabis- medical marijuana doctor? Yeah, Medical marijuana doctor! So, you can get your card, so we talked about that in the podcast and now we’ve helped businesses in that sector. Get merchant accounts without being in the high-risk category, paying 7, 8, 9, 10%, get it regular pricing because there are banks that like that business. And that’s why I always talk about, high risk it’s not necessarily always high risk.
You’re just in a particular niche where there are only one or two or three companies that actually want to do business with you. We know who they are. So, text, book to 9 5 4 8 2 7 9 8 1 8 to find out more! That’s part of our FinTech. And then, so we went, we talked about that, and we also talked about like legalization.
And are they going to pass any bills in the House in the Senate or is it just all a bunch of lip service about what they’re doing with cannabis? We went over that! There are over 50 bills. Yeah, it’s introduced right now, regarding cannabis. And a lot of them are similar. They’re all the same. They’re just all, they’re all basically the same. There’s just, there are a couple of things that are worded differently. Some have stuff that’s included, that’s not included in this one. Yeah, there are two, the two main topics that Congress is dealing with are decriminalizing cannabis, letting people either out of jail and removing stuff from their records.
Or at least when somebody sees it, it’s not going to be like a big black mark. And then the second thing is the safe banking act of which there are a couple of different versions of that, and they just need to act on it and stop dilly down. There are like five different versions of it. But one thing that I don’t like is that there’s been talk that several people that are members of the House and the Senate have made investments into can cannabis companies! I don’t like that. So, you’re saying that the senators are making money off cannabis, but they’re still down with locking people up for it? But also. “Shame on you!” But also, we don’t know what companies they’re investing in, but they could be the companies that are, that they’re going to let legally take payments or something like that!
I’m not, I just think they got to make rules for that. We talked about that too, about going backdooring in investments! They got to make rules about how these people are. Insider trading, they have been doing that for years. Right! Insider trading, there are a bunch of people getting in trouble for it now, but I don’t think they’re going to do anything about it. The other thing we talked about was Buy Now Pay Later is in the news everyday single day. Buy Now Pay Later it’s a sign in your business, if you, so there are two forms of Buy Now Pay Later. Physical products, which are Buy Now Pay Later every two weeks. And then we have a service where if you offer a service like you’re a coach, or you offer any other kind of service, you can get Buy Now Pay Later, and it’s one payment per month!
So, they make the first payment, then the second payment, 30 days, 60 days, and 90 days later. And it’s a great way to make extra sales for your business. I would sign up for a different one, I was doing it like every two weeks. Do you have an option to do that? No, if it’s physical products! Because like Klarna or Affirm only, they only gave me the option of once a month. Yeah, it depends how big the, they, some of the companies that do physical goods, it’s based on the ticket size, if it’s going to be once a month or every two weeks. So, if it’s a bigger ticket, it’s going to be like twice a month? No, it depends on the company, different companies, and different rules. Oh! There are probably 20 companies offering Buy Now Pay Later for physical products.
Yeah, I’m just talking about Affirm. No, let’s say I don’t know their rule, I’m not familiar with every single company. But let’s say you have an item that’s 50 bucks. Yeah! They’re going to do it every two weeks. Let’s say you have something, maybe it’s a hundred bucks. Maybe they’re going to do it once a month, but it depends on the company, and then what terms they have. Yes, it is once a month, but I’m like kind Man, why is it going to, why would you sign me up for a month for a year that’s it’s only $10 a month? I don’t know, don’t ask! I thought it was dumb. I just wanted to get it. You wanted to try it out. Yeah. Because I’m like, I’m doing that with everything right now!
If there, if I have the option to Buy Now Pay Later, I’m doing it. Forget it! Or I’m putting it on my credit card, and whatever! Yeah, get your points! Finally, Affirm is the one is the bigger one, right? There’s After Pay, Affirm, and Sezzle! I told you there are at least 20 companies that I know! I’m just saying like the one that’s really big right now, Affirm. They’re one of the ones, that is big. The bigger ones. So, they would, they were denying me for whatever reason. Yeah. And finally, they approve it and it’s only $10 a month. I’m like, wow, it’s great. Where are they getting this financial information from?
I have no idea, it’s very. Cause I know you guys don’t have the right amount of income for me, I’m sorry! No, the Buy Now Pay Later. It’s basically, that some of them are taking a lot more risk because they’re letting people do it with debit cards. The one we have only works with credit cards for the services. So, as I told you, there are so many companies and then they make deals with different vendors. Let’s say it’s a big, shoe company. So, they’re going to give, make a better deal with them than they are with somebody else. Okay. So, what do you mean by that? They’re going to give them a better rate, better terms, things like that.
So, the terms could be different depending on the vendor. Yeah, like for larger size company, you better get a better deal usually. But I’m just saying we. Which is stupid to me too. It’s like, why would you give the deal to the guy that’s like really struggling? And as opposed to the guy that’s making, they might only know transaction a month! Because one guy is doing one transaction a month! I get it. And the other guys doing, one transaction every 10 minutes! True, money talks and BS walks. But Buy Now Pay Later, it’s here to stay. We talked about in another podcast, that the government’s definitely looking to regulate it and see how these companies are making their credit decisions and things like that, but it’s not going anywhere.
We just did a podcast where I talked about, one of the things I talked about was that innovation is outpacing regulation right now. So, innovate away. They were, remember we were talking, the Congress wants you to. They’re promoting innovation, but they also want you to like, you got to stop. Because they have to regulate! Yeah. You can’t keep innovating we need regulators. They have a special office of innovation, which makes no sense. Which can’t keep up with the innovators. Right! Yeah. Which they vacillate to make decisions, whatever, man. Leave the technology footage. Yeah.
That’s why FinTech is growing and growing all the time. And the other subject we covered. Small business and mobile processing and how important that is because in today’s environment, the last couple of years, going through the pandemic or the, whatever you want to call it and different things going on. Created a lot more businesses that need to have mobile-type processing. So, either mobile machines, little mobile things hook up to your phone, taking payment through your phone, sending out a text message or an email with a link to get a payment using a QR code to get a payment.
There are a whole ton of forms of mobile payments with businesses and its growing E-invoicing is a mobile payment. So, that’s just a growing trend for small businesses. And we have great products for that. For mobile payments to help you with your business because it’s important to have your business grow, be able to collect money 24 hours a day by giving somebody a link, and then they can collect payment. You can collect payment! There are just so many ways. Because people are busy, so you have to create an environment. So, your customers can pay you on time. Yeah. Like, for you lawn care guys out there, I was thinking about this, the other day. This is like perfect for you. Who, if you got a client that you go to you motor lawn, twice a month. Send them a text! Yeah, set up the text-based messaging.
You can set it on a subscription base, so they get it. So, they got charged or you could set it up like, you go to their house, you send them a text. Hey, I mowed your lawn click to pay. Boom and you get paid and you can, even, some of them allow you to add a tip line. Let them leave you a little tip. It’s just, that there are a lot of different things that I thought of. There are all kinds of ways you can use mobile payments in your business. And, instead of waiting like my lawn guy, he purposely comes on Saturday or Sunday. Every couple of months he can get paid. If he would just do that, he would get paid all the time quicker, have better cash flow in his business, pool cleaning guys, everything like that!
There’s a lot, any kind of business like that can show you. Things to do. You can set up subscriptions for your clients that way. They’re just paying like my pool guy. I set him up with that. He just has it where every month he bills me the same amount every month I get a receipt. Thank you. And they come clean the pool. I don’t have to bother with them, and a lot of other businesses are doing that air conditioning company that I use switched from a yearly payment to a monthly payment. So you are just. And they come and they clean your air conditioner out twice a year, included with that monthly payment.
So, when they show up, they clean the whole, they service. Do they go inside or just outside? No outside and then they come inside, the guy changes the filter. Cause there’s this one guy I was cleaning, just asking because one of his places that I was calling, I didn’t read. Oh! And they were just servicing the outside. The cheap price! And then it tripped on the inside, and I called them. Yeah. It’s not part of the package. You didn’t get that package. And I was like, oh, I want to cancel the package. So, you got to, yeah. Any type, lots of businesses are coming up with ways. We did a podcast on this a while ago, we called it the subscription economy.
So, it’s a very popular business tactic to use. It works! A lot of companies use it. Now I’ve seen accountants use it, bookkeeping companies use it to bill every single month. Look at all the web designers out there that are on monthly maintenance. This is perfect for you. You set up a subscription and then you’re done. You don’t have to island your clients anymore to pay for it. Yeah. And then you’re because you’re sending them an invoice. Oh, mail me a check. Mail me a check, mail me a check. Then you got to wait for more. No. Then they’re behind two or three months, by the time they mail you a check! Then the other thing we talked about on the podcast is what is FinTech and what the F is FinTech and FunTech!
And we did, we’re doing a new thing we call FinTech Fridays., FunTech Friday. To FinTech. So, like the whole premise of the show is, obviously, we’re in the financial technology business. Yeah! So, the thing about that is FinTech is it’s confusing, tough word. It’s confusing. But I made a good definition for it. FinTech is any app where you’re moving money or accepting. That’s what FinTech is from a simple standpoint from technology. Yeah, man, this goes from cash, and you use the tech to move it around, right? Yeah. You’re either in taking money or sending it, sending out money.
So, all types, not cash, right? There are all types of FinTech apps and websites. Services all types of FinTech. And that’s also a subject matter, everybody seems to like, they love the FinTech podcast. It’s because it’s, I mean you’re FinTech. If you got your Google alert to FinTech, I guarantee you your email, you have to con that down a little bit. You get this long list! Yeah, man. I had to really structure my, so it’s just not getting, The same regurgitated information over and over again. FinTech is cool and all, but there’s only so much that’s really changing, right? Buy Now Pay Later, crypto. No there are, new things coming out all the time.
New companies entering the space. So, it’s interesting to read. Some of it! Interesting thing like we’re working on a FinTech project now you’ll be able to get a merchant account soon off of the website, answer 10 questions, and get a merchant account. Boom, boom, you’re done! So, the next thing we talked about in the podcast. Wait, before you updated here. Oh, don’t forget about the contest, the hundredth episode contest, where you’ll be able to win the META Quest 2 formally known as the Oculus. Where you can jump into the Metaverse and play with your friends in the Metaverse. Yeah, sounds pretty cool to me. Somebody was telling me they were going to have Metaverse dating,
I thought that was weird! Like technically people are already doing it. I know a guy that is he does DJs, he DJs, and then he throws parties and invites people that he doesn’t know into his party room. Into his Metaverse party room? Yeah. It’s cool. He could be in there dancing. So yeah, man, check out our YouTube channel, Facebook TikTok, and Instagram. You name it, we’re there. Enter the contest, please and subscribe to the YouTube channel. We’re trying to get our followers up to as many as possible, trying to monetize that channel eventually. Also, you can check us out on Spotify, iTunes Google podcast, Apple podcast, iHeartRadio, Stitcher, Pandora, and Amazon you name it wherever we’re literally everywhere.
Whatever podcast app you have put in B2B Vault, you’re going to find us on social media. It’s B2B Vault. Very simple. We’re there. Please join the community on Facebook, please. If you want to win this beautiful Meta Quest thing and you do decide to join the giveaway, you must confirm your email address and you must reside in the USA. Otherwise, you will not win. I’m sorry. Maybe in the future, we’ll have an international contest. We do have people listening all over the world. Yeah. Shout out to y’all who are, in the UK. We have a lot of Ukrainian people up that are listening to the show right now. So, all the business owners out in Ukraine, please hold your head and we stand firmly with you guys.
We’re sorry that you’re going through this. I don’t know. It’s a war going on outside. No man to say from. Yep. So, there are other prizes and we’re going to be doing the live show, doing some other giveaways, giving out some swag. So, if you get on Live and you answer the question or you put a question in, on social media, you could win. You might get picked as we pick your question, and you might win some swag. Swag bags won’t take forever at SPO tank Wednesday if you’re. So, the next thing we talked about was a cryptocurrency and real estate purchases, and luxury purchases. I love that. That whole, anytime we talk about crypto being used for like really big-ticket items, I like to hear about that.
Yeah! So do our listeners. Yeah. We talked about. $22 million purchase done in Miami, with crypto. Another one was somebody hooked, linked a house and an NFT together in Tampa, 654 million, I think it was. And there’s, we get contacted all the time by different mortgage companies and title companies. Real estate attorneys and they want to get linked up so that they can do crypto transactions because there are a lot of international buyers and the way they want to, the way for them, the easy way for them to do transactions in the US is to use cryptocurrency while the market is down. People don’t use cryptocurrency the same way outside of the United States as we were using it in the United States.
So, it’s a little bit of a different market. They use it in that they purchase a lot of stablecoins outside. And then when they’re ready to do a transaction, they literally buy the Bitcoin and do the transaction. So, they’re not, and then doing it as an investment. When I go on. They’re moving money around. So, when I go on coin tracker, which I check it like a couple of times a week, sometimes every day you see literally. The transactions going on, and those are business transactions of buying and selling goods and services and trading Bitcoin is in the billions of dollars every single day. Yeah. So, Elon just sold what? 190 million of his bitcoin? Yeah, 150, I guess he needed the cash.
Yeah. And then everybody was, he bought 150 billion Bitcoin last year. He just sold like 91 million. But we don’t how much he paid for all that big. Yeah. So, I don’t understand why people were making a big deal a lot. It’s so what Elon Musk is not hurting for money? No, just because he saw that Bitcoin, he probably is making a money move, he needed liquid. So, he had to get rid of the Bitcoin. I’m sure you’d sold one that he had for over a year to reduce the tax burden. Yeah. And that’s another thing what they were saying, because that, there’s this new, the way that the, yeah, the taxes, that’s why people were like, he’s going to lose so much money.
And actually, they only do that when he makes a certain amount of money and he can’t, and the money that he got taxed on, he won’t the money that he has left in his, in Bitcoin. He won’t be able to claim gains on it until next year. I don’t get it. I’m sure that he sold it after the capital gains. No, he’s fine. Yes. He’s fine. Listen, I read somewhere, that he paid $700 million in taxes, so he did piece out Elon Musk. You are a good American citizen and you set a good example and you pay taxes. I pay a lot of taxes myself. I don’t like it, but I pay taxes. The other thing that we started this month, which was new, is Tales from the Vault.
And that’s where I relate some personal stories about payment processing and 20-plus years, in the business. And this month we talked about point of sale and the evolution of point of sale. I was telling the story about how I work in restaurants. Yeah. When I was younger and the point of sales systems that we dealt with at the restaurant and how they evolved, entering the business, entering the payments business, and then dealing with payment point of sale on the side of the fence.
So, I’ve experienced with it working with it then as a merchant using it and then selling it. So, it talked about like the evolution of it. And it’s amazing now, the computers that we used before like this phone has more memory and capability than the first computer that I ever used. It’s crazy! We were saying during it, I was saying like, just monies evolved. Yeah. I Like you went from paper. Yeah. Your food stamps, everything. Everything’s electronic. Now electronics is a cardless people. Social security goes into their bank account. No check to take to the bank anymore.
I can’t tell you the last time I tried when. Somebody today called me, and I said, oh, would you like me to debit your bank account? Do you want to use a credit card? You guys, it was an older guy. He goes, no, I’ll just mail you a check, I like to mail a check. I’m like, okay! He’s a long-time client that likes to mail a check. So, I give them the option because I know they really, I know he really likes to mail checks. And plus, that guy probably has a box of checks. I have a box of checks; I can’t tell you like the last I hardly ever have to write a check. We have ACH. We can send money out to ACH. We do it all the time.
Yeah. There are not many places that. I mean take checks. Do they? No checks are not very popular, especially in retail. It used to be. Right. We used to sell the little machine and it read the check, took a picture of it, took it out of the, but no more. That’s all gone. There used to be one of the biggest companies in that business was Tele check! You don’t hear about that anymore. So, we talked about the whole evolution of point of sale like used to use these giant computers. Now you can run a whole restaurant on an iPad or Android tablet. It’s amazing, it’s crazy! And we had another FinTech Friday where we talked about FinTech, and buzzwords.
What were the top 10 or 12 buzzwords at FinTech? And we explained what they were. That was a really interesting podcast. I like having those discussions with Justin, because it’s fun, like when we talk about it and then you think about what’s going on and then he starts to remember all the different stories. Okay. What we’re reading about in the news and what we’re seeing every day come across the news wire and what’s in the payment magazines and everything like that. Some other people in the industry, shout out to some, to the other podcasters out there, trying to cover this without making it super boring!
Because me and Allen literally, don’t go at it, but I’m like, dude, no one wants to hear about that. Do you know what I mean? No one wants to hear you talk for 20 minutes. But we try not to do a product podcast, we try to relate it to more about technology. What we try, we just don’t want to sell you some. What we try to do somebody told me this morning, I was talking to somebody, and they said, you’re like one of the few guys in this business, that’s not like into one or two products. And you just pushing those products. You’re more into the whole approach of, hey, this is your business.
How do you run your business? And then figuring out what kind of technology, what tools can you use? Yeah. What kind of tools can we put in your toolbox? To make the noise toolbox, to make it all work so that you can take it. Now you have this toolbox of things so that you can take payments more effectively. One guy was asking me this morning, how can I stop people from doing chargebacks? And I said you can’t really stop it. You can’t there’s no way to stop people from doing a chargeback. How business was it? The auto repairs.
I’m sorry. Rocky. Whoa, stepped on Rocky’s foot. Scared me. I moved. So, he was asking me about chargebacks, and he was telling me, and I was, he does auto repair. Yeah. And I, and it looked way. He described it to me. It looked like the people either used somebody’s credit card that they stole, or they used somebody’s credit card that they didn’t know, or they were just a straight-up scammer, or they just used, they, them. Grandma, let them use their credit card to get it. And then their grandma decided that she didn’t want to pay for it anymore. Or the person didn’t pay the person back and they did a chargeback. So, it’s hard to tell. I said, send me the chargeback letters. Then we can have a more in-depth discussion about it.
It comes down to business practices. If you let’s just say you can’t be taking anybody’s credit card. No, it’s not that let’s just. And I don’t go by oh, the guy was dressed this way or that way because listen, I owned a restaurant. I used to have one guy that came in. He used to spend a ton of money. He used to wear shorts and flip-flops and a t-shirt, and he just didn’t care. And I’ve, this is before like Google and all that. And then one day he was in there and somebody said, they said, hey, you know who that guy is. And I said, no, I know his name. I know his phone number, but I don’t know who he is. So, the guy proceeds to tell me, he was one of the biggest attorneys in New York and he’s a multi-whatever. He’s got money at the Wazo he’s loaded and wow. That he comes and eats in your restaurant. He goes, that really says something because this guys like Mr. Fancy’s pants. Ah, and his wife was an ex-professional tennis player, and she was, and how, and then
I actually got in, they, she was playing on the women, senior tennis tour, I guess it’s over 40 or whatever, over 50. But. She played in a few tournaments every year. But the thing is you can’t tell as I worked for one boss, I’ll never forget. He said to me when I first started telling merchant services, I know I can tell by this application and the guy’s credit report, that the guy was wearing gold nugget jewelry. And I started laughing. He goes, why are you laughing? I said, yeah, the guy had on a gold. He had gold nugget jewelry. I don’t know how he could tell that, whether the person was good or bad, this guy owned like some kind of bartending school. It was really popular because there were a lot of hotels opening up at that time.
When I started in his business in the early two thousand, there were tons of hotels, right? A lot of hiring cruise ships and all that. How do you learn to be a bartender either? You get thrown into the soup and somebody teaches you on-the-job training or you go to bartending school. This guy at bartending school was very popular. Whatever we got him a merchant account for the bartending school. But business is just business. So, I was telling the guy said, you have to decide okay, the average person comes in, they get an oil change, they get a tire rotation. And they fix BMWs and like Audis. So whatever foreign? Yeah! So, I said to him, I said if somebody comes in and they want you to fix their car, and it’s over like your normal amount. So, I said, what’s the normal amount? He goes, oh, 3, 4, 5, 600 hundred, in there that’s like a normal repair.
I said if somebody’s spending, 1,000, 15 hundred, $4,00 5,000, you probably need to have a policy where you’re checking their driver’s license or making a copy of it. You would think that they’re going to check their driver’s license. No, they didn’t check it! I told them, I said, go try to buy some furniture, like at Rooms to Go, City Furniture, or even walk into a BrandsMart or Best Buy you try to go out of there with a big screen TV. They want to see your ID! Yeah. They ask for the ID, they want to make sure that the license and the credit card have the same name. Now. I’ve never tried to swap it up. So, I wouldn’t know, but now like Best Buy the last couple of times I bought stuff at Best Buy,
I bought it online and then they do a curbside pickup. And when you show up curbside, they ask you, they want to see your ID and the credit card. Yeah. Cuz, I bought, I bought something, and I say, oh, I have my dog with me, so I’m not going to, can’t really take Rocky inside bets buy. So, I needed to get some, huh? You could, but I don’t know if Rocky would like all that noise. Yeah. But still at the same time, like you don’t, he’ll be poking, he would want to say hello to everybody. Because he is that way. So, he’ll be like, woo! His hellos aren’t always the nicest. But I’m just saying you got to develop a policy in your business.
And that’s all part of what we do, we’re doing, we’re doing a little bit more, we try to. We give you consulting. We give you education. We give you; we teach you about what we have in the toolbox based on how you want to run your business. Yeah. This guy was pretty interesting. He’s like for customers he has outside his business, because sometimes like people can’t, they can’t come till late, they work. So, they’re going to come to pick the car up till eight o’clock at night. So, to make it easier, he has a special lockbox outside with a code. And then he parks the car in front of the lockbox, and he has six or seven of them.
And he puts the car there and then he texts when the person, he sends them a payment link, efficient, they pay, then he gives them the code to the lockbox. Nice! Then they can get their key out, and take their car, but he only does that for customers that they know. But somebody repeat clientele, they don’t, I told them, I said, you have to develop a policy. You got to protect yourself. We’re going into a recession. There are going to be people that just do a chargeback. Cuz, they lost their job. They don’t have enough money. They’re going to try whatever to get out of paying some of their bills, and then the last thing we talked about was payment trends and that’s one, in payment trends, we talked about all kinds of stuff, government regulation and all that.
One of the things we didn’t cover, but I’ll talk about now is with all this inflation going on, I saw an article where there are people, were complaining about some restaurants that added on like an 8% inflation thing on their check. Ladies and gentlemen, be prepared to see your food cost go through the roof. Don’t be surprised when you’re looking at $18 a pound just for chicken.
But I’m just saying what is the restaurant going to do. They can’t keep printing the menus up every week, every day, and month. I don’t blame the restaurants for what they have to do. They got to figure it out! And most people don’t understand it. A restaurant, if they’re lucky, they’re only clearing, let’s say five, 10, maybe 15%.
A plate? No, total off of the bill, off of their sales for the month. Oh, yeah, right! If you’re the best operator, maybe you’re clearing out 20%, but a lot of these places, don’t own the building. They’re paying high rent. They have tax, they got to pay sales tax. They got to pay the employees. Everybody wants to get paid more money. The government’s driving up the minimum wage. I was watching a panel on TV. They were talking, they were in Michigan. And they were like, oh, the governor of Michigan, just put in this law. And some of these people said, hey, we’re going to have to, we don’t know if we can run our restaurant and serve food at an, at a price that people will pay with these things that they pay.
That’s what I’m saying. Like I, so they put back to what I was saying about how, like when these, when you go to the grocery store, and you buy a pound of crown beef and it’s $25 a pound. That’s going to be a problem! Don’t forget, but it’s coming. Well, you better start growing some. I watched this documentary about how much it costs to feed. Yeah! Animals like cows, pigs, and that. It’s expensive! And guess what you need to get the food there? Gas! And so, the farmer was like, so you guys, which means the consumers. We haven’t even seen that cost because they haven’t taken those cows to the slaughter yet. So, when they take those cows to the slaughter, and then it’s crazy, ed blew my mind when he was explaining how much this food is going to go up.
Yeah. He said, and this woman, she said, you guys must, you have got to really prepare yourselves for this food. This is it’s going to be crazy. And I believe her. The one thing is they got to, the government needs to stop taking the reserves that we can’t talk about the government for, we could get on here and talk about the government for an hour. Yeah. But the thing is they got to get the price of gas down and diesel down to get the price of goods down because the price of food and other goods is not going to go down until gas goes down. Real quick is on the government, the definition of recession, right? Is two-quarters of documented loss. We’re already past that.
We’re way past that, ladies, and gentlemen. So, stop with we’re going into a recession. I’m not talking about you. I know that, but everyone. Stop, bro. Yeah. There’s no, what did they call that? Transitory? Yeah. It’s like what? I don’t even understand what are y’all who we are. They trying to make everybody feel better. No, they’re trying to lie to us and it’s like your little baby oh, you’ll be okay. Yeah. You can believe what you when you get when you go pay for stuff. That’s the reality. Exactly. What’s on the news is not real. No, it is not. It’s not real, but the thing is, Businesses are trying to figure out ways how to cut corners and save money.
And we talked about that with technology kiosks ordering online. We’re talking about paying at the table. Yeah, pay at the table with a QR code, cutting down. So, because they have a problem. They have a labor shortage. And they also have a problem where they’re having to pay higher wages. They can’t afford to have the amount of employees they have before. It’s like the worst. It’s like a really bad storm. It’s a challenge. It’s, we’re definitely business owners are facing a challenge. Now, if you need help with technology, we can help you with technology. If you need help figuring it out, just consultation, or other payment. You know what to do, like, from a technology standpoint, we can help you, can help you map it out, man. map it out, map out your technology stack.
That’s going to work for your business and see we’re not like all the other places we’re just going to pow on all this stuff. Oh, you need this. We’re going to throw this at you, take this curve ball, take this slide. No. What do you do? You sell products online! We have a perfect package like a platform that’s set up. Yeah. We show you like what to do. You know how to cut down on fraud, cut down on chargebacks. You got to organize your business and you got to be efficient today. Yeah. So, everything, the same thing. We’re trying to be very efficient and we’re trying to provide educational information for business owners.
So, check out if this is your first time listening to the podcast check out some other episodes. Yeah, the other episodes are all available on Spotify. You can check out the website, B2B Vault.info. It has the past 10 or 12 latest episodes that you can take a listen to. So yeah, and there are some forms, to get in touch with us if you need to at the bottom of that page. And don’t forget to go to our social media at B2B Vault and put in a question that you want to answer during the hundredth episode. And you can win.
A couple of swags, some swag items, and some other surprise gifts that never know would be given. You never know, Allen has a bunch of stuff in the office that definitely someone else could find a use for it. Exactly. Yep. I was going to say something crap. We have some stuff. We got some cool stuff that’s sitting around. So, everybody Carpe Diem. Peace Out. Want to book an appointment? Hey, technology. We can show you how to use this in your business too. Text the word “book” to 9 5 4 8 2 7 9 8 1 8 and get a link to set up an appointment.
Oh, I remember now. It’s really easy. Shout out to NPS Printer for sponsoring the podcast. And also, if you are a merchant and you’re looking for, direction or you want, what you need, there’s a button applied now on B2B vault.info. Go ahead and fill that out. Small application out and now will be in touch with you in 24 hours. All right. Carpe Diem, Peace Out. Check out this movie, Maverick!
