Payment Trends October 2022

And in today’s podcast, we’re gonna have a payment trends episode. It’s been a minute since we talked about the payment trends. We were trying to do it monthly, we d changed up the format of the show a little bit. To focus on certain niche topics. And we straight away from the payment trends and now we’re back.

So the payment trends and how consumers want to pay there’s so much change constant in payment processing especially over the past couple. Just new fees, Congress changing laws, bills, trying to get past Dick Durban’s in the news constantly. Alan and I had to tell him to not talk about Dick Durban today.

Hopefully by me bringing him up right now won’t spark a fire under his in anyway. Yeah, man. What’s up with the payment trends? So I decided to look at what are the different payment trends and I was reviewing, some different articles that came out. and they were talking about, and also I wrote a recent article that was all about, alternative payments and how businesses started using alternative payments in in their businesses, in the pandemic.

And then that kind of, people started taking Venmo Cash app, P to P, PayPal, payments Z. And then, the government came in and said, Oh, hold on. We gotta ha you, if you’re gonna do that, you gotta have a business account and then those, and you gotta pay taxes. And then those companies reacted and actually, those services are either as expensive or even more expensive than credit card processing.

So it doesn’t ma it’s not, when you look at the and I also reading recently where PayPal. They came out with a really complicated payment rate matrix, whatever matrix of, what the rates are, and they’ve literally raised up the rates on eCommerce. They raised up the rates on key entering transactions.

.. And sending out invoices. They raised their rates significantly. You talking about PayPal? PayPal, yeah. PayPal was also just in the news for their little, Yeah. PayPal was also in the news where they made this. They made a threat about this $2,500 fine. Then they said no. But then it came out in the news, I think yesterday that they actually shut down a bunch of accounts that were related to free speech and something else that they didn’t like comments that’s terrible made.

And they cut their, One of ’em was called something free speech. Chase tried, is doing the same thing that NY. Chase didn’t like what Kanye West had a say on the Tucker Carlson show. I don’t agree with what everybody says. If you don’t agree with what they say, used to say, I don’t agree with that and express your own opinion.

I don’t agree with Justin’s the person Justin mentioned before , and I tell, I speak out about it, that I don’t agree with him. Okay. Dick Durban, he’s talking about right. Dick Durban, I don’t agree with Dick d I don’t agree with Kanye West either about some of the crap that he’s been saying, but whatever.

Yeah, like he’s just spewing whatever, He’s just bipolar, man. Okay. And he’s saying what’s on his mind and that’s it. Some of it makes sense and some of it doesn’t make. He needs to watch what he says. If his mama would probably slap him in the back of his head for half the stuff that he says on, in, on, in public, And I don’t even, my, my wife always told me, There’s a time and a place for everything.

And your opinion is your opinion. No one cares, right? No one cares what anybody’s opinion is. It’s keep it to yourself. No, but I don’t think that, I don’t think that PayPal or banks and, I’ve heard of other bank Chase shutting other people’s accounts off and PayPal shutting accounts. Now. I don’t think it’s right.

We’re a pay, We’re a payments. , I don’t care what your party affiliation is. I don’t care what you sell. You have a legal business license corporation bank account. We’re gonna help you, period. That’s it. If it’s legal, right? We can do it. And the bank, has to decide.

And we work with a, we work with a lot of different banks because not every bank wants to process everything. The same thing happened. The firearms, all c b, cbd, marijuana. I, a lady contact me the other day about cbd and she’s Oh, I can’t get a bank account. I don’t know. She’s in California.

She’s having a hard time, which doesn’t make sense to me. I told her to go to a credit union. They’re gonna give you a bank account. She’s Oh, there’s not one nearby. And I’m like you gotta do what you gotta do to get banking. Yeah. Or go to online banking and get an online bank.

So there’s a lot of online banks. That’s a growing trend online banking. That’s part of what Congress doesn’t understand because open banking is coming to the United States, whether they like it or not. Innovation is what’s open Banking again, for those open banking is where you’re gonna be able to move money from your bank account to a business is bank account without.

Using the, basically without it passing through the Federal Reserve. So it’s a bank to bank type transfers. Also, you’d be able to go to a ATM machine, even a third party at ATM machine. Let’s say you had cash, you could put it in. And deposit that cash to your bank account. Why does the United States, why are they fighting it?

Why don’t they the government’s not fighting it. They just don’t know what to do about it. Because I find most of the time they don’t know. They don’t call on people like me Okay. Dick Durbin, you want to understand credit card processing. Why don’t you call up five guys who have been in the business for 20 years?

Okay. I had somebody call me the other day that said, We think you’re one of the most knowledgeable people. We’re starting a new project and we want you to be on the board. So I said, Yeah, let’s have a meeting and I’ll come on board. On the board. But I’m just saying, you gotta understand like what is the, what is all, they have to understand how that payments business works.

They don’t get it. They don’t understand how banking works. They, you see what they do. I see these. Hearings, They’re questioning the guy from Chase, but the, the, like the CEO of Chase Bank, he doesn’t know anything about it. He knows no. He’s how to run a business, right? No, but I’m talking about they’re talking to the CEO of Chase Bank or other banks, and they’re asking them questions, asking them specific questions like, Oh, how come you don’t allow ATM operators to open up bank accounts at your bank?

Okay. Do you think that. They know they’re the CEO of the bank. If you want to know what’s going on, go call the ATM operators up. Get someone from the ATM Association and have them come before Congress and testify and read off a list of people who can’t get a bank account. Now I know for a fact that there are banks that bank ATM operators And that, and they know how to monitor the bank account.

Maybe some of these banks find that the people are. Doing it, not operating correctly. There’s just gotta be rules. But open banking and these banks where there’s, not no physical bank. It’s just growing. It grew, I think we talked about it in the podcast in the last three years.

It’s like more than doubled. More than doubled the amount of people using it and doubled the amount of banks. So let’s get into payment trends. So in today’s episode, I went and. Looked up a report that was done by Mercer. They collect a lot of data and so they did a report. It’s from 2021, but that’s okay.

And they’re talking about, how we talk. We always talk about with businesses like you, you need to be prepared for how consumer wants to pay. Okay? And so you have two things in person and then online. , And then, and then also, what do you want to deal with? We talked about before, like if you were taking all these apps from these payment apps, then you’re getting all these deposits and they don’t deposit in a batch like credit card.

They deposit one by one. So if 10 people walk in and give you Zelle, then you’re TENZEL deposits and then you three people pay with cash app. You got three cash app deposits. It’s a complete accounting nightmare, but, So they were talking about, what kind of technologies have been emerging in the last, year or two, consumers tapping or waving their card.

19%. I think that’s definitely gone up because I’ve gotten several brand new cards. They all have to tap and pay on it. So I think that’s becoming very popular. You just take your card and go, tap it on the terminal and you’re done. Go to the gas station. How come at some places it makes you sign, and in most places, in other places it doesn’t when you tell signing is basically optional.

So basically visa, all the card brands say, as long as you’re using emv, you don’t need to sign. Now, some businesses want people to sign because maybe they feel like it’s a higher risk. No, I’m not. I’m not saying that. So like when you go to a store, like sometimes it just, you just tap it, it goes straight through.

You don’t have to publish your card like that. You don’t have to put your number in your pin or nothing. Or sign right. But then if you go like to certain gas stations or something, you. . Either it makes you put your pin in or you have to sign. Sometimes they might, they don’t give you an option like credit or debit.

Like you don’t, It’s cuz that’s they might have routing set up on their, like we talked about in our video where we talked about the Durban amendment and we talked about. What are, what capabilities do businesses have? So if you’re a big gas station company, obviously you have capabilities to route some transactions the way you want ’em routed, right?

So I’m okay, because in my brain, this is the way it works. With tap, I wouldn’t, if I’m paying with tap, I shouldn’t have to touch the right, the terminal again. Exactly. So when I have to put my pin in there, it’s frustrating cuz it’s what did I even tap on? I think if I educated that business owner and they’ve actually knew that the tap and pay was cheaper than you putting in the PIN number, I think that they would be shocked.

But it’s actually cheaper because there’s no network fees, and especially when you’re paying, let’s say your card is from a they might route it from, they might route it by different cards, let’s say, cuz you have regulated banks and unregulated, So the regulated banks are banks like Chase, Bank of America, truest, the biggest banks, pnc, blah.

And then the small banks like credit unions, community banks and stuff like that. They’re unre they’re not regulated, so their rates are higher. But still, I would say in general, that most swipe debit is cheaper than pin. But some places prefer pin debit because they don’t think that they’re not gonna get any chargebacks, which you can’t.

So next to impossible to charge back a pin debit because he puts your pin in, unless you reported like your card was stolen, A guy had a gun to my head, made me give him my pin number. Yeah. So tap and pay, that’s just growing and growing. Everybody’s doing tap and pay and the next thing is, paying with your wallet.

So this morning a guy, we’ll talk about this later, sent me, one day I forgot my wallet at the office. I was out and I was like, Oh, I need gas. And I. I got gas using my phone. Nice. So that was great. But then I had a problem. I was eating at a restaurant. I have my wallet with me and they didn’t take Apple Pay, and I’m like in 2022, you don’t take Apple Pay.

That’s a problem. You need to have an NFC terminal, which stands for NEARFIELD Communication. Nearfield Communication enables everything. Tap and pay, Apple Pay, Google Pay, any kind of wallet, payments, any way that you can get it paid, man. Because especially younger people. They don’t even care.

Most people don’t even carry a wallet. They won’t, They just won’t come back to the restaurant again. Somebody, maybe they’ll have to pull a card outta their wallet. I had to get a friend to pay, then I had to pay the friend back, so at the restaurant, cause I felt bad. I say, Oh, I’m gonna treat, I figured Oh, that’s Apple page 2022.

No Apple Pay . So yeah, wallets are becoming bigger. Someone sent me an invoice today, they sent it to my email and then, I don’t know. I didn’t, I don’t think I hit the button fast enough so I re I closed it, I went back and then it let me pay with Apple Pay, cuz I like to use my Apple Pay card because it gives me cash back.

And it, the way they do, it’s pretty cool. It goes like the next day, it goes into your wallet the cash back and then you can just credit it to your account. Really? Yeah. It’s pretty cool how it works. I didn’t know, and I had a math over a hundred bucks in. And I was like, Where’s my rewards? And I looked around and I was like, Oh.

Then I just put it in there. Then you can spend the rewards. It’s pretty nice. It’s pretty nice. How’d they do it? I like it. And then, Re retailer specific app payments. Okay. This is interesting. So I’ve noticed like Publix came out with an app, you can put your credit card in there, in the app, and then you can pay with the app at the Oh yeah.

That way. Yeah. Publix, I think that’s a bit, while that’s really convenient for like maybe somebody ordering at home and then paying like that. And their card save. That’s cool, but now you’re paying non card present. You’re paying it’s. It’s not scanning it to the, it’s not scanning.

I don’t know. It’s like an eCommerce transaction, right? I think it’s an eCommerce transaction. Even though you’re like at the store. I don’t know if it’s going into the credit, into the pos. I don’t know how they did that, but That’s interesting. It would be interesting to find out. I have to research that.

Yeah, like I, I want, I asked the people at Publix, even the manager, he said he wasn’t sure, but I think I’m gonna put my card in there. Cause if your phone, if your. The, the way my mind works is that if your phone, so your device is connected to an app which would be wifi enabled, it’s gonna charge, that app is gonna charge your.

It’s not card present. Yeah. So now you’re paying a higher rate. I don’t know why Publix doesn’t want to do that. You would think, Hey, we want to reduce our, for people like you, people who are running, they’re jogging, they don’t carry their wallet. It makes sense because, they have Apple Pay, so it’s fine.

You can just wave your phone on the machine there. What would be the point? What’s the, I’m not sure. I think it’s for the shopping, like a lot. I noticed that grocery pickup maybe? Yeah, for the grocery pickup. But then why would you have to pay at the, No, they also, you can pay through the app when you’re leaving the store too.

I don’t know. I don’t, I didn’t really get it. That is really weird. So it said I have to reach out to the tech guys of this one. I didn’t understand 14% of consumers began using chip cards since the start of the pandemic. No, that’s been since 2015. So I don’t know where that data came from. 13% of consumers started using a wearable, so like their watch.

Now I’m not a watch person because I used to be a. And you can’t wear a watch. You can’t wear rings. Cuz you’ll just you’ll kill yourself. You’ll forget, kill, forget that. You could just, it could get heated up and melt onto your skin. Oh yeah. So a lot of different stuff. So a lot of this, it’s a very dangerous feeding somebody a Rolex.

So be cool. So I guess I got used to not wearing a watch, or wearing, wearing, I’m a watch guy, but I’m not gonna put the apple on. No, I don’t wanna be looking at, I don. A friend of mine said this really cool line in a rap of ball poem what time is of, in essence.

But the clock does not concern me. Yeah. Like time is so like you, your time is very important, right? But the clock’s staring at a clock. For me is what always was like, Okay, it’s good to know what time it is, but I’m not restrained by this clock. The 24 hours in a day thing. Yeah. I got a Fitbit one time and it was sending all the me my text messages and all that.

No man, I was, I took too distracting. Yeah, it’s too distracting. The things going. Zip zip. Yeah. My wife been asking me to buy her a Apple watch for years. No way. I don’t want, say it’s not for me. When we’re home together, sometimes you’re staring in your phone for. I don’t, Yeah. And I, you know what’s cool’s on the Apple phone now that at the end of the week it’ll tell you like how much screen time you spent.

And I like it when I look at it and it says, Oh, your screen time went down. I’m like, Okay, cool. Cause I don’t wanna be on the phone. We’re monitoring the just side note if adults are monitoring their screen time, and if you have small children, monitor your children’s screen time. Yeah. Steve Jobs didn’t give his kids.

Apples or I iPads, phones, none of that. So just that’s it. Worded to know. Hello everyone. We like to take this time to thank our sponsors Nationwide Payment Systems and NPS Printer. We’d also like to shout out the listeners and everyone that subscribed to our YouTube channel. Thank you for tuning in. If you’d like to reach Alan or.

Head over to B2B vault.info where you’ll find two forms, one to contact us and another if you’re interested in becoming a sponsor. If you’d like to sign up for a merchant account, click the Apply Now button located at the top of the page of B2B vault.info where you’ll answer a few questions and you’ll be on your way to processing payments in No.

The podcast is available on Spotify, iTunes, Pandora, and other popular streaming networks. Thanks again for listening. It’s definitely taken over everywhere. Yeah. And then it talks about that the QR code made a comeback. We started using QR codes probably like 10 years ago when we started making apps.

And you could scan a QR code and download an app. I can, I. And it wasn’t popular. But then all of a sudden I started getting phone calls from people that remembered that I knew how to do stuff with QR codes. They’re like, Oh, we’ll pay you if you can make a QR code for our website. I was like, I feel really, I told them, I said, Why are you calling me for that?

You know you can make that for free. Because I felt bad It was the pandemic, right? Yeah. And there’s a bunch of restaurants calling me on the phone and they remembered that I did that. With the QR code. I was the QR go. The QR code was like state of the art technology. When it came out?

Yeah. Man. When you were able to like, Go to the store and scan a QR code and get something for free. Yeah, because you had that technology, right? That was the talk of the town. But then it faded away. I super phased out. I got so annoyed with QR codes. Yeah. Can you, We need a QR code here and a QR code here.

No, Then it made a comeback and it’s great. Like you go to a restaurant, you wanna look at the menu. You don’t want to touch the covid. They figured out the, a good, a better use case. Better uses, right? Better use case. It can link to a payment. They can print a qr, a unique QR code on the receipt.

You get the receipt, you scan. You pay with your Apple Pay or your Google Pay or whatever you have, or you key enter your credit card or you got it saved in your Chrome browser, whatever you got You can make payments with it. It’s pretty, pretty cool. People know what to do with it now and also, One of the things the phone companies fixed is you don’t need a QR code, An app.

Yeah. You could just use your phone. Such So they fix the, they fixed the, That was the smartest thing they ever did was fix the phone to scan ther. I’ll never, I had one of those, and I’m a tech guy, right? Yeah. So I had one of those, Dude, I’m sitting there Man, when this is, when QR codes first came up,

Nothing’s happening. Nothing’s happen. My guy comes up to me and he is like, Yeah, man, what you, what are you doing? I’m like, Man, I’m trying to scan a QR code with my phone and nothing’s happening. He’s You got the app? And I just looked at him like, What? Yeah, you needed an app. I needed, You needed an nap.

This is a long time ago. And that was also weird. Like I would go to conventions and they would put QR codes on people’s convent. Thing cuz they wanted to be cheap. And then you had download a QR code app and you would scan it and then you would get their contact information. That was cool.

That was all right. I think that’s, But it was difficult to deal with cuz then you had the leads in your phone and this app and then, I don’t know, It was okay. Yeah, that’s a lot to deal with. So let’s talk about some other cool trends that are going on. One trend like, so this morning I’m watching the news and it was on ABC News, It’s been on some other channels.

They’re talking about the buy now, pay later and buy now. Pay later has been in the news with Congress trying to figure out how to regulate these companies. In fact, they called a bunch of them before Congress. Yeah. And some of these companies now started keeping tabs on people, putting people on their blacklist.

Checking people’s credit, which they weren’t doing before. Really. Some one of them recently just went outta business. That was doing some B2B stuff. They went out and another company went out. But other companies are coming into the market. Maybe they’re gonna figure out a better way to.

A better way to do it. It’s definitely like a lot of companies are putting it on there, like especially Shopify merchants, right? And other merchants who are on other platforms, they’re starting to add that onto the platform as a checkout option, and people need to be careful with that from a consumer standpoint is it interest free or not?

How often do you have to make the payment? Is it once a month, Every two weeks? Yeah. Is there a longer period of time? How long do you wanna make it for? Do you really need to do that? Is the total for, did they change the price of the item? Cause I was gonna buy some the other day. It was 80 bucks a month, but they charged you four months at a.

Yeah, some of them reserve it on your credit card, so I was like, Wait a minute. They reserve it. So today it’s not 80, it’s 320, right? Yeah. But you’re not gonna, they’re not gonna put it on your card. They’re just reserving the amount. On on. So you can’t spend it on your credit cards, like they’re reducing your spend.

Some of them were taking debit cards, They stopped doing that cuz people turned off their debit card and they didn’t get their payments cuz they collected automatically. So there’s a lot of different stuff going on with that. And a lot of those companies, I mean we talked about after pay and another company posted some multimillion dollar losses.

We’ll see how that’s gonna play out. If a ton of people with the way inflation is, if a ton of people start using this during, wife had a question for you. Yes. So my wife has this really bad habit of I wouldn’t say a bad habit, right? Like she’s hyper focused on her checking account, and making sure that charges go through. She can’t understand why it takes certain companies longer to process the payment out of her. So like when you see your available balance, right? Yeah. It says whatever, three 20. And you know that there’s, it says pending is 80. In my, I can, I know, right?

Okay, I gotta have $240 less. For whatever reason, she can’t get past that. Why does it take so long for the, Because what happens is when you go into a business and you have your debit card, or you use credit, Or you paid instead of, and you, instead of click and debit, you click credit.

Doesn’t matter whether you click debit or credit. Okay. Doesn’t matter. When they do the transaction, it’s basically authorized. , then they have to batch out. The business does. When the business batches out, then the charge goes through, but the money is held. , so they’re holding it with that pending.

So a lot of times, especially if you’re shopping like on a Thursday night or a Friday , or Saturday or Sunday, you’re just gonna see a whole mess of pending. Oh yeah. I’m used every weekend like, yeah, you’re just gonna see pending in your bank account, especially if you pay a bill on a Friday.

That’s why I always tell her, Never pay your bills on Friday, because they’re not gonna. That, they credit you if it’s due, but it was just saying it’s gonna be pending right in your account. Yeah. You pay your bill on Friday, whatever, but the money’s right, it’s didn’t leave yet because they gotta batch out.

The credit card processor has to batch it. Some credit card processors batch on Saturday, like we use one they batch on Saturday. , which is really good. That means they send a file over to the. So that’s really good for merchants cuz then they get Friday and Saturday in their bank account on Monday instead of Tuesday.

So That’s good to know. When you’re shopping around for credit card processors or if your credit card processor, it does daily settlements. How much does that cost though? No, it’s usually free. It’s just how they operate. Oh. Some don’t operate that way because they just don’t, They want to hold onto the money cuz they make interest.

So like every other bank, right? So by now, pay later. This could be the holiday. This holiday season could make or break that whole business because if they post a whole bunch of losses, I don’t know what’s gonna happen. Some of the, Yeah, it’s been, they’ve been almost talking about that. Almost every day and also lay home on the, And the government is going crazy trying to figure out how to regulate these people because now some of them started checking your credit.

. So now you get a ding on your credit when you apply for a apply. When they would’ve had to have signed. Cuz some of the buy now pay laters given people like 12 months. For big purchases. Oh, like Synchrony and those other ones? No, that’s been around, That’s consumer financing, but true.

Some of the like after pay or one of them then you pay up to 1200. Yeah, 12 months. Oh, I guess you’re right. Because Klarna was right, because, And Amazon just started doing it too, right? Yep. Amazon, Shopify put it in there. Platform. Buy now, pay later. So it’s growing. It’s not gonna go away. I want one. I want one of those.

Roll machine. What Rowing machine? What? The Peloton Rowing Machine. Not the Peloton. Oh, the one that you remember, the one that Chuck off the cards? No, I don’t know. Chuck Norris. That is rowing machine with the water in there. Yeah. I don’t know. Oh, yeah, , you need to get, he get consumer financing for that.

Another big trend is the ability to send text messages to your customer like a text message. To your customer and get paid through a text message. We’ve been offering that for years now. We have a lot of tow companies that use it all different companies as a, Even as a tip feature in it.

Yeah, you were talking, which works real the other day, which works really great. And service businesses, we also have, in electronic invoicing, so we had a couple of people signed up for our new electronic invoicing product, which is awesome on nationwide payment systems.com. Go to the solution finders, choose service business can sign up for that.

So when they send the invoice out, the customer gets the invoice and pays, then they can go into the message center and say, Oh, thank you for paying. . And then they can also put a link in there to get a review. , and then they can also communicate with the customer back and forth, Oh, did you have any additional questions?

Blah, blah, blah, blah, blah. So it’s a really awesome product to use for two-way communication. , , like for, let’s say you’re a plumbing company, air conditioning company, got an air conditioning guy. He fixed my air conditioner. I said, Oh, do I need to be home? No. Would I need to fix his outside?

He fixed everything. He texted me, It’s all fixed. Sent me the invoice. I clicked it paid with Apple Pay. Boom, done. Nice. Saved two, and I got 2% cash back, which is awesome. That’s the whole thing. So like for service companies or companies who use invoicing, here’s three reasons why you should switch to this.

Number one, convenience. It’s very convenient. So you can send your customer an invoice. They can see the details. There’s a link in there, they can pay it. And here’s the Be I always rate products by. Works for the business and the consumer likes it because if it works for the business and the consumer doesn’t like it, it’s not gonna be, not gonna be great.

Not a great product. So that’s a great product cuz consumers like that, they don’t have to give you the credit card number over the phone and feel like, Oh, somebody’s got my credit card number fast. It’s fast. Cuz you can send the invoice, Let’s say you’re busy all day, then you can send the invoices out at night when you get.

Or you send them as you go during the day, and then when the person, they finish the job and then when the person is free, they can click on it and make their payment because not everybody’s sitting there staring at their phone or has time to call you up and give you the credit card number over the phone.

And then from the personal personalization level customer now is a record, right? They have the invoice, they have the record of what they bought and that they paid, and that makes it really cool. And you have that conversational messaging, right? Platform within our platform. So I always rate everything by good for the business, good for the consumer.

So let’s talk about the ones that we talked about earlier and then we’ll end the podcast on a good note. So tap the, It should be. It’s good for the business cuz now you don’t have to hand the card. It takes away a whole step in doing a transaction. Good for the business. What about pretty consumer?

You’re the consumer. Yeah. Being able to use your Apple Pay wallet at the business. I say it’s great for the business again. Less handling, faster transaction. Good for the consumer. Okay. Payment retailer specific payment apps. I don’t get it. I don’t think it’s so good. , I think it’s good for, I think it’s good if it, you have payments incorporated into your online ordering.

But I don’t think payment specific, I’m not gonna put 10 store apps in my phone I guess if you’re loyal as No, but I’m just saying I’m only shopping at Publix forever and No, but I’m saying you’re not gonna put 10 of those in your phone. I’m putting, I don’t think it’s a winner for businesses or consumers.

That’s chip cards. That’s a winner except for a couple. One, the card brands need to stop letting people who do chip transactions do chargebacks, and that Dick Durbin should address that instead of the bull crap he’s addressing. And number two, they need to stop with, They need to come up with a solution.

Pay at the table is the solution for tipping. Oh, tipping tip at the time of the sale. We just did a whole podcast about that. But that need, they need to just make a hard and fast rule. So restaurants and all these places that take tips, know that they have to do that, and don’t be so wishy washy with the rule.

Just make a rule and say, No, you need to do it this way. Not we recommend. To say that’s. You’re done, you’re gonna have tips. Over 20%, you’re gonna lose the money or switch. I think businesses need to just upgrade their technology and. Hey, stop. Find a company that if the company you’re with is not helping you get the right technology, you need a different company.

Absolutely. . That’s it. We have terminals. You can take it to the table. They can pay or just switch to pay at the counter. A lot. I’ve seen a lot of businesses do that. Like they don’t wanna pay for all those pay at the table machines. So what do they, We have one restaurant that did that, and they switched to pay at the counter.

. So now you just, they give you the bill, you go to the counter, the girl opens up the check boom. Then they have the tablet there, You put in your tip and you walk out. That’s a little old school, but it’s. Tried and true. It’s tried true and efficient. Yeah. You have an extra, maybe extra employee.

So what you have the hostess do it, You figure you figure it out. You gotta figure it out, right? You figure it out. It’s either pay at the table or pay on the way out. Figure it out, get it done. Stop suffering with the over percentage tip thing. Chip cards good, but Visa, MasterCard, amax, Discover.

You guys need. Stop with the chargebacks on those transactions. The person stuck their chip in there and they did a tap in pay. They did this, they did that. They used their Apple wallet. No they need to pay and there’s no chargebacks. Sorry you guys made the rules saying there would be no more chargebacks with chips, but that’s not what’s going on right now.

You guys are playing games. That’s why if Dick Durban called me, I’d tell him like, These are things you need to address, not what you’re addressing. Now. QR code, I this say 50 50 ? Yes. The utility, they’re starting to figure out the utility of it, right? Yeah. It’s like an NF. Is and ifts were so early and no one knows what they’re doing with them now, but now they’re like, C QR code, we can do this. We could send them here, we could get, we can make a no, I think invoice, it’s good. You just need to be careful cause you don’t want scan a random QR code, you’re not sure who it’s from, and then all of a sudden you have some you have some kind of virus on your phone or something like that.

Especially if you got an Android phone. Never put. Debit or credit card information into something you don’t, Right? You don’t know. Uncertain. I get so many scam text messages. Oh, go to this website, log in now. Your debit card is at risk, or no, I got one this morning. I said yeah, claim you’re a hundred dollars.

Home Depot card . I’m like, Dude, first of all, why is this? Happy for me or something. Dot com. Get outta here. No thanks. Yeah, gotta be careful with scams. We’ve done a bunch of podcasts about fraud and how to protect your personal and business credit from fraud. Text messaging and email fishing. I would say like now text message fishing is overtaking, is number one.

Email fishing. You gotta be really careful with text messages. They’re getting smart because they fake Z Cause the numbers are like local. They’re like, they. Find your phone number and then they use a local phone number with the same area code, or they use an 800 number and very, they’re, they’ve gotten slick.

Hey, how have you been? Where have you been? I haven’t seen you in a while. Oh, your Zelle is blocked. Log in now. Yeah, I can, This money I’ve been trying to pay you. Yeah. Or I paid you. Oh, I sent you money on I saw a bunch on Facebook. Oh, I sent you money through Facebook by, Send me my money back.

No. People are getting don’t do that. People are getting, do not fall for fraud payment trends. Listen, we talked about fraud a bunch of times. We’ve talked about the Dick Durban thing and one of the things I want to cover, not today, but in another podcast, we’ll decide when we’re gonna do it, but it’s gonna be more consumer based about not just why Dick Durban’s thing is bad.

Bad for businesses. We’re gonna discuss why it’s bad for consumers, cuz people really need to know what’s going on. I don’t think they know what’s going on and I’m trying to inform people. So if you like the podcast, share the podcast episode. Tell your friends about it. I think we give great information for businesses and we give a great outlook.

We talk about it from the merchant service side, from the merchant side. We talk about what’s good for the business, what’s good for consumer. We cover it all. . So thank you for listening to B Vault piece out. As we always say, Carpe diem. Seized the day.