12 Payment Processing Facts Small Businesses Should Know

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 this. Payments FinTech, de-centralized finance and the technology businesses use in today’s world. And in today’s podcast, we’ll be talking about 12 payment processing facts, small businesses. It shouldn’t be. There is more than that, so we started with 12, and within those 12, there’s some bullet points that go along within those 12 pointers, you can say, yeah. These are the things that people want to know when they’re getting ready to start a business.

They’re going to get their business start. And, what do they need? How does it work? The basic things that people always ask us the top questions. Here you go, man. You got it. So what do people always say, ask let’s say Justin’s opening up a business for the first time. What do I need to have ready? What do you gotta have. Your legal name set up. However, you’re going to do that. If you formed a corporation, a single member, LLC, a fictitious name or refer to as a sole proprietor. So we make sure you have that set off. You have to have a bank account that matches that should have a federal tax ID number.

I tell everybody need a federal tax ID, even if you’re a sole proprietor or single-member, LLC should have a federal tax ID number that actually helps save people during the pandemic, people who didn’t have federal tax ID numbers, and couldn’t prove that they really were operating a business. Couldn’t collect on and that was sad to see that happen. Not good. You’re going to need some times to present a business license, corporate papers, business license, especially let’s say it’s a doctor related business. They want to see the doctor’s license, or med spa. They want to see that there’s either a doctor or a medical profession, medical assist.

Physician’s assistant overseeing the business. And if real quick, like in between counties, like down here in south Florida, you have to get a license to operate within those counties too. You gotta be. Yeah. So you gotta make sure you have all your business licenses in place. Corporate papers. One thing people sometimes forget to do is every year, usually I have to file an annual report. Yeah. So it makes sure, January, you just go on the website, do not use these outside companies who try to charge. Yeah. They’ll over. Don’t charge you like double, triple. What the real cost is.

And that’s not too good. You don’t like that. Rocky, no double charging. So you just go to the state website, file your paperwork. If you have to make any changes to your address, take someone off the corporation. As somebody can do it all with the annual report. So that’s really important. People always ask me. The bit, we want to know what kind of business side you have, what your average sale was going to be. The high sale, monthly volume. I tell people, oh, don’t just say, oh, I’m going to do a million a month because they’re going to want to know, they’re going to want to see what you have to support that they make statements, marketing plans and things like that.

So you have to be realistic, as to how you’re going to start. Cause the underwriters will say how are they going to pull that? I didn’t know that the first time someone told me, oh, we’re going to do 1 million. I sat there. Then they started laughing at me. They’re like, okay, how’s the guy going to do that too. They have a marketing plan. And I learned don’t set your sights. Not, they don’t want to know that. Maybe you plan like a year and then in a year or two years, you’re going to be doing a million a month, or maybe you’re going to get okay. To put that in your business plan. You gotta be realistic and be you’re applying.

Yeah. Be truthful, be honest. When you put those, when you exaggerate numbers on anything, right? Yeah, it sounds like it’s better, but you’re playing it yourself because if you don’t have the proof to back it, and then you go and you’d say, they’re like, what happened? Exactly? You’re like, don’t set yourself up for failure, right? If you’re doing it that hundred thousand bucks over. Or whatever. That’s good, right? Yeah. With that, don’t say that you’re doing a million and you’re not. Cause yeah. Cause we want to get you approved. That’s the whole thing for what you’re going to do.

Listen, we just signed up a guy they were doing about 50 grand. Going along for about seven, eight months, the guy calls me up. He’s listen, we’re going to have a huge amount of sales. We signed, they make those cornhole bags. I still think it’s funny, like that shattered on the TV. People frown those bags. I don’t get it, but that would be corn hole. So they make the bags. So they got some guy who’s like the cornhole. Winner of the national, whatever the champion of Cornell promoting their bags. Oh, nice. So they said, oh, we’re releasing this special bag. We expect to do a tremendous amount of sales and the guy wasn’t kidding.

They did over a hundred grand in three days. Nice people want, that’s what happens. You just tell us, we let the bank, now the bank knows, Hey, they’re going to, the proof send them. Have we told them why the guy’s going to do it. So they knew we had another merchant. So before you go in, what would that, what does that benefit the merchant or what does that say? The merchant doesn’t notify the. The bank will say, Hey words, all these sales coming from that, this activity that wasn’t happening. So that might hold the sales. You went over your monthly volume, your sales get held this way. They know it’s coming. So if you tell them they just, it’s just giving them a heads up.

It’s not really. Yeah. You’re giving them a heads up. They know it’s coming. They know the who it’s like super weekend and you’re like, Hey there, we’re selling. Vintage helmets or whatever, right? Like super bowl. Oh my best restaurant. We’re going to be packed for Superbowl. The bar’s going to be packed. We just let the, we let the bank know in any case, like we have, we serve as ATM’s right. So a bar they’re going to be slammed for the soup. So we let them know oh, this place is going to be slammed or having a super bowl party, make sure there’s enough money in the ATM and the bank’s prepared.

They know the numbers are going to go up from that. But special value, like some years ago we had a client, they were on shark. They didn’t get it. They didn’t get a deal, but they did a crazy amount of sales. Nice. After that they literally did like their website, like that it cut the website off. Cause they didn’t have that. They didn’t have enough product. So it was, that’s a good thing. Yeah. So they told people, sorry, thought backorder. But they literally sold out all their inventory and two days so that it take, that post on the website, waiting. So people actually put in orders that were going to be good.

So another thing to think about is, or to ask is will they pull my credit, right? Yeah. So they do a soft poll and they check their listen. They got to do, and they’re doing identity verification too, to make sure you’re not on the OFAC list. The what’s the OFAC list. People pay off lists. Yeah. Oops. I, oops. I got it again. I made a booboo there. You’re on the list for funding, terrorism, myself, shout out to Britney Spears. If you know someone’s on the list, I funded some terrorism they’re to, there was Brittany Spears, right? Got confirmed. Confirmed. Hi, Samantha. She know? Yeah. So they checked to make sure we can’t have sign somebody up.

Who’s been involved, been involved in a financial crime or anything. That’s going to show up on your credit, financial crime, anything about whatever. Let’s see. We had a guy that one time deposit out. You want me to tell the story and all we want to tell the story. You’ll just ask him what’s the financial crime. Yeah. It’s financial fraud, maybe. There’s court cases out there or something involving financial fraud. Let’s say you charge the whole book. They’re not going to go for it. Also, they check the match list or the TMF list, which are people who’ve been shut off by the credit card. Terminated merchant file.

Whoa, that sounds terrible. Yeah, you don’t want to be on that list. Not want to be in a max. You can’t get a merchant account for five to seven years. Listen, some people are on it because they actually did something bad and some people are on it for the wrong reasons. All right. And they’re on there for the wrong reasons with a hotel get put on there and during the pandemic they were closed and. They didn’t have very much money in their bank account and that some chargebacks roll through and it turned out that they actually had already refunded the customer, but they didn’t open the mail. They weren’t paying attention during the panic. And the bank said, Hey, you owe us 8,000. So when they went to reopen the hotel, the bank said, no, you owe 8,000.

I had to do a lot of research with the client, go through their bank and bank accounts, this and that. They found the, where they gave, had already given the person the money back this and that there was a few other charge backs that they didn’t pay because there’s no money in their bank account. So they paid the money and they got off the list, but it was a misunderstanding, something else. Always consider to think about is what kind of business do you have, right? Yeah. You got to know what is your business? Yeah. What is it? Google finds that. So you can’t say that you’re us, you can’t say you’re a smoke shop and you’re selling marijuana for that. People try to do that before idiots. Then we look it up.

We’re like dude, it’s a marijuana shop there. It gets legal. And I’m like, okay, that doesn’t work. So that doesn’t work for us. What types of businesses are we talking about here? What is, what do we mean? What kind of business do you want? Oh, what type of business? So you, a retail store there, your own commerce business. Are you going to be a service business? Yeah. All of those things are going to affect your rate, even, do you fit into any of the emerging markets? We recently had a guy and they were selling like classes. So I explained to them what’s the mean. We’re going to glasses or glasses classes like courses.

So we don’t mode that it’s educational, so you can get the special emerging market educational rates. So you save money on your interchain same thing, are you a not-for-profit, are you a doctor’s office? And you can be classified under healthcare for special rates from the credit card companies. So it’s important to know. So all healthcare companies. Yeah, all healthcare. If they’re coded correctly, many times coded correctly, many times, like I’ll go visit a March and there’ll be like there with their bank. Oh, I’m with my bank. Okay. Then I look at their statements and I go there’s one thing.

You’re getting the wrong interchange as they set them up under retail. And then it gives them the healthcare interchange or their insurance company. Why would someone, why would a merchant with somebody do that on purpose? Because they’ll get more they don’t, they’re not getting any more residual at the guy who hooked him up. He’s not getting any more residual because we don’t make money from interchange. That’s right. So why, that’s why we try to. Do what I call interchange busting, making sure you have the correct SIC code for your business. So you get the best interchange rates. If you’re a hotel, I’ve signed up hotels before, and they’re on retail interchange, secrets.com and you can get us started, learn all the tips and tricks from this guy right here.

Yeah. You have, it’s important to make sure you’re coded correctly. Yes. And. Another thing. This is something that blows my mind that, a lot of people don’t think about or even consider is how will you be accepting payments, yeah. People need to understand, like, how are you going to do it now? It’s split. We call it Omni commerce. I’m the commoner sounds scary. So you can do everything. We did. We basically did a podcast on payments as a service and that we did that to show people. Everything that you want to do, and you don’t need to have multiple merchant accounts for that. So you can take in-person payments over the phone payments, website, payments, integrate to your software, or you’re using a point of sale system.

All that can be rolled up into one merchant account, if need be, it’s important to know like how you’re going to do it, because if you’re going to take orders over the phone, how are you going to. What kind of software are you going to use? Are you going to use the CRM system? That’s why we talk a lot about integrations. We have over 500 integrations that we can help people with. People we have companies come to us all the time. Oh, I’m using Salesforce and they need to integrate payments or they’re using a funnel and they need to integrate with. Gateway into the funnel or into the website.

So you Def, so we look it up, we go see what the integration is, and then we make sure to match them up with the right technology so that the correct technology for their business it’s the most important thing is technology today, is important so that you have the right product to do what you need to do. Let’s say you have. We were listening to a guy at a ambulance for pets at an immediate. Cool. Yeah. He helps. Maybe you can’t get your dog 9 1, 1 or something like that. I have to look it up. It was interesting, but yet he’s just getting started. I don’t even know. I think it’s open on a very small level.

Yeah. So let’s say you had a big dog and you can’t get the dog to the vet. You call this guy. He comes over with his special pet ambulance and. JC to the animal hospital. I thought that was amazing. I’ve never heard that before. Yeah. And then another, yeah, I guess there’s a deed for that. Let’s say you have the big dog. Yeah. The business model. That’s a, I don’t know how many people are going to be using that but I’m sure that it’s a viable business. , these wealthier people have, these little dogs, pooping and P and O they don’t want to put them inside the maybe.

But you want to put it back and now you got poop poopy in your may back, man, that doesn’t sound like fun. Cleaning poop out of leather is not cool. I bet I’m just saying or you have somebody with a big dog and they can’t pick the dog up and then there’s that right. Was an interesting thing. So how are you going to take it? No, but how are you going to take the credit card for that? So you got to think about it. Oh, so you need a portable reader. Come up, show up at the person’s house. They’re upset, but you still want to get paid. Sorry, but I still need the money. You need a portable reader hooked up to your phone booth, take the car to be done.

Or maybe you send them a text message before you even go out there and they make the payment. And they click and pay with a little bit. Yeah, you got to think about these things. How are you going to operate your business? Because somebody performs a service. They want to get paid for it. So you got to. You got to figure that out or am I going to send an invoice to somebody, wait for a check that can take forever. Sometimes you have to do that because it’s a big customer that they wait to get their stuff too. But if someone wants something right away, they’re going to pay with a credit card and you gotta be ready of how you’re going to make those payments.

So now that you’re accepting payments, you got to understand, are you going to be. To processing fees in these terms, right? So yes, you have to sign an agreement and do electronic signature. We get everything and get, we get all your information so that it’s all ready to go, going over to the bank. And that way we know that you have. The best chance to get approved. Got it. Barring some nightmare we don’t know about, and then, like always tell people, understand like what are the rates and fees. I was actually coming up with an idea to give people a worksheet and we’re going to figure out how to put that together.

Let people who are watching the podcast get a worksheet. So they say oh, this is how much I make. Yeah. This is how much business I do. This is how much fees I pay. And then how do you figure out what your effective rate is, which is the overall ring and how we can help save them. They can see themselves like it. What we’re talking about all the dive on the podcast, you have to know oh my on cost, plus, do I want to do a surcharge or cash discount program? A flat rate program works for some businesses are their monthly fees, cause then sometimes you have gateways, you have wireless service, you’re using whatever you’re using.

So we want to make sure that’s why you want to talk to the person. If you do business with us. Give you, how long does it take to get approved for something like usually 24 to 48 hours? If it’s a card-present business, if it’s not card present, that just depends. They have to review the website and card-present means you’re physically in the location. Yeah. Got it in hand and face-to-face your card, not present is websites, what websites or texting payments and that, you’re not really going to handle the credit card. It depends on the business. We basically, when we talk to the business, we walk them through like, how are you going to do this?

Because we want to give you the best solution for your business. What’s the best solution for your. And then I’ll equipment leasing, never sign an equipment lease unless it’s something really expensive, like over 20 grand or so, other than that, most places will give you equipment for free, but it’s never free or a monthly fee, so that’s more fair to the merchant and you want to make sure who’s that it’s warrantied and all. Before you go into that, I want to just shout out to all the followers and the listeners out there. Thank you for tuning in. We finally reached a hundred subscribers on YouTube bang that like button hit subscribe to it for us, man, as many times as possible to get the word out, share to your friends.

If other business owners out there, get the podcast, send them the link, we’re trying to grow. Get people to know more about payment processing, the technology involved in just running a business in general. You can catch us on the podcast on Google Podcasts, iHeart radio app, apple podcast, Stitcher, Spotify, Amazon music. Everywhere. Where are there just Google B2B vault. You’ll find a podcast. No problem. She can check out our community page, the B2B vault community. I’ll post the link to them in the podcast description. When we post that online shout out to the payment advisory board. They don’t forget.

We’re going to put a link in all and the podcast episode. So we’re giving everybody, if you’re a listener, you want to get a 15 minute free consultation with us. There’s going to be a link there. You’re going to click meet with us on to remember what does it say? A bullet call, book, a call. So you’ll say click and book a call and you can book a 15 minute, no charge free console. Pretty simple stuff, right? Any special announcements that we have going on? Not yet. We just want everybody that joined the B2B vol community page on Facebook and watch out for our new small business shout-out program. Please subscribe to the YouTube channel. Don’t make me ask you again. So next, we’re going to talk about PCI compliance.

What is PCI compliance? It’s the payment security standards for. All people. I don’t agree with this. This is a kind of a thing that I don’t especially agree with these PCI compliance fees, but you need to take, you need, every merchant is required by visa, MasterCard, American express, discover to complete what’s called the SAQ self-assessment questionnaire. For a PCI compliance, it takes 10 or 15 minutes to fill the whole thing out, which is nothing you don’t want to get charged at non-compliance fee, many banks. In fact, most everybody charges a noncompliance fee because they want you to fill this thing out. You’re, there’s always an 800 number with it. If you see on your state, That’s one of the things I want to put on our little checklist.

Junk fees. Non-compliance, that’s a junk fee. That’s where you need to call your credit. Either you need to get away from that credit card processor, or you need to call them on the phone and say, Hey, how do I get compliant? Send me the link when you get the link you log in. If you’re not sure how to answer the questions, you call the phone number, they walk you through it. Boom. You’re done. That’s it. It’s over PCI compliance and you do it every year. I don’t agree with it. I think it’s, I think it’s a little bit silly. One thing it does do, though it does make merchants aware of security concerns that they should be concerned with security. You don’t want people do it’s much harder now with EMV, but I could tell you 20 years in this business, we’ve had, I remember once we had a bar and the people that work the bar, one of the bars.

Decided that they wanted to make some extra money. So they kept had their cell phones on them, and they were taking the pictures of front and back of credit cards all night. We’ve got trades back to the bar. Then it got the bar owners had cameras in there that got traced to one bar. Then the FBI watched the cameras, the cats, what they were doing. And they were selling the credit card. They were taking pictures and some guy was following these. They had these employees under surveillance and they got it bad. Sounds terrible. Yeah. So that’s why it’s important. PCI compliance to make sure, you have compliance that you understand what it is.

It’s a little daunting, some of the questions, like if you have a point of sale system, but now everything. Pretty much out of scope of PCI. So it’s very simple. The answer to the question, a few years ago it was like 500 questions. If you had a computer system in your restaurant, it was crazy. So then they started with what’s called semi integration where the credit card machine is actually doing everything. And it’s only sending limited information to the point of sale. So it makes it much simpler for merchants to be PCI compliant. Nice. One other thing, another thing that we always have, the thing was like, what is your business going to do for customer support, right?

Like what’s going to happen. Yeah. The fact that a phone call today, Client, we send them a credit card machine. He’s I don’t know how to work. It I’m like where I said, where’s your sales rep, the sales rep, nowhere to be found. Call the sales rep, texted him nothing called the client up back. I said, listen, call the 800 number with 800 number call the guff, got the machine up and running. There you go. So you got, you need to make sure, like when you unpack your box, you get the 24 hour help desk number, your merchant number or your V number, your terminal ID number, whatever they go by, make sure you get set up with online access, have access to your gate. If you’re using a gateway or whatever kind of service thing you’re using, like swipe simple or authorized.net.

And am I, if you’re using one of those things, make sure you have all the information to get in there. So you can monitor your sales and monitor your transactions and all that. But the border, of course, if you’re a business owner, you’re going to wonder how long does it take to get your money or how long does it take for you to get through? The sales deposit into your bank, right? So usually it’s 24 to 48 hours. We do offer next day funding. As some companies, I’ve seen people, we were talking about this one day, a long time ago, about instant funding. And that, somebody had shown me a statement a couple of weeks ago and they were getting.

Funded the same day. I said you pay like a 6% for merchant services. The guy literally I, I knew that he was drinking like a cup of coffee or water because I know whites and he goes, what he goes what are you talking about? And I go, yeah, look at your bill. Like you have a lot of charges on there and you’re paying a bit extra for. Daley to get this money in your bank and here. And do you need that money that fast? It was costing him an extra, like almost 2% on every day. Every day. Yeah. One to 2%. I’ve seen it. I’ve seen companies offer it because they’ll tell us they offer it. And I’m like, I’m not offering that to anybody. Listen.

Cashflow is one thing, but that’s over the top cash. Yeah. And again, if you need the money, but I don’t know. Maybe if for a business to starting, that kind of makes sense or maybe a collaboration between two businesses to, I don’t, I would never use, you got to have some cash for your business. No things you’re, depending on that money day. You’re not going to stay ahead. Cause you got, yeah, I was going to say like you shouldn’t, it sounds like you shouldn’t, you’re not really ready to be operating a business that listen, people need to have money in the bank when they’re getting set up, especially non card present business, the banks ask now for bank statements, I want to see personal and business bank statements and they want to make sure that businesses is a liquid.

That they’re good to go. So what types of payments can we use? That’s another question you got to ask yourself, what types of most people take? Obviously cash is still king credit cards. Some people will say, oh, I want to take debit. Now there are two kinds of debt. We call online debit and offline debit. Offline is just when you’re taking. Debit card that you have, that you use all the time and you just run it through the machine. You hit cancel, you don’t put in your pin code. It goes through like a credit card, but it still goes on your debit Pitt. Penn debit or online debit is when you put in your secure for security digits, or especially you doing that, like at the grocery store, cause you want to get cash back or whatever, and then another thing is people will ask about ACH tech ability to take ACH.

And that’s important if you’re in, if you’re doing business. So that companies can pay you with a check, right? And it’s an electronic check. You send your business, you set up a payment for it, all customers go to a link on your website and they pay their bill. That a lot of people now are asking about like alternative payments and there’s a lot of alternative payments and there’s some new services coming into the market. And we’re looking at a couple of them. We’re going to vet them map, test them, see how they work, but cryptocurrency. This is a viable thing, especially if you’re in a business with a high ticket item, a buy now pay later, letting people make three or four payments. There are companies that do services only, and there are companies that do physical goods.

I actually saw in the news where one of the companies I think is after pay or one of them is actually coming out with their own credit card. So people who are using that service now can get that credit. Florida did that too. Yeah. There’s a few of them. They’re all getting a credit card and then. By having that credit card, you’re paying a specific amount of interest, an interesting little take, but you’re going to have to make everything in four payments. So it’s not going to be exactly like a credit card, pay the bill at the end of the month. And then you’re going to have all these payments going on probably at different times. Interesting. Because I wanted to see how my wife had that was telling me how she’s been using that to buy some of the kids school clothes.

I never signed up, for whatever after pay. I’ve never tried doing it before. And then just before we went to Milwaukee, I had to make a purchase and I just didn’t, I couldn’t come with my, come with terms to just pay the whole lump sum right then and there. So I went ahead and tried the thing, the whatever after pay and. I get it. I get why people, for the product, I think I’m in a pending. With the fees, it’s like $30 more, but you spread the payments out over a couple of months. The month. Yeah, they do. Some of them are pay once a week. Some of them are every two weeks. Some of them are paid once a month, so they’re all different. So you gotta make sure what are the terms and what are the terms of what you’re offering. Your customers so that they, they know what they’re looking for. So there’s going to, there’s a lot of different services.

So where MasterCard also is in the news where they’re coming out with cards like that to so for bank. So let’s say you think Wells Fargo, they might have a new card and call it the buy now pay later card. So you could spread the payments after a particular purchase. Either on your regular credit card that you already have with them or on this new credit card, it’s flexible payment options because they’re basically charging less interest on those buy now pay later. And then if you were carrying the interest on your normal credit card. So we have a little asterisk next to the other apps it’s like Venmo, PayPal cash. Aye. Aye, aye. As a small business entrepreneur owner, whatever you want to call my, whatever I call myself, I get it right. Convenience it’s quick, but when Allen explains it, he, and he could explain it better than I can, but I’ve always stayed away from that expect like as far as accepting payments for services that I’ve done But why don’t you let yeah a lot of businesses were using those and actually the usage of those apps accelerated during the pandemic crazy cat, it’s oh, you could just do it with a text message and stuff.

And people didn’t know they could come to their payment provider and get the same gun a thing, but then. Some people thought oh, they got free money. That, that oh, there was no free lunch because the government went and put in a new rule and all those companies sent out 10 99. He had the last year, people were like, what? They got hit with a 10 99. And they, I don’t know what they did with the money. And now, if you do over 600 bucks, they send you a thing. No, you gotta be a business account. Yep. So those, the days of the. Of people like skirting the system and using all these little things. That’s gone.

And at the end of the day I don’t want it to seem like we’re totally just pushing that to the side. I’m not against the service. No, we’re not against those services, but we are a, I don’t want to say against, but if you’re a business you should be operating like a business, right? Just because your client wants to pay you in cash yet. That doesn’t mean that’s what you’re the business. And at that point, the customer is not always right. Do you know what I mean? And let me tell you, those companies now are looking at ways how they can merge into exactly into credit card. Just like PayPal sends you the whole machine, that a whole point of sales system, they send you a whole point of sale.

Yeah. They have a whole machine now, even square as a little Stripe is about to launch it. Two stripes going to have some kind of a little credit card machine. Yeah. So it’s going to be they’re all. Yeah, but they’re all trying to. Now, like these other third party apps, the quick way chefs, they’re trying to figure out how to integrate into the payment ecosystem. Why they trying to do this because no one pays attention to how much money they’re already making. So they’re already making money from every transaction that there that you guys are doing with each other, but we don’t, as a people, we don’t read that fine print. And so we don’t even know.

How much PayPal takes every time they get. I know someone, they got a 10 99, they were shocked. They got a 10 99 for like a hundred grand and the guy goes, okay, hit with this a hundred grand, 10 99. I notice, I don’t know if he put it, if he was putting it in his personal bank account or yeah, exactly. Now he got hit with a big 10 99. And guess what? Now you got to put that on here. Just catch me does he even have an LLC at this point right now that the guy had a business, but he was putting the money to his personal account. Then he got shocked with a 10 99. So you gotta be careful what you do know the rules, having a.

Yeah. If you don’t have an accountant, there’s H and R block, they can advise you there’s other, you can, anything we talk about on the podcast, especially you having to do with taxes and stuff. I tell everybody go verify, Google what we’re talking about. You’ll see the stories out there. There are stories of people doing this. And then the other question I always get asked is. They’ll say what’s a chargeback cause they see it on there on the, and the fees. So there’s a lot of fees that I tell them unless you use it, you’re not going to get charged that it’s not like a monthly fee, like a voice authorization or people hardly ever use those anymore.

That, that one. But for the most part, I see one a month from thousands of clients we have, if that most of the time it’s a big fat zero. What is the chargeback? You can’t stop people from doing the dispute, so you gotta make sure you have good business policies, whatever it is that you’re selling. That’s why it’s important to, that’s why we discussed with people like having buttons on the website, having your policies on your website, making sure the service refund, policy shipping policies. All of that. Great answer your phone, 24 hours a day. If you’re going to be doing a lot of business on the internet, hire an answering service.

I was telling a guy the other day it’s cheap, really cheap. I said, go find the answering service that answers telephones for doctors, right? Because that’s a big business. And nobody answered the phone for you. You don’t need to go find a fancy answering service. Just find one of those. They answered the devil, the charge, a monthly. It’s not as bad as people think. No, but if you go to a professional commerce calls or cause they’re trying to upsell though. No, but I’m saying they’re more expensive cars, but you don’t need that. You just need someone to answer the phone. People just want to know, Hey, when people go to a website and I want to see a contact.

They want to see a phone number, name, and email address, the address, phone number, name, address, phone number. That’s what they want to see that when they call the phone number, they don’t want to answering machine. They want somebody answering the phone. So get someone to answer the phone. They can take a message and say, oh, hi, my name is Bob Smith. I placed an order and I didn’t get my stuff. Okay. What’s the, they got plugged the order number for the box. Did they have a chatbot on your side? You could spend money doing that, but easy thing.

Take the information from the customer. They email it to you. Then when you go look up the information, call the customer back, but this way the customer doesn’t run and go do a chargeback, cause it made it easy to do chargebacks. Now, since the pandemic is going online, click boom dispute, that’s it type in a couple of words. And that thing is going off to the dispute department. You don’t, you want to basically avoid that to happen with your business. People are so quick to do it. You want to just basically avoid it. You want to just make it easy for people to get in touch with you. Like Justin said, email name, phone number boom.

Make it easy. Have it where it’s easy. Because if people see oh, there’s no phone number. Oh, these people don’t answer the phone. They’re not in your same time zone. And we’re in this like world economy now, or even as nationwide economy, you can have your business and California, I’m in Florida. And I wake up at eight o’clock or nine o’clock in the morning. I say, oh, I need to call these people. I ordered some stuff from before I head out to work. I call the phone number up and there’s a voicemail. And then I call. Later when I get off work and nobody answers the phone, you’re going to go, Hey, that’s a scam or possible scam.

That’s going to do a chargeback. So don’t do that. Put we, we discuss with you how to put things, right? So that you don’t get charged, backs, prevent them. And if you do get them, we show you how to win them and make sure that you have everything in place in your business. If people are signing something, how to set that up correctly. If you’re doing a DocuSign, how to set up your website with checkboxes. So people agree to the terms and conditions so on and so forth when they check out. So thanks for listening to today’s podcast. Like I said, check the link in the notes for the free 15 minute consultation book call. If you want to learn more B2B vault or out Carpe diem.

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