VIDEO TRANSCRIPTION
Hey everybody! What’s up, It’s Justin live from B2B Vault: The Payment Technology Podcast with your host, Allen Kopelman. We’ll be providing you with educational information about business payments, FinTech, decentralized finance, and the technology businesses use in today’s world. And in today’s episode, we’re going to talk about Stripe, Square, PayPal, or a merchant account.
What’s best for your business! Well, let’s get right into it now! All right! This is always a great subject, so I enjoy talking about this. So we’re going to talk about how did you figure out what’s best for your business? All these services are different. They all have pluses and minuses, just like any other service that you would purchase.
Yes, they do! But one thing I want to, I want to stress in this particular podcast, and anytime when you’re opening up whatever kind of merchant account that you’re opening, you need to make sure that you represent what you are selling. You don’t misrepresent what you’re selling. And we’ve discussed this before the podcast because one of the things is if you say you’re selling clothes.
Still, you’re really selling fake handbags, or maybe you’re selling something you’re not supposed to be selling; you’re going to have your account closed, your account frozen, and your money held no matter who you use, which is no good. Right! So let’s understand, you know, an overview.
What are PayPal, Square, and Stripe? Okay. Let’s understand. What kind of companies are these? They are payment service providers, and they’re what we refer to as a payment aggregator. So what does that mean? They are the merchant of record. So there are other payment aggregators out there. Etsy’s a payment aggregator.
Shopify is a payment aggregator. Now GoDaddy has become a payment aggregator. So they’re not the, but these are the big three. Everybody knows that you know, and people do know about Shopify, and obviously, GoDaddy thought they were getting big enough that they needed to jump in the game too. Mm-hmm, and they’ve got, they bought, how are they getting into the game?
So they bought a company called. P O Y N T mm-hmm that had this little machine that did merchant services. And that company, at first, was just a hardware company. Then they decided to be a full-blown payments company, and then GoDaddy bought them about a year ago. So now, if you go to GoDaddy, you can get your website and merchant accounts for eCommerce.
They could send you the little point machine. So very smart. I would say the point machine is way better because it has EMV versus Shopify. Right? Cause they have like a point of sale, but it’s all non-card present transactions. And like basically kind of runs off the website. So their solution is pretty decent.
Right. You know, we’re actually going to talk to them. We’re going to an industry trade show, and then they actually have a booth there. Mm-hmm, we’re going to find out like, what’s the offer. Because if it makes sense, why not offer it to our client? Absolutely. You know, to offer it because you know, but like these other, but PayPal, Square and Stripe, they don’t have like reseller program where we can resell their service.
So no, they don’t have that. So they’re the merchant of record. So they are the merchant, and they basically give you a sub-merchant account to operate under their business. So that makes it easy to set up. There’s a low barrier to entry and little to no underwriting. They really don’t underwrite your business until they kind of look at maybe the name.
If they don’t like it, man, it’s super easy. Right? I mean, you put your name, your address, your phone number, the name of your business inside of that, you have a PayPal account last four digits of your social, maybe your federal tax ID. So, the pros, that’s obviously the pro. Yes, that’s a pro! The, so the, they don’t really do the underwriting until you start running transactions, get, they have, and they also have a list of businesses that they will not do processing for.
Right! So you need to CBD was one of those, well, you need to, not too long ago, but well, you know, Stripe, Square does some, some CBD, but the others don’t right. So you need to make sure you read because I know a guy at a cigar store. And during the pandemic, he decided, oh, I need to do some non-card present transactions instead of calling up his credit card processor and go, can I get a virtual terminal, blah, blah, blah.
He didn’t do that. He signed up with one of these companies, what happened? Boom. He did a few sales. They found out what he did, closed the account, and held all the money. And the money’s going to be held for at least between 180 and 280 days. And believe me, not like me, not like merchant services, merchant services, there are people you can call on the phone, your agent, right?
The ISO office that you deal with, whoever the office you’re dealing with, the company, the bank you’re there’s, people will call up the processor. Hey, my money’s first. You can call somebody up and get an answer, with these companies It’s all email. You might have a pretty hard time trying to find a phone number of somebody to talk to over there.
And I know plenty, I had a meeting with somebody else, and they were using Square, Square cut them off. That’s it over, done and see you later. I mean, there’s just, and their money’s held countless stories of those types of companies. You can Google it, my money has been frozen. Right! I’ve known multiple people who have legitimate businesses.
Who’ve had lots of money in their account and, and all of a sudden, they can’t get it because one person decided that they were going to. Whatever, they’d say they lied and said that they didn’t get this package. Right! But a lot of, so now that they, it flagged their account, it happened again, they froze all of their money.
Right! And a lot of it has to do with misrepresenting the business type. And another thing has to do with, is let’s say you go along and you’re doing a hundred, 200, $300 transactions. Right. And then, all of a sudden, you do like a five or $10,000 transaction. Right. They’re not going to call you up. They hold the money and go; oh, and send you an email, oh, we’re holding your money, and then you can’t refund it to the person or anything.
That’s why I’m saying, you know, you need to make sure you represent your business properly. And that includes average sales, high sales, and all that! When you deal with a merchant company, like Nationwide Payment Systems.
And we work with other companies. We don’t board directly. We’re like a consulting company. So we’re your consultant. We board you with who you’re gonna fit with. Not everything in life should be so easy. Do you know what I mean? Like operating a business. Isn’t easy. So when you’re putting your due diligence in, and you’re thinking about how you’re going to accept payments for your set business.
Maybe the ease of it. Shouldn’t be your first thought. Maybe you should really think about is this the best choice for my business? Is this the best way of going about it? Is this going to make my business the most successful that it can be? So, like these services are good. Let’s say. because it’s free and easy to sign up, easy to get set up.
You need to take transactions right away. That’s gonna happen, but they don’t know your business, like a traditional merchant processor. And they’re known to freeze funds. Like we’ve talked about, you can Google it. Okay! I’m not gonna post any links. You can go on YouTube. You can go on Google, Google it PayPal for anybody that’s listening to this podcast and has dealt with PayPal or Stripe or any of those providers.
I’m sure they have their own stories and they can tell. Yeah! I’m just saying it’s out there. It’s definitely out there! So, but what is it good for? Let’s say you don’t have a consistent business. Maybe you take one or two credit cards a month, it’s a low amount of transactions. You, you know, these companies have limited technology options, although they’re increasing their technological capabilities.
Yep! You know, in the very beginning, when they first came out it was very limited. You know, if you’re doing. Five or 10 grand a month this might work for you. You know that you’re a small business and you only do a few transactions. If I would say 10 grand. Yeah, but you get a merchant account.
Yeah. If you’re doing 10 to 15 grand a month, it’s time for you to get a traditional merchant account. And, and part of that has to do, I mean, the rates, like we’re gonna get into this in a yeah. Besides the rates though, like it, it benefits your business to do it that yes. It benefits your business because you have a direct merchant number and your direct line of contact.
No middle man, no more. No middle man. And you know, so with a true merchant account, you have a dedicated rep. You have a direct merchant number. There’s a formal approval. The processor knows your business, your business history. They know what you sell, and how you sell it. You know, the processor knows your ticket size, like your average ticket, your high ticket.
You can’t misrepresent what you sell because they’re underwriting before the sale, not after you get set up, you know? So these are things to consider, you know, how many transactions you do a month, the volume is your low risk versus high risk? So, you know, let’s say you sell cigars. That’s more. I don’t really call it,
It’s a niche business, but I don’t call it high risk. There are just only a few companies who do like online cigars mm-hmm right. Or online vape, things like that, you know, low risk is something like a physical product. Higher risk is like, oh, coaching services. You know, do you need to integrate with some kind of software?
Like, do you need to integrate with some kind of point of sale you’re using a CRM system, an E R P system, like a, um, which is inventory management, right. You know, a CRM like Salesforce, or you need to integrate to QuickBooks, things like that. Those are things to consider when you’re when you’re picking out a processor because it’s not just about the price.
It’s also about technology. You know, and with merchant accounts, you are gonna get a lot more options. You’re gonna get technology options, multiple gateways, and software integrations. What kind of technology options though? Like, oh, so multiple gateways. Mm-hmm, so different types of software that the processor offers a point of sale systems.
I mean, Square is a basic point of sale system, but if you need something more robust, you know, then you gotta go to, you have to step it up. Yeah! It’s time to get a merchant account? Right, it’s time to get a merchant account. Get more robust things. Cause I mean, there are merchant accounts that can handle all kinds like in the point of sale system.
Now when right. Or you wanna set up a payment portal dedicated to barber shops and salons, smoke shops and, CBD level, not CBD smoke shops, smoke shops. Yeah! You want to see, you wanna make sure like that you’re. Getting the right technology. I always say like, we’re a technology-first company. When merchants come to us, the first thing we discuss, is how do you take your credit cards?
They wanna know why is that important? It’s important because we need to make sure whatever processor we’re putting you with, that they match your technology and they match your business type. So there’s gonna be more hardware options. It’s more stable. There’s 24 7 customer support. You’re working with an experienced consultant or an experienced company.
Tech always, consider technology! That’s the main thing, you know, and the other thing you know is talking with Justin, we’re gonna do another podcast coming out soon, where we’re gonna be talking about credit card interchange. So I was explaining to Justin. There’s a whole argument within the Congress, which we’re doing a whole podcast about.
So pricing, let’s talk about pricing. Pricing from PayPal ranges between 2.4 and 3.4, 9% plus a transaction fee and some other fees. Every time you get paid, they’re taking money. Right! And there’s also a transfer fee, if you transfer money, money from PayPal to your bank, your bank, they take, they’re taking a piece every time.
Right? Stripe is. And you gotta wait for your money. Correct! Stripe is 2.9. No, I’m sorry. Okay. so PayPal is 2.4 to 3.49, they recently just changed everything around. So there’s like a variety of rates from card present, it’s an invoice, it’s on a website. It’s this it’s that they got a variety of floating rates, but that’s the range.
And Stripe is 2.9 and 30, they also have some additional fees. That’s, once you’re in there signed up Square has 2.6 and 10 cents. If it’s card-present 3.5 and 15 cents, if it’s a non-card present, eCommerce is 2.9 and 30 plus they also have some additional, how could they even, how is the non-card present at e-com even different?
Because e-com, it’s probably is, you know, the customer’s entering the in information. So it’s customer initiated. Non-card present. Would be, you taking the card over the phone from me or something like that. I don’t know. It’s still kind of the same thing though. I know, but, and I don’t know how they, I don’t know how they figure out which one the person is doing.
So, their rates are all over the place. So what’s, so with the merchant account, the traditional processing usually ranges, let’s say from 1.7 to 2.5% on average, right! Per transaction? Right! Overall, your overall effective rate, which is. How you take, you take basically your, how much you spent divide by your sales,
that’s your rate. That’s your effective rate! Who cares! You learn something new every day, ladies and gentlemen. Yeah! So it takes your fees. Fees you paid rewind fees. Rewind fees you paid, divided by sales equals the effective rate, which is basically what you paid. That’s the bottom line. But what I was explaining to Justin earlier was I was.
You know, these, these rates from PayPal and square and all that, it sounds pretty reasonable. There are no monthly fees and some other little stuff. However, in today’s world. Most people when they’re doing transactions. Yes. Okay. They’re usually and especially, I wanna tell you, during the pandemic, we saw this skyrocket because they were sending out all that money.
Mm-hmm you know, the stimulus money to people stimuli. Right! They were sending out all that money. So people had that money in their bank account. So they were using their check cards more now check card usage. Depending on the business average ticket. So average ticket, if your average ticket’s 40 to $50 or less, mm-hmm, you’re gonna see a higher percentage of check cards, cuz it’s a small transaction.
People don’t mind it coming out of their bank account. Right, right. So you’re gonna see a higher, the interchange fee on that, Justin was blown away is. 0.05%. So that’s a big difference between 0.05% and paying Stripe 2.9. Yeah, that’s so you’re no brainer than me. So you’re gonna be paying, I mean, some people look at it like pennies.
Right. But they are not pennies, but when, and right, but I’m just saying some people will, you’re doing 50 grand, a. And you have 50% check cards and you had a $50 average ticket, man, Stripe. I mean, we’re gonna kill the pricing for you on yeah, we’re gonna kill it. Switch. The one example you gave earlier, we did, we did the math and they’d be saving over almost $4,000 a month.
Yeah, it’s crazy. I mean, that’s. That’s a lot of money. Yeah. It’s a lot of money, for me! People look at it like, oh, it’s simplified pricing. And we’ve done that before. We have clients that come to us. Oh, I want to flat-rate pricing. Okay. But it’s gonna be a little higher because we don’t know. You might take some international credit cards and then boom, there’s a higher interchange fee.
But overall. Like it’s better to be on what we call Cost Plus. Right. It’s better to be on that kind of pricing because then you’re taking advantage. What is Cost Plus? That’s where you pay interchange, plus a small fee to the bank. So, but you’re gonna get, take advantage of those low check card rates. But you’re already paying, like the thing that I try to explain this to people who are like only using PayPal, right?
Like, because in web design. For the majority of, yeah. They’re PayPal or we get using Stripe, right. Or they say they’re using QuickBooks, but it’s still connected to either PayPal or Stripe. Right. Like that’s how goes QuickBooks, I think is connected mostly now to Stripe. Right. But, so I try to explain it to him
and when you, the percentage numbers don’t look like, it’s like when you see 2.5 or 2.0, and then you see 0.5, to some people that doesn’t seem like a lot, but for someone like myself in trying to explain that to someone that’s a huge difference in monthly. Yeah. Well, if you’re doing 15, 20 grand if you’re doing over.
Like I said, if you’re, if you got a business and you’re doing 50 grand a month on PayPal, we’re gonna crush your rate. Yeah. You doing 50 grand on Strike. We’re gonna crush your rate because 50% of your customers are paying with a check card. Yeah. Even if you have a higher ticket, it’s still 30 to 40% people like to pay like that.
And then for also like kind of off the subject, but for going back to like the, you know, the people in my field with web designers, You know, having a merchant account also gives you the opportunity of setting up the buy now pay later type stuff. So that, that way you can finance the project. Now you don’t have to say, this is just, yeah, this is the deposit you give,
this is the payment schedule, this, this, and this. Most of the time we can’t take those projects because we don’t, we’re not able to accept credit cards. Right. Or you can even set up your own internal financing cause you set up recurring transactions. See, there are just so many options. Yeah! And I think people are worried about the technology side because they don’t know how it operates and you don’t even have to operate it.
It’s one of those things. Once you set it, forget it, set it and forget it. And you collect it, you get the money and that’s it. You pay your taxes and you’re done. so, you know, you just gotta look at your business and, and you gotta say, Hey, if I’m gonna be doing 10 to 15 grand a month, maybe a traditional merchant account is better for my business.
Right? If you’re just starting out, maybe you have to do a proof of concept. These other services can work once. Then once you start doing real numbers, it’s time to switch off of that because the savings are gonna be immense. Right? I mean, real quick, I’ll give you before. Wait, wait real quick. Before you get into that, we wanna.
Direct everybody to the B2B Vault community page, and go over to Facebook, the B2B Vault community. Check that out, join, join the group. There’s gonna be a lot of information going on in there. There’s gonna be some giveaways. We’re gonna be given away a hundred dollars gift card, once we get to our hundredth episode. Some other
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Mama’s mama! Please, subscribe to the YouTube channel, B2B Vault, the payment technology podcast. We’re there for you to educate you. We’re making merchant services fun. Like they were told, Allen was told today, you know, it’s kind of boring stuff that we talk about, but we’re making, we’re trying to make it as fun as possible.
So join the podcast community on Facebook, the B2B Vault podcast community. We’d love to have some interesting conversations with the people that are, a part of the community. And we should make a new tagline, B2B Vault the fun merchant account podcast! Well, something like that. We will, you know, I and Samantha will work it out.
Right, right. And also you can get a free 15-minute consultation with me. Justin can join in on the call, but oh, we do a free, real quick. We are also collaborating with NPS Printer. Almost forgot if you’re looking for printing and you go to NPSPrinter.com, contact us and use code B2B Vault, right?
And they save 20%. WOW!, 20% make awesome business cards Samantha can even make you an awesome logo. She’s made tons of logos, but that’s extra. Yeah, well no! It’s 20% off. It’s on the website. Oh yeah. Logos, graphic design. You can send us your design, print, banners, or postcards, no free stuff. All kinds of all kinds of everything.
Mailing, yard signs, banners, sidewalk signs. I mean, t-shirts, there are tons of, if you don’t see the product on there, we probably still print it because NPS Printers has access to over a hundred thousand different products. Did we get our stickers? No! Oh, B2B Vault stickers coming soon, watch that you might be able to win a cool water bottle or a mug on our Facebook page.
Just check, you know, sign up for the [email protected], you know, never miss, a beat. It’s all I got! I don’t know. I’m sorry. All right. So let’s get back, to the nitty-gritty. Back to the Stripe, PayPal. All I’m just, I’m trying to make fun of it. I’m sorry. Okay. So here are the questions you should ask yourself.
How do you run your business? So how do you run it? Is it gonna be a website? It’s gonna be a retail store? It’s gonna be, people are gonna pay through the website, gonna use a funnel. How will you accept the payments? Do you need to be, have an integration? Um, yeah, we had a company recently. Here’s an integration story.
They actually started making some funnel. And then they found out that the funnel only linked up to Stripe. They ran two transactions and Stripe held the money. And now the guy’s gotta go back and rebuild the whole funnel. So what did they sell? They were selling, like they were selling, coaching something like coaching services and like coaching.
Yeah. No, I don’t know some kind of, some kind of coaching and then also, oh, business coaching? Yeah! Business coaching, and then they also had like a SAS product, and Stripe shut all their accounts off. I mean, listen, it happens. You can get your merchant account shut off. If you’re not expressly telling, the company, you do business with what you do, how much you’re gonna charge and all that.
And even compliancy for like, compliance. Right. But, but like for coaching, we had a guy that contacted me and he is like, oh my, I have coaching clients and they need to pay, but then they don’t have enough money. So how can I help them? So I set ’em up. I showed him, I said, we sent ’em up with two different companies, one for buy now pay later.
So people can make four payments. So what’s really cool is with the four payments. It’s four payments monthly for that, for that. So it’s someone wants to do four grand, they put a thousand down and then 3000 divided out over the next four months. And then that’s nice. And then we set ’em up. I mean, this is, that’s what I’m saying.
Like, just that sounds perfect for, you know, Yeah, you can do it for any kind of service, any service business. We have this buy now pay later plumbers only for service plumbers. No, it’s gotta be a service. Oh, no, not an actual, right. And then for, and then for another part of his thing, he had something more expensive where they were teaching people that.
How to do this whole like business boot camp. I don’t know, it’s 5,000, 6,000. So we set ’em up with another company who sets them up, where people can get like a personal loan mm-hmm, and then they get the money and then they pay him. It’s still good. There are a lot of options out there, but as I said, you don’t have to go look for yourself.
Don’t have to look for everything because as professionals, we can help you organize these additional services that you might want for your business. This, you know, what kind of software are you gonna use card present? Non-card present? E-commerce mobile? Are you low risk or high risk? Make sure the company, if you’re using PayPal Stripe or Square, make sure they support your business type just because you think they support it doesn’t mean they necessarily support it.
They have a list on their website, of prohibited businesses, read it, and do your due diligence. Right! You know, are you a non for profit? You know, there are a lot of options for that. You know, listen, I know people, they built a, a, uh, Shopify website only to find out Shopify doesn’t support their business. They won’t process CBD.
They don’t process a lot of other stuff. And then it ends up costing you extra money, or you gotta rebuild the website. It’s just a repetitive thing though. That is just like something that people have to read. Yeah! Read, check, any service you’re gonna use. You want to make sure to ask them, read the agreements, is my business prohibited?
Or if there’s no one to talk to, like at these services, read the prohibited merchants and make sure you’re not a prohibited merchant, make sure, you know, if there are specific needs you have, and then people always asking about rates. So yeah, if you have higher volume, you could get lower rates. It’s the way it works!
We always show Justin there are tiers like for grocery stores, which didn’t make a lot of sense to me that a small grocery store should pay less than Walmart pay more than Walmart. That makes no sense to me. There’s some things, visa, MasterCard, they can call me. There are some things I think they could fix that would help if they really wanted to help small businesses and the same thing with Congress, Congress Dick Durban, I would love for you to call me.
I would come. You could fly me up to your office. Fly me to Washington DC or I’ll, we’ll shoot the pod in DC. Yeah. Or I’ll just come up there and I’ll bring you the interchange chart from Visa and MasterCard. And I’ll explain to you like how it works and what you could do to help small businesses. Like if, if you showed the, how that works.
And we could show it like, but it’s not big it’s public record, but it’s public it’s right on the internet. So Walmart pays less than Justin’s grocery store. Yeah. So I had Jay’s convenience store, right? Well, no convenience store doesn’t count. That’s supermarket super. If Jay’s Superstore supermarket, even like they do millions of dollars a month, I’m doing, let’s say few hundred thousand a month.
I’m paying more fees than Walmart. I mean, I can understand like Walmart, tell me how that makes sense, but I get it because of the volume thing. So that, that will be always the argument, the volume. Well, they’re paying, paying the fees on billions. You’re paying the fees on? No, I’m just saying that they could help there are little ways that the interchange could be tweaked a little bit more. Like I should
Justin. Als, if you’re, where your card comes from, the type of card, things can be a little more simplified to help small businesses. But the other thing is, is tons of small businesses are using. PayPal, Square, Stripe, these aggregator sub-merchant accounts, right? So they’re not getting the, they’re not, they’re never gonna see the benefit if they do.
If Congress comes in and says, oh, we’re gonna do this to help small businesses. They’re not gonna help small businesses because. Isn’t that gonna help small businesses because most of the small businesses are using these aggregator companies! They’re not gonna lower their price because it’s this whole, you know, you have this sub-merchant account, small businesses need to be stopped being so lazy when it comes to that though.
Well, they need to not say like, oh it’s easy to set up
with Stripe. That’s what I’m saying is just lazy. Get a real merchant account and then you’ll save money. You know, I always felt, I’ll tell you a really funny story. So we had this. Who’s a client of ours since like 2001, some this guy that owned this fishing store way down in Miami and they probably process about maybe 10, 12 grand a credit card on a busy month.
on a slow month, you know, eight to 10, and it’s basically like a bait and tackle, mm-hm, fishing store. Right? And then one day the guy says to us, he goes, oh, I heard about this cash discount program where, you know, you could pass the fee of the customer, you know? And he was what I call a credit card suppressor.
And there are a lot of businesses like that. I call ’em credit card suppressors. Why are they called credit card suppressors? Cause they take, they take credit card, but the credit card machines, like down here, not up on the counter. There’s no. No Visa, MasterCard logo. They want cash, right? They want cash. Okay. I don’t blame him.
You know, cash is king, but at the same time, so the guy switched from the traditional merchant account to the cash discount style, where he is charged the customer. Right? Guess what happened? You think thinking the guy told me he was gonna make less credit card sales. I’ll tell you what happened. The guy made more credit card sales, and the guy’s business doubled.
His business, his sales went up, and his average sale went up. People started buying more stuff in the store instead of going down the road to go buy the soda and the water and the Gatorade. Right. Cause they said you don’t take credit cards. They don’t know. Right. Cause the guy doesn’t advertise it. They bought their bait and they left.
Now people come in and they’re buying drinks, snacks, and fishing equipment, right? The guy’s sales went through literally the place, the guy’s sales tripled. Nice! And during the pandemic was off the charts. I mean, that guy was killing it during the pandemic because people weren’t working. So they were going fishing, fishing.
I went fishing, they were going fishing and the guy was sales were through the roof, but still, the sales are very, very strong at this business. And they didn’t want to take credit cards. I mean, listen, if the fees are too much, the cash discount program, it’s there, you should pass the fee of the customer at this point.
We’re this? How does that work? I mean, so the way it works, it’s a simple way, you come into the business, you spend a hundred dollars. If you pay cash, it’s a hundred. If you don’t pay cash, then, uh, a service charge is added on let’s say 3.7, 5% as an example, it could be less, it could be a little more.
And then they, so then the customer gets their bill and it’s a hundred, $3 and 75 cents. And that goes that $3, $3, and 75 cents are collected by the credit card company. That basically the merchant’s just paying a small monthly fee and no other fees. That’s it. So basically the credit card processing is ultimately free.
For the most part, practically you’re saving, 99% of your fees and it works for businesses. Listen, a lot of makes sense to me, man. Right? If you’re a business and you don’t wanna, you know, and I’ve set up some small businesses, but then I tell ’em I go, don’t be a credit card suppressor. Take credit cards.
Like I, I have another story when I had a guy that came to me and he went to work in a barber shop and the barber shop didn’t take credit cards. So my friend said to me, he goes, oh, you gotta come over here. Talk to the owner. So I talked to the owner and the owner’s like, no, I don’t like credit cards. I’m like, listen.
I said, look at all that stuff said he had 10 bottles of shampoo. I go, when’s the last time you sold the shampoo, never that dust all over. I said I guarantee you when you put credit cards in, you’re gonna start selling shampoo and a whole bunch of other stuff, the Mer, all the Mer. So now I went back to this barber shop, right?
Cause I needed a haircut. I went back over there. It’s not in my neighborhood, but I went there. Because I wanted to see cuz my friend said, oh, you gotta come by. The guy set up a whole store. brushes, shampoo, conditioner, you know, all kinds of stuff. Right. The guy even has t-shirts for his barber shop. He had whatever his kid make a logo.
Yep. Right. And the guy selling a ton of stuff, he’s like, he’s like, I, he goes, I don’t, I should have done this singer. No doubt! I was like, wow. And now the guy’s talking to me, wants to get a point of sale system. So I tell him, I say, for your barber shop, you can get this. We have this great. We have a company that offers a point of sale to salons.
It’s only $39 a month. That’s it. You don’t have to lay out any other cash. You put all your employees in there, put all their schedules gives you online book. And all that you don’t have to work. You can make your business run so much better. Now he’s considering like step the game up and do that, and you can keep track of everything, man.
So, you know, it just goes to show there are two kids. I had another one where it was a pizza shop and literally the pizza shops, business tripled! Because they started taking credit cards for business. That’s businesses not accepting debit or credit I mean credit card for your transactions in 2022 is out of their minds.
Yeah! You gotta do it. People wanted this electronic money because you know, basically like even the payroll, even crypto, you wanna know crypto, you wanna know what, what really changed the game. What really changed the game was is. Payroll companies started this really big push for direct deposit banks wanted you to get direct deposit of your paycheck.
Oh, we’ll give you a free checking account, if you have direct deposit, you know, there was a big push for direct deposit. Then you had employees that weren’t banked. So then the payroll companies went at and they got everybody cards. With these payroll cards, there are no more paper checks, going to cash. I mean, I’ve seen these check cashing places.
They’re disappeared. When’s the last time you’ve seen a check cashing place, they’re in certain areas of this, right. But I’m saying it’s now it’s not even more so like check cashing. It’s like courtesy exchanging places, but I’m just saying, sending the money somewhere, Scott. Right? They got, oh yeah, they cash a paycheck, but there’s selling bus passes and a whole bunch of other pay your bill and all this other stuff.
Yeah. That place is like sending money to other countries. Right. I’m saying you can’t pay all your bill utility bills. Right. But there used to be a check-cashing store, every corner, every corner now that’s are over. Do use blew my mind. I haven’t thought about that in a long time, but you’re right. they, they were like, they were like at McDonald’s like going everywhere.
It was everywhere check cashing. Now you don’t Western Union. Now you hardly ever see a check-cashing store. You don’t see it anymore. Everybody gets paid a direct deposit or on a payroll card. A friend of mine sent me a hundred bucks for a logo. Yeah! And he is anti-tech right. Guess I sent it to me, cash in an envelope? Western Union! Western Union.
WOW!. What a pain. I was like, dude, how do I even do this? I’m like, you have to go to a place that he’s like, yo, you can just go to Walmart. They got the Western Union in Walmart. And I’m like, what? Yeah, it’s crazy! I mean, there are still people that have cash and they need to pay their bills in cash, but it’s becoming less and less.
I don’t think we’re gonna, ever become a cashless society. Because people like cash. When you wanna give someone a tip, you give them cash, you know, there’s not gonna be, cause how else are you gonna do it? Like we, we have a thing where we, that we sell and. Uh, you can text somebody like the text to pay, right? Yeah.
So we started doing this, tow company has it, and some plumbing companies have it. So when they are using the text to pay, they called me a couple of them called me up. They go, Hey, we see there’s a tip option in there. Can we activate it? So they did now they’re that people started leaving tips cuz they don’t have cash.
It’s you know, during the pandemic, they turned it on. They love it. I mean, there you go. So you gotta have electronic payments. You gotta have electronic payments in 2022 and keep in mind, you know, what service is best for your business, you know, depends on how much you’re planning on doing and how often.
And then when it’s time to go from one of those services and step it up to a traditional merchant account. You know, real quick, we’re not like denouncing. PayPal Stripe or square at all. Right. We’re not saying it’s good in some situations, but what we are saying is businesses have options and a merchant account is a viable option for your business.
If you are interested in learning how to save money in different other ways, operating your businesses more, efficiently through the point-of-sale systems. And there are just a lot of different ways that, that having a merchant account can help you even more so than having the typical PayPal and all the other stuff.
Yeah! There are option, so we laid it all out. What it’s good for go to B2BVault.info, right. And get the information that you need. There’s an Apply Now, we just added the apply now, option to the website so that there’s an actual form for you to apply for a merchant. Provided through nationwide payment systems.
So, you know, we connected up with them. We’re like peanut butter and jelly, man. Alright! So thank you for listening to B2B Vault, B2B Vault everywhere, and all the podcast apps, all the social media, check us out. Peace out! Carpe Diem, everybody! Have a great day! Go Gators!
