Hey everybody. It’s Justin from B2B, the payment technology podcast with your host, Allen Kopelman. And 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 podcast, we’ll be going over the business-to-business payments. And, uh, everything in between. So here you go, bucko. So here we go. So today we’re talking about B2B payments, all about B2B payments. This is one of my favorite things to talk to business owners about, and we have quite a few business owners that, their businesses, but their primary customer or other businesses, not consumers.
So it’s a totally different type of processing. And there are different rates and fees involved with that there are level two transactions, that level three transactions. Aren’t going to go into like the whole technicality of that, but it’s basically passing additional information over to the processors.
And the give you an example, like we had one company that we set up that to B2B. And they never did level two level three, you’re processing half a million to a million dollars a month in payments. And then once we show them like how to use our system and all the different little things they can put in place to help them keep costs down while increasing cash flow that’s the most important thing.
Got it. They were able to save a significant, a lot of a significant amount of money every single month. So. Get into it, but it’s a, it’s a really cool subject, and a lot of businesses, don’t really, they shy away from taking credit cards, even for large transactions, but they really shouldn’t do that. But we’re going to talk about, how that all works.
So. When we first talked to somebody, the things that we talked to him about are the time value of money, you know, buyer satisfaction and experience, which is a really important integration of understanding payments. So they understand, what we’re talking about with level two, and level three. And how to accept payments, understanding the changing patterns of how consumers and businesses want to pay their bills.
And I’ve nicknamed that kind of the consumerization of payments for business. And it’s really important to understand that because businesses have a lot of pressure today of rising wages, rising costs of gas, the rising cost of goods. So, prices are going up and you gotta make, you gotta figure out how you’re going to collect your money.
So, we talk about, we also talk to them, like be with B2B clients, like they need to communicate on their website, to their existing clientele and new customers. What are their payment acceptance options? Because if somebody is looking to do business with you and they don’t have good cash flow right now, So they’re not wanting to borrow money to go pay for something when they could maybe put it on their credit card, and then they can float it for 30 or 60 days, depending on when their credit card bill hits, they can really float the money.
Got it! So, that’s one thing, you know, businesses need to understand, or let’s say you’re doing business with a particular branch of government, right? That’s a B2B transaction and they. A lot of them have requirements about, being able to pay with a credit card. Got it! You know, or being able to pay through a payment portal.
So why do customers want to use credit cards and especially businesses? One ease of use. It’s easy for them to use it. They don’t have to go write out a check and mail it, they don’t have to do a wire transfer. All of this. You know, they want to float, so they don’t have to pay their bill right away, get that.
Then the usual benefits that everybody’s getting. So, they’re either getting points, rewards, cash back, or miles. Right. You know, so that’s a big thing for them is the benefit that they’re receiving by using the credit card. You know, they’re getting a benefit. I always talk to them about that. They always hear from the customer, you know, the checks in the mail, you’ve been in business.
How many times? Oh, the checks in the mail. I’ve mailed you the check. Don’t worry. You’ll get it soon. I love hearing that. And then, you know, I’ll tell businesses, I’ll talk to them. They said, well, we only take checks so, well, they, they say, oh, checks cost nothing. Well, they cost money because you’re waiting to get paid.
So, every day that you wait to get your money. You don’t have the money. I may be. You have to go out and borrow the money, or maybe you have to access your line of credit or whatever that is. So, in essence, we can show you how it’s cheaper to take credit cards and other forms of electronic payments as credit cards, not the only.
You know and waiting for your money is when you’re doing business to business, people want terms, what are the terms they want 10 day times they want 30 day, 45 days, 60 days, 90 days, all of those terms turn into more. So, when you give somebody 10 days, they take 30 days. When you give them 30 days, they take 60 days, right?
And then they say, oh, I can only send you half the money. Right. Well, if you took credit cards, you could get all the money, right. You can get all your money upfront now. So the way to do that is to present your customer with an easy way to pay you. They don’t want to call you on the phone and have to give you the credit card number.
They don’t want to fill out a form and sign it and fax it in or email it over. They don’t want to do all that. They wouldn’t have it easy. And especially today, people are shorthanded at this. They don’t have enough help. So maybe they want to pay the bill at seven o’clock at night. Well, you’re not at work, so you’re going to get the bill pay the answer to that question is the payment portal.
Right! So, this morning I just had, I had a meeting with a guy, and I was like, you guys gotta do this payment portal thing. They were talking about building a shopping cart and all this stuff. I go, what do you need to build on the shopping cart for people who are just paying you the set amount? You already know what the set amount is.
So why do they need a shopping cart to do that? It’s just set up a payment, set up a hosted payment page one, and reduce your PCI compliance. You don’t have to go embed anything on your website. Stick the button on there. Or you can email the link. And then people can just go to that and pay, making it really easy.
So, payment portals are not hard to set up because we’re used hosted payment technology. Basically, the software makes a link. And then you can go give that link to your customer and they can go in and make their payment. What are the advantages of the payment portal? It’s awesome. One. You can make payments 24 hours a day.
It’s awesome. Forget about it. Seven days a week. So it doesn’t matter. On Saturday morning, the guy wakes up a customer wakes up and goes, oh, I need that forgot. I got to pay Justin for that website instead of having to text Justin email, Justin, and figure out how he’s going to give Justin the credit card goes to Justin’s website and clicks the button payment portal.
It’s very easy. I mean, we can show you if you contact us, we can show you a whole demo of how it works with different software that can accomplish this. It lowers your PCI compliance you have to deal with so you can take credit cards. You can accept ACH check. And then you can surcharge the credit card.
So, a lot of companies in the last few years started going to this, you know, surcharge model 1% or 2% on the credit card because the customers want the points, right! They want the points, the reward to cashback the miles. They want all that. So, they don’t care about that. They’re going to pay one or 2% Vig.
It’s to give you the credit card, if they don’t want to play that, what is the word you just used? Serve the VIG, you know, pay the juice. What is VIG stand for, sir? I don’t know. Yeah, we stumped Allen, he owes us a Snickers bar or something. I don’t know. So, we have to figure out what is VIG? No, they’re going to pay, they’re going to pay the percentage.
On the percentage, on the transaction, so they could get the benefit of using their credit card. It’ll probably just be its short for vigorous or AKA juice. The juice got the juice. Now, poppy, if you take out a loan from a loan shark, expect to pay interest and probably a lot.
Oh, it’s Irishman slang. Okay, so they’re going to pay, they’ll pay the juice. Okay. On the transaction. I get it now, or they’ll just hit the ACH button and then you just, and that cost you way less than credit card processing to take an ACA. So then you’re driving. You’re increasing.
You’re increasing your cash flow because you’re making it easy for people to pay 24 and seven. You’re giving them a choice of how to pay credit card or ACH. You’re charging them a little bit to take the credit card. And if they do it, you lowering your cost of credit card processing. And if they don’t, you’re still paying less because it costs less money to do an ACH check.
So customers are not scared of the convenience model. They’re not scared of that. Yeah. We would like to take a quick commercial break and thank our sponsor. Nationwide Payments Systems, NPS Printer, The Payment Advisory Board, and NPS Bank. You guys are rock stars. Thank you for everything that you do.
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So back to all about B2B payments. So, the B2B payments, you know, you can put together, we ha we sit with the business, we go through your whole process, your sales process, how you do everything, how you collect your money, what are your terms? And then what we do, we put together a plan and we put together a plan.
That’s easy too, for you guys to understand. Easy for you to use and easy for your customers to use. That’s the most important thing. And in today’s world, a lot of businesses have a combination of people in the office, and then there are some people working at home. And if people, not enough workers sometimes, so this whole.
So, this payment portal idea helps B2B companies be more open to taking payments and people are used to doing online payments. Now, this is how people pay all their bills. They’re not writing out checks anymore. They’re getting used to it. So, it’s time that the business world that’s doing business, the business transactions gets with the program.
Get set up with this, we also can help you with in-person payments too. We did another podcast about payments as a service. Right. And that goes along with the B2B payments because you can incorporate your website in there, your website payments, and you’re in-person payments. You can do everything on our platform, but today we’re just strictly talking about how to get paid, you know?
So, you send somebody an invoice, you put a link in it, and they go to your page. They make the. It’s really easy. You give them a really easy way to pay you your money. You’re not waiting for checks in the mail. Let’s say someone mails you a check, you got to get the check. Then you got to log it into your system.
Right. Then you gotta take it to the bank and your bank. Doesn’t always clear the check right away. It takes a day or two. So, I was having a conversation. I don’t mean to switch the subject, but I was having a conversation with a business owner. Uh, he’s been operating a Salon staff slash barbershop for, I don’t know, 15 years now.
Right. So, you know, he’s located in Milwaukee, Wisconsin. It’s not the safest town. Right! And so, when. I always asked him, like, how come he never had an ATM in his business? Or why doesn’t he have a point-of-sale system? And he literally, it literally just boils down to the, him not wanting to be robbed. Right.
Right. And so, when I was asking him, so you would basically, because it’s a cash business, right? I’m saying if you had a point of sale, more people will pay you electronically. And so, I was trying to explain that to him. And I said, and it’s the same if you don’t offer right. The credit card is an option. Then wouldn’t everybody come with cash?
Exactly. Right. So, he said, well, it’s a cash business. So, I just didn’t, I didn’t want to argue with him about it but, in the ATM thing, it’s kind of difficult to rob an ATM, right? Like you’d have to break into his business and steal it out. We’ve had people, we got the ATM. It wouldn’t be the first time and it won’t be the last time.
But again, like. I guess for like older, like kind of stuck in their way type of business owners, how do we get them to, cause we’re not having them cross into the other, like the dark side or anything they’re coming to make life easier for their customers. Easier for them, easier for their accountants, easier for their bookkeepers, easier for you.
Easy for business owners, the easy button is technology, and you use it. It’s literally here for us to be utilized. And I, what would you say to him to try to help? Well, I think that’s the way that I think that you have to, you have to kind of like change the way you do business. Sometimes like the best time to do that is, maybe you’re doing a remodel or maybe you’re changing the name or whatever you’re doing, and sometimes that’s the best way I can do it, but also, you know, I think COVID
as kind of, accelerated a lot with payments, especially cashless, especially cashless payments, people were transferring money using Venmo and cash app and PayPal, because he was saying to me that, and I don’t want to make this a thing, Marcus. I love you, bro. Listen, like you were saying that there was no.
You know, barbershops don’t have ATMs and a point-of-sale system. And that’s just not true. Like everyone, I have gone to in south Florida has an ATM in a point of sale system to use. Yeah. Well, some of them don’t want to, do they want you to give cash tips? Well, of course, I mean, so they make it, that’s why they have the cash machine, right?
I mean, I get all that, but again, With COVID you would think I w I didn’t like touching cash. Right. I mean, I never have cash. I have a $20 bill in my wallet. and now, it’s like really accelerated, like every credit card as the tap and pays back, you just tap your credit card. You don’t have to take it out of your hand.
And then you’ve been saying that people want to use those peer-to-peer things. And I was trying to explain to him again, with the taxes now, Biden passed that law and the IRS. So how. Make business owners understand that. Yeah. The peer-to-peer thing is a way to go, but you’re still losing out because you could be, you could lower your costs and, you only have to use one system instead of you connecting, cash app, PayPal, Stripe, Zelle, Zelle, Venmo, right.
Blah, blah, blah. Yeah. Why do you want all your money in different places instead of you taking one debit card, they tap the machine and it goes straight to your business. It’s just more efficient. Yeah! And it’s more efficient for businesses, period. Like the, you know, those apps people were using them, I think for some kind of like tax avoidance, but that train, that ship has sailed.
I mean, I was talking to a business owner recently that we just hooked up with credit card processing that owns us a small salon. That’s exactly what he’s doing. He goes, oh, I got to get a merchant account set up and I go, why? He goes, oh man, he goes, I got 1099 from all those places. And they’re also charging me fees now because I went over a certain amount, exactly.
It’s like six or $800. So they told me now it’s a business account. I got to pay all these fees, I got 1099, I had to go to my accountant. And you know, of course, that he didn’t have records that he paid contractors and all this other stuff. So now he’s getting hit with a huge tax bill, right! So he’s like, I got to get a point of sale and we showed him a point us at $39 a month for a barbershop, you put it in and it does everything right.
You can track all your employees can track what you paid them and all that. And then you don’t have a headache with the accountants. The same thing with this, with the payment portal for B2B businesses, instead of waiting for the check. And all that you have your payment portal, all your payments are in one place.
You know, your credit card payments. You’re Hey, Justin, here’s this check for this website. I’m going to look at him like, dude, I know I’m just going to let straight up and tell him no, I’m not going to wait a week and a half from my bank to clear it. Then what if your bank has a, you know, like a clearing take my time to clear it back in the day, you take it to the bank and you go get your money.
That’s it doesn’t work like that. No more. You can’t go to banks and cash checks, especially if they’re made out through a business. If it’s over a certain amount, I’m not walking out of your bank with 15 grand because they stopped doing that years ago. They used to do that. But now when you go to the bank, they don’t want to, or they want to charge you like six to eight bucks.
I was in the bank the other day. So I’ve got one of the cash and Jen, they were like, oh, it’s eight bucks. I was like eight bucks, eight bucks to cash. The check. I am not going to pay a bank when I’m trying to get paid, right? So it’s, it’s easy to set up these payment options. So it doesn’t matter whether you have a business to business or business to consumer, you know, you can change.
First of all, let me tell you something about this barbershop also. You can increase your revenue because now you can set up payment plans like this it’s, it’s never-ending. Like we could keep going to, the positives are going to outweigh the negatives. Right. But I’m saying in a salon, no, one’s going to care when you raise your price a little bit.
Right. And you take credit cards. And also when somebody walks in with cash, let’s say you’re trying to set up. Brushes and all that and the same thing in a B2B situation. Right. Which is what we’re talking about with the podcast, but we’ll compare the two B2B and B2C with B2B. The same thing. If you’re taking credit cards and your customer says, yeah, I need to order $20,000 worth of
material right. And they know you take credit cards and they go, Hey, by the way, I want to get two orders of, I want 40,000. Now the guy goes, now the guy’s going to get double the order. Right. He’s not going to go to somebody else. Who’s maybe going to charge him a little more. Right, because you can take a credit card.
He’s going to. They’re going to go to places. That’s why I was saying like on your website, you need to communicate the Visa and MasterCard accepted here, we accept credit cards so that when somebody comes to, they know, Hey look, sometimes like I was dealing with a vendor, I’ll give you an example. I was dealing with a vendor and they didn’t want to take credit.
It was like only with a check and I had a white wire them, the money. I was like, oh man, are you guys kidding me? Like I have to wire you the money. So I was like, I’m not dealing with this person. Right? Yeah. Cause it costs usually to wire money. When you have a business account set up, I’m not making a certain amount of transfers every.
Right. No, no, but what I’m saying, it’s like, I have an advantage. Like I have some software on my computer through the bank, or I can, don’t have to get up from my desk to go send someone to go higher. Right. Yeah. But it’s still a pain in the book because the bank’s going to call me and then I’m going to have to sign a paper.
How much does it cost you to wire funds? It’s like if you could send an ACH for a couple of bucks, but if you want to send the wire, it could be 20, $30 said the last time I sent some money over wires, 36 bucks. So what I’m trying to say is, is. You know, if you’re communicating. So the person who walks in, who’s doing, doing your B2B transaction, let’s say they need to buy $50,000 worth of stuff and you don’t take credit cards.
They’re going to may not order from you at all. They’re going to go to another vendor who takes credit cards. Okay. They’re going to go to another vendor. And they don’t care. They’re paying part of the fee or whatever you can work. You gotta figure that out. You know, that’s something I help businesses figure out how much fee can you pass 1%, one and a half to, you know, to lower your costs down enough where you feel comfortable doing that.
Right. And it’s not going to impact your customer. Even if they’re spending 10, 20, or 30, grand, they don’t care because they’re going to pay you. And then they’re going to float it for. 30 to 60 days, depending on when their cutoff is on their credit card. And so that they don’t have to pay that bill right away.
Cause they want to get a job where they’re going to make money and then they’re going to go pay off that credit card. Exactly. It’s the same thing they’re going to do, if you don’t take credit cards, they’re going to buy from someone else. The same thing. If you don’t offer a payment portal, they might say, oh, well, this company doesn’t have a payment portal.
They don’t have an electronic way for me to pay, you know, we have that requirement because. It’s a special type of business or government business, and they don’t want to give you the credit card number. Right. And the same thing, if you’re, let’s say you’re a salon, right? So I’ll give you an example, this salon, and we set up with credit cards.
So the guy told me, oh, you want to know what happened? I go, what happened? He goes, wow. More people. He goes to the people coming to the salon, actually spends more money. And I was like, really? How come they spend more money? Do you raise prices? He goes, no. That they started. I started selling them all kinds of products.
Exactly what I said, like what he’s telling me, he goes, oh, he goes out these brushes. They’re like 20 bucks. He goes, well, if the guy has 20 extra bucks, it’s not buying the brush that day. Right. It’s going to go buy it on Amazon. Cause it’s a kind of it’s like, why do they have the candy bars over by the checkout?
Right. It’s that impulse buying exactly the same thing. Like. All these special shampoos, that’s all he goes. I sold that selling like more shampoo than I ever sold. More brushes. He told me as a special brush you can buy it on Amazon. Right? Some special brush. I actually bought one from myself cause it was such a good brush.
Make my hair look good. And he told us about that. Brush that looks like a bar soap and it’s really cool, but now I’m wearing a hat, but you can see when they brush my hair looks fuller, but. It looks nice the other day when you came well, when I first, not all day, your hair’s going all over the place, but I’m just saying, it gives you a nice, full look on your hair.
So, you know, he was telling me, he goes, yeah, I’m selling brushes, I’m selling all this stuff. People are buying stuff because I started putting more stuff and the place, and he has a really cool logo and he made some t-shirts people started buying the t-shirts. So you’re going to sell more because people will spend more with a credit card.
If you’re only doing cash, you’re only gonna spend what, whatever you were, that person decided to go out to the ATM and get your hair cut costs $25. He’s going to go to the ATM and probably get 40. Right. Cause that’s how it usually goes. Right. So then he’s got enough money to tip you and that’s it, right.
He, he’s not, he doesn’t have money for the shampoo or the bag or the swag or whatever else you’re selling is that. And then he told me, he goes, wow. He goes, I’m putting more shelves in and selling more stuff because people are buying the stuff, buying the shampoos, the conditioner, all the stuff that he said, because he’s an expert, right?
Like it’s his salon. So he’s going to only put those products that he trusts in there. So now the people trust him to cut his hair. And now they’re going to trust the products that he sells in his, in his salon. And he’s going to make more money. I don’t know the person going to Amazon when they get home.
What do I know by it? I don’t know nothing. No, but it all rains true rain shirt, same thing. There’s re there’s a restaurant. Funny story. There’s a restaurant that I used to go to all the time in Boca and it was cash only cash only. So I’ll never forget I was there and I didn’t know that it was a cash-only place.
So they go, oh, cash only. I was like, what? The guy’s like, well, there’s an ATM, like across the street. So it was like, man, what up? Right. So here I am everybody now. Okay. So I saw I get up from the table. There’s a Publix. So I go in public. And they don’t have ATMs in Publix. Most of them took them out.
They don’t have a, I was going to say, I don’t think I’ve ever even noticed, but I used to, but not anymore. So I go in Publix, so I go by whatever, something cashback and I get the cashback. Right. And I go in and I pay, well, meanwhile, if they would’ve taken a credit card, guess what that took about 15 minutes to do.
We could have, my family could have gotten up from the table. Right. And are there, they can add someone else at those seats and they could have been making more money. Right. And then turn around time. Right? Cause you’re, you’re the same thing. Like some guy comes in and he wants to buy something. They’re not going to come back.
If they get to walk down the street, I had to go back cause otherwise, they’re going to keep my kids hostage in the restaurant. And my kids were all, make them do dishes. They were all bent out of shape. Dad, what do you mean you got to leave us? I want to know this place to cash only, you know? Then one day I got a phone call from, somebody who bought that place and they happened to know someone that I knew and I came there and I set them up with credit card and they’re there.
The guy told me their business went up 20%. I believe people spending more money. Behind dessert, leaving better tips, everything is better. So, you know, the old way, like, listen, I remember when I was a kid, my dad had a business and what am I? My dad took credit cards. My dad took cash. And then he would take a check if he knew the person, but he would write down everything, their driver’s license and everything on the check.
What a pain in the butt, only from people that he knew, right. Otherwise, people had to get half cash. So if they didn’t have enough cash, they couldn’t buy anything in the store. If they something in there for a hundred bucks, they wanted, and then we had 80, there was no negotiating. Oh, I’ll come back later, give you 20 bucks.
No, they had to leave and go to a bank and go get some cash. And there were no ATMs and those days, the seventies. Right. You know, there’s no such thing as an ATM, you got to go cash a check somewhere. Cash a check out a bank or cash a check at the hotel or whatever to get money, you know, like in that movie, catch me
if you can, the guy was cashing all those checks in the hotel back in the day. The hotels used to cash checks. My dad’s store was on Miami Beach, there were hotels everywhere. People would just walk into a hotel and cash a check. They had like some kind of system where they could call the bank and make sure the check was good and people couldn’t move money electronically and empty the checking account.
Like you could back in the back, not today. Right? You can’t do that anymore. You know, so, you know, we’ll do, what are we, you know, so let’s, you know, and then there are other things you can do too. It’d be to be. You can, accept cryptocurrency for large transactions or international transactions. You can offer a consumer, you can offer customer financing options so you can offer them financing options.
Great. Buy now and pay later, if you have a service or goods. So what did we do at our business, we help people understand the following interchange and how it works, the credit card fees, the cost of acceptance, right? How, and then how you can improve that by cash discounts, surcharge programs, convenience fees, how to prevent fraud, and then how to use systems like hosted payment pages, point of sale, or just a simple credit card machine.
Believe me, sometimes in a business, a simple credit card machine is enough. To do everything you need to do. Just depends on how much tracking you want to have. If you’re trying to track your employees, there are low-cost point-of-sale systems that you can get. There are a lot of companies now that do what we call hardware and payments as a service.
So you get the hardware wherein payments, you get hardware and payments together. And because you’re using their payment system, the hardware’s not very expensive. So it’s very easy to use. Easy to set up. We can help you. If you’re B2B B2C, check it out, visit B2BVault.info. You can get in touch with us there.
Book an appointment. We’ll give you a free 15-minute consultation and explain the whole thing. Time. Value of money is a big thing. Buyer’s satisfaction and experience buyers want to have a satisfactory experience, right! at your business and they want to have a satisfactory experience when they’re paying easy easiest way.
I want to spend money because they’ll spend more money. If you offer electronic payments of credit cards or credit cards and ACH. Or even more things, depending on what type of business you have, and we’ll let you know like what you can offer at your business, but people definitely spend, I mean, this is a study that was, I remember when I first got into this business, which was 1998, right!
One of the biggest things we used to tell business owners. Quite a few businesses, even still then in 98 did not have credit cards. They were cash only. And we used to tell them all the time people spend 20 to 30% more with plastic. Now it’s not that they don’t have the money. It’s just, that they don’t have the cash on them.
So if you’re just limited to what’s in my wallet, that’s all I can say. You know, and people don’t carry. And especially since COVID people carry less cash than ever now. And the same thing with businesses, you got to make it easy in a B2B environment. You gotta make it easy. One, make sure people understand what your payment terms are.
Two have a payment portal or use electronic invoicing to make the ease of payments for your customers. And also, so they can stretch their dollars without stretching your bank account. Because if you take credit cards, you’re not accessing your funds to support your business, waiting on people to pay you.
You already have money in hand. So. B2B Vault we’re out of here. Everybody have a great day! I would say Carpe diem, seize the day. Watch out on social media about our new small business shout-out program and get your small business. Shout out, coming soon. Peace out,