KVIDEO TRANSCRIPTION
What’s up. Everybody is Justin live from B2B Vault, the payment technology podcast with your house. Allen Kopelman and we’ll be providing you educational information about business payments, FinTech, defi, or defense centralized finance, and the technology businesses used in today’s world. And in today’s podcast, we’ll be talking about what is an omnichannel merchant account. It’s one of those new words that we talk about a lot on the podcast. The FinTech industry. The FinTech word is in, in its is another one of those words that, that is constantly in the news, Google updates and all that other, yeah. They either call it omnichannel or commerce. Yeah.
Everybody’s calling it something a little different. So what. omnichannel, it’s everything. It’s basically, that’s what it is. It’s nice. What can you do? It’s like merchants need to do so much with their business. The business was, really simple when I started doing this business in 1999, 2000. You would just go to the merchant, you put a terminal on the counter, then merchants expanded into, oh, I gotta have a website and sell on my website. We had to get ’em a second merchant account. So then they needed a second merchant account for the eCommerce. Then. Companies started saying we don’t want merchant to have all these, merchant account, too many merchant accounts.
So they would give ’em what they call the Omni account. They called it so that you had your retail account where you were doing your card, present transactions, and then your Omnicom, your second account, because pricing is a little different. You’d have a second. Merchant account for your non card present transactions like for your website or virtual terminal. Now there’s a few companies. There’s one company we deal with has it for B2C. And then we have another company. We have Omni channel product for B2B. We’ll talk about that one on a separate podcast, cuz it’s the focuses are a little bit different, but with omnichannel now you can. We have one dashboard, you log into the dashboard and literally you can do everything.
So let’s say you add three credit card terminals in your location. You can see which staff logged onto the terminal, which terminals have sales. Let’s say you also had a virtual terminal, then you could. The volume will say, you’re sending out payment links for people to pay invoices. You can see all that going on. And then let’s say you had, you could see it by payment link. So you can see everything going on in your business, basically from one login, and then you’re able to have your credit card terminal. so we just hooked up a guy with a small donut shop. So they put it in and what did they went crazy, like using everything in the system.
So they have the credit card machine set up in the store on the wifi then they have also like a a kiosk, like out. In front of the place. So people like walking by, in the mall, like in a mall so people walking by can just get like a cup of coffee. So they have the other terminal over there doing that. And before, I don’t know what they were doing and it’s got a customer facing screen and the customer can easily add a tip. Nice. Like either a dollar amount or. A dollar amount or a percentage sounds good, then they don’t have to, then the person can decide what they want. So they have the receipt printer shut off and they can get a text or email receipt or no receipt.
People don’t want paper receipt anymore anyway. I never do. Yeah. So I don’t want that. and it, when it works great. And then they have some people who buy donuts for them Jose, like they deliver it. So they can just send ’em out a payment link, really easy, email it to the person or text it, the person pays it and then they can go over and deliver the donut order. So they’re using everything. You can even create an. And put the items in, detail out all the items and then send an invoice beyond the payment, besides just the payment link. Wow. So you can also take these payment links and customize ’em for like your website.
So let’s say you’re a non for profit. you could put it on your website and say, oh, you could set up all the donations with different amounts in a payment link. You could also put oh, the membership, different memberships and just put different payment links and you don’t need to, you don’t need to worry about setting up, woo commerce. You don’t need to worry about setting up a shopping cart. You don’t have to do any of that. You can do it all with these specialized payment links. How crazy is that? That’s cool. Yeah. So it makes it real easy. Plus you could also. Take those same payment links and use ’em on your social media. So you can just take the link to the payment link and say, oh, you wanna make a donation?
Boom, pop it in there. Very so you can do a lot with these payment links. This is what makes it the all Omni eCommerce, and then it’s easily tracked back from the dashboard. And then you can give let’s say you want someone to have access to the dashboard. , you’re the manager. So right. Put you in there and then say Anna and Samantha. They don’t need access to the da, the whole dashboard. They just, cashiers put them in as a cashier. So they only, so you can limit who has access to what information sounds good to me. And then if you want, you can go even a step further, you can connect the whole thing to your QuickBooks, then you don’t have to even go enter it into QuickBooks.
You run your batch out at the end of the day, and then it’s. Ma go and match it up. It’s gonna match what’s in the terminal to your deposit in QuickBooks. Then beyond that, you can put up to 500 items in a catalog. So it’s like a mini point of sale for some, for something simple, like a simple type business. What would that be? Like I was just talking to somebody on the phone and they had a parking business. So people come there for parking so they could create like for their parking, they could say they could have one, they wanna make sure the guys are charging the right amount. So they have different like levels of, they got like the regular parking.
Okay. Yeah. That then they have oh, you want your car parked in the front for 20 bucks? Oh, you want to get your car in the front and get it? Wash. Whatever that costs. So you could put all those items in there and then keep track of what the guys are doing and your bit something small like that, or maybe even a donut shop. Maybe you have 20 kinds of donuts. You could put all the donuts in there. All the different coffees, put it in there and then ring it up, just like a cash register, but on the credit card machine. Nice. So that’s pretty cool for a smaller type business or maybe a food. And then you can, like I said, now nobody wants the paper to print out.
So you just do everything, text, email, receipt, and you’re collecting all that information. So you can do marketing can take that exported out to your MailChimp. Very cool. And then do you know, send out email marketing or use, like we have a text platform you could export it out to the text platform, get people to join your texting platform. There’s also a loyalty program, and then mobile, everybody wants to be mobile, so you can be on wifi or it could be on 4g, 5g, so what can machines? Oh, the machines. Okay. So you depends how mobile you want to be, or you can just tether it off to your phone, which a lot of people do.
Like we just signed up a guy, they do computer networking and like fixing computer networks. Installing computers and all that. So they just bought like three of the handheld ones. They just tether it to their phone. When they go out, they want to, the person has to pay, they just get the credit card. They don’t have to invoice. Nothing the person paid right when they’re there. So it makes it convenient for any type of business, very where you’re at doing a service call. And you just, want to get. Paid quickly. , lawn guys could use it. Any type of business could use that. And like I said, it’s all in one dashboard.
So the owner can be back in his office. He’s got three guys out in the field. He could see who’s doing what very good, how long, cuz then he knows when they left. Cuz the last thing they’re gonna do is collect the paint. Real quick before you get into rest of there. Yo, we have the 100th episode giveaway coming up soon. Rocky’s so excited. He gave us a bark. So please follow us on Facebook. Join the community, Facebook community page, the B2B vault community page to enter into the contest. You can follow us on iHeartRadio, apple, Spotify, Google podcast, Amazon. Apple. I we’re everywhere. If you wanna listen to the podcast, just search B2B vault crap.
You could even search payments. I guarantee you our podcast will come up. Listen to us there, please and subscribe all the videos on YouTube. Shout out to all the new subscribers out there. We love you. Thank you. Yeah, we just hit over 300 on yeah, Instagram. Follow us on Instagram, on all the social medias follow at B2B vault on Instagram spot. Crap, Facebook TikTok, Instagram, LinkedIn. Yeah. We need to get more people on TikTok. Come on. Let’s get some more people on TikTok and then we’ll get Justin to dance. I might even do another dance, it was horrible, but it still was funny. I dunno about dancing, but I know I don’t. I’ll, so’s a very interesting platform to say the least TikTok is different.
Twitter is I love Twitter. You like Twitter? I like Twitter is like the wild west of it is wild west on Twitter. It is, the other thing cool about this platform. That there’s that, and there’s still more coming, but like app wise, you can add to your, so let’s say you have employees, you wanna have a time clock and payroll reporting. You can put that in there. And then let’s say you have a payroll company, you can just export out the payroll, email it over to the company, and you’re done very convenient, and then let’s say you have more than 500 items. So then there’s other software you could drop in there. It’s an extra cost not much.
And, then you can have a full blown restaurant software or full blown retail software to put in all your items. That’s good. You can, grow with you, grow with you. And then, you could also export all that for online, ordering onto the, onto a website there’s appointment booking. If you have salon or. So now you have your online booking engine and sounds like it’s got everything that’s yeah, you just need to figure out what you need. Gift card. Kio, you can turn the, you can link up to a kiosk. So they have a, there’s a company that makes a kiosk. So let’s say you want to be like, McDonald’s no cashier have people go to a kiosk.
Did you see that pizza making machine kiosk that is blowing up? Yeah. Everywhere. Yeah, they got a, yeah, they got a machine and you just walk up, hit what you want. There’s no employees at this place. Yeah, nothing. You walk up to the machine. tell ’em you want the thin Cru? It just makes like a, it just makes a small pizza. Yeah. Personal pan pizza. Yeah. Personal. Yeah. Tells you what toppings you want on there. Spits out the pizza. Literally. No employees. All you have to do is if you want to be ingredients, if you to be the owner operator, you just, obviously you need to find a space. And then you purchased this machine and off to the races.
Yeah. That’s like I looked into it. How much is it? It’s pretty expensive. Yeah. They don’t really give you like the price. No, but there’s a minimum investment. There’s a minimum investment. Sure. You gotta buy a couple of them. It could be very popular out cash out of pocket in I know, but I’m saying like, let’s say you own the office building you. Oh, let’s have pizza in there for the employee. You could just put it in there. You could definitely make money that way too. Yeah. Yeah. You could just have it in there as a convenience. People go up, run their credit card and buy a pizza. Imagine there’s places at one of those in, they should have stuff like that in schools.
Yeah. My kids are constantly complaining about the school, the food. Yeah. Yeah. It’s crazy. Like I saw a concept, and I’m waiting for the people to finish like what they were doing, but basically that a concept where you could just put like hat set up. Like a convenience store right. Have different items. You could even have some items that per, that would’ve to be put in the microwave. , like macaroni and cheese, some small frozen dinners, and people can just go take the items. I was like somebody’s gonna steal it. And they’re like, no, because if you walk out the door without paying, like it sets something off so they know somebody’s okay.
Can’t be like fully UNT attend. But you can just have it like in a hotel lobby or let’s say in the school and then somebody can just go in there and then they just take the items up to a little station and ring everything up and pay nice with a credit card. Just from a touch screen. No employees. Let me tell you, it’s coming down to that. Yeah, it’s coming. Listen, you can go to the airport and you can check in, you don’t have to talk to anybody. I don’t know. It amazes me when I go to the. And I see this whole line of people. I’m like, what are they doing?
It’s yeah, I don’t understand what 90% of the, I get. You have to check your bag. A lot of people still check bags. But you can just give them, you don’t have to wait in line to do that. You do, you have to wait in line to check your bag. What about those dudes that were outside? They don’t have those guys anymore. So to make you go inside and check your bag. Yeah. Now they’re charging so much for bags. Like I’m telling you I’m going on. Like I’m going on a flight to Atlanta soon where I’m speaking at the digital commerce event and I’m gonna be on a panel talking about point of sale and Omni August 22nd through the 24th.
And then the last day of the event, they’re having an alternative product expo. Cool where they’re gonna be talking about alternative products, C B, D, et cetera, et cetera, et cetera. So that should be a pretty interesting conference. Nice. And I’m speaking on a panel with the three, three other people and the moderators, a guy Dave, from the federal Atlanta federal reserve. Oh. And part of the thing we’re gonna talk about. Omni commerce. And how can obviously the big merchants can accomplish this, right? But now we have a tool for smaller and medium sized businesses, so they can accomplish Omni commerce. So it’s already here now. You just gotta put it together.
It’s, it’s like instead of a technology stack, now you have. Dashboard one technology, and you can put all that together for your business. With, I would say with a fairly low skill level, like you’re not gonna, and plus you’re not gonna have to buy a bunch of stuff. Like you’re not gonna have to buy like, You, if you’re only doing a few items on your website, you’re not gonna have to go out and do a whole full blown shopping cart situation, which can get into some big books.
So you can, it’s hard to handle, right? It’s hard to handle, but you can get these other softwares where it already gives you the website shopping cart. If you’re using the full blown restaurant or retail store, , you can do that. But for other smaller businesses, now they can save, they can just use the payment. And people love to sell stuff on Instagram, Pinterest Facebook. You can just drop in one item with a payment link. They can just buy that one item. So it’s a great way to sell cuz people do that social selling. Yeah, for sure. It’s a big, it’s a big things, so big thing also, you can do a cash discount where you can pay zero for credit card process.
So winter, people are all the time. Like I would, I was telling somebody today that I would say eight outta 10 card present, like retail restaurants, bars, that sign up with us all, go for the cash discount feature. I believe you, sorry guys. I’m out of it today, man. But there, because we discussed on other, we discussed on another podcast, cash discount and I. So the price of gas came down a little bit, but it’s not, it’s still very in our sense, whoa, the crowd goes well. Goes, it went down a little bit, so it went down 89 cents on average, across the United States, right around, it’s close to $4, although I’ve seen it close to $5, depending on what neighborhood you’re driving around in like just, I haven’t seen above four bucks of my neighborhood.
Oh, go drive west of the office. That one on the corner. That’s the highest price gas station in Fort Lauderdale, except for maybe Boca . Go up to Boco. You still see $5 gas, like in the middle of the, in the higher, in the high wealth area. But this one, I, you know what the profit was for gas in this quarter? No, just taking gas. I have no billions 800 and something. 857. Yeah. But that was net profit or gross. I don’t, in said profit. Yeah. That’s the problem. You don’t know what the net the net profit is. That’s the whole, that’s all the problem with gas is I don’t I don’t like how gas and oil is handled, period, because it’s all done with these gas, with futures, and that’s just not right.
Basically it’s just game. People are G. And then we’re paying for it, right? We’re paying the gambling on the gambling side. So it’s a little crazy, the way that works, but cash discount is very popular. So you have a business and you’re looking for, to do the whole Omni thing. Omnichannel, you wanna have an omnichannel for. Business where you’re doing business to consumer payments, and you want to have a really flexible system that so you can do everything that you need to do in your business. Cuz today it’s all about flexibility, curbside pickup delivery, mailing stuff to your customer, letting them come in the store so that you can service everybody.
So now we have a product that the small business owner, small to medium size business owner can. Can compete with the bigger boys because we can’t out buy you can’t out, buy them for advertising. They can outspend you, Amazon and Walmart can outspend everybody on TV as an internet. But from a service standpoint, You can get the right tools to be, to remain competitive. And to make, to refine your processes so that it’s, it’s better than the big guys. You know what I mean? It makes people wanna go spend your, their money at your establishment. Because you do it better than them.
I tell people all the time, like someone was asking me today. Oh, what do you tell people? When you talk to ’em about credit card processing, do you tell ’em, you’re gonna beat your price. I go, no. I said they’ve been dis I said, that’s the last thing we discussed is the price. What we talked to ’em about. How is te how, what are you using for technology today and what would you want to update? And then we explain to them, like what type of technology is available for their business type, cuz every business type’s a little different, right? So we want to make sure that we’re getting them set up with the right type of technology for their business.
Getting them set up. So they have the right type of technology stack for their. So they can do things faster because they have less employees, everything, so less resources. And you wanna be, you want to be technology is considered cool. That’s why everybody runs out and buys the new iPhone, the new Android phone, right? The news, the new phone, whatever it is. Everybody wants the latest technology. Oh, I gotta get the coolest laptop or. Whatever you need. You want to get a cool TV? TV’s blow my mind. I wait, I wait a while. I remember. Yeah. I was gonna say I’m a little older. I’m 42, man. So I don’t, I’m not on that.
Something comes out and I’m I don’t really no, but like the young people are already. Oh yeah, no. Yeah, for sure. Like young people they’re into that. They gotta have the latest technology, you can have technology that can help you run your business, make it run smoother, do quicker. You want to book an appointment. Find out about technology, have a discussion with us. We give everybody a free 15 minute consultation. Just text the word book. To 9 5 4 8 2 7 9 8 1 8. You can book an appointment with yours. Truly. Alan can even talk to Justin. He’ll help you too. If I want to I’m maybe give me the call.
Maybe you’ll get Anne on the phone. She’ll set up the appointment. So yeah, we send you the appointment link book, your appointment. We’ll explain to you Omni commerce. Omnichannel, how that can help your business grow, help you make more sales, help you be more efficient and your business. So everybody have a great day. Check us out. Don’t forget media two. Enter the 100th episode giveaway it’s on the B2B vault Facebook page, Instagram, Twitter. It’s everywhere. If you leave us a comment on one of our social media page. Your comment could be featured. Your question could be featured in the 100th episode podcast, and you’ll be eligible to win a special prize.
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