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 payments, business, FinTech, decentralized finance, and the technology businesses use in today’s world! And in today’s podcast, we’ll be talking the payment technology trends for June 2022, a lot of interesting stuff going on in the industry. Cryptocurrency NFTs are just all kinds of cool stuff.
Yeah, fresh back from a convention where saw a lot of different, oh yeah how was it? The convention was really cool! We talked about it on another podcast the speaker. Oh yeah, we did talk about that. Somebody asked me, I got interviewed today for a magazine article that wanted some wanted to know about highlights from the convention. So, what was it again? SEAS Southeast Acquire Show, the acquire show Yep! That’s where people go to learn about the credit card processing industry regional shows.
Yep! All very interesting. Shout out! We’ll give a shout-out to the guy Eric Qualman otherwise AKA equal man. The equal man. Now I remember the podcast. Yeah, the equal man. We should tag him in. Make a little video of this and tag him up on there, maybe for sure. It’s a lot of followers, but he was a very good speaker at the show. So, payment trends, June 2022, a lot of exciting stuff. One thing that was in the wasn’t really in the news, but I caught it like at a couple of blogs and then I Googled it to see hey, did somebody really try to do that? Yeah! In Congress, a couple of people tried to, they have this America’s or American competes bill.
I remember I hear about this, which is really, I don’t know what’s going on with that thing, but they tried about the bill, but I heard about it. So, they tried to hide the safe banking act that they, and what is the safe banking act? That’s to legalize payments for marijuana. So, banking for marijuana didn’t they deny it. They ripped it out of the bill. Why? That’s just how that went. What is, do you know? Congress’ like, why is it that they’re still, so anti-cannabis making in, it just doesn’t make sense. It’s like, you don’t have an answer. It’s like a hot potato, I don’t want it. I don’t want it.
Nobody wants to be the one, responsible. Like they did it. What is it responsible for what? To accept some money that is already being, I listen right now, like these marijuana places, they take a ton of cash and then they basically hire private banks and they’re storing all this cash in private banks. It’s all stored there. It’s crazy. It’s not getting tax people. Aren’t paying federal income tax on it, on all the profits for it. It’s nuts. The whole thing is nuts. It seems very sketchy and dangerous. No, it’s dangerous. Just imagine all those businesses. Yeah, exactly. Cuz they’re probably sitting on millions at home.
They got, got to pay themselves too. And if they’re getting paid in cash, it’s not like they can give themselves a check. Exactly! It’s a big problem. And very few banks, the banks can actually, bank marijuana businesses because, in the banking act, say banking act, but the stuff that’s on the books now is just compliance that has to be gone through. So in order for them to be compliant, its company has to have a point of sale system account for all their inventory, so on and so forth. So it’s very, there are not enough compliance people to make it all got it compliant, but I can guarantee you if they made it legal, these banks would figure it out. Listen, people are paying like
$2,000 to $10,000 a month to be paid for compliance so they can have bank accounts. There are some publicly traded dispensary companies on the stock exchange. So they must have bank accounts. That’s crazy! It’s out there, but it’s just not fair. Again, the smaller companies are getting screwed. And that continues, that’s a theme with Congress! They seem to be very anti-small businesses and a lot of the decisions that they make. it’s been that way. Yeah, it’s been, that’s what I’m saying. It’s been that way for a long time.
Makes it difficult for small business owners to get ahead, that’s for sure! Yeah! So other things that have been in the news, buy now pay later. The offerings continue to expand Apple jumping into the game, and MasterCard coming out with their products. PayPal increasing thereby now pay later Klarna increasing what they’re doing. You Klarna going crazy. Yeah! Samantha was talking to me; I was booking my tickets to Philly. And she was like, go through Priceline.
Or one of the ones like one of those, so I’m going through there and then I get to the checkout and they’re offering an offer after pay right for checkout. And then yesterday I was looking, I got to see my mom here in the next couple of months. I have to, it’s one of those things. Hi, ma I love you. Get some sleep and drink your water. I know she follows us on social media. So she watches all the podcasts. She is a diehard B2B Vault fan. If you’re not standing like my mom, you’re not a fan peace mom. So yeah, I was looking for a plane ticket for her to see her.
And then I got all the way I was, just to see what it, to what the actual point to then there was the option. Klarna, was like make four easy payments. And I was like, wow! Yeah, it’s going everywhere man! It’s pretty cool! Like for imagine like, so not excuse me. So, there are a lot of different circumstances for people in the world. And you get, there’s a lot of spreading your payment out. And you’re paying in advance anyway. Like me, I was the only child, I’m the only child, and I come from a poor background. And so being able to go see my mom right. Yeah.
Not saying I’m in the same it now it is a luxury, but you, like being able to break that up into four payments is a huge thing for the community. If they’re eligible to take advantage of these things, that’s another thing, it goes off your credit, your credits balance, your whatever, your whole they’re basically whatever your open line of credit is. They’ll give you that. If you have a credit card, it’s $1,500 on there and you only have $300 left on your credit card. You’re not going to get approved for the Klarna thing. So, you got to be understanding of they look at your balance, they hold it. So yeah.
We’re working with another company now that introduced buy now pay later, but just for like service things like attorneys, accountants, let’s say you are coaching. You do coaching, and web developers. They could get by now pay later. Speaking of that, oh, someone asked us what is a what’s a one moment, sir. Okay. what is the percentage that we would pay a web developer for a merchant? Oh, we’d have to talk to them to see how many, what. How many transactions a month, how many sales they’re doing?
Yeah. How many sales they’re doing? How many clients are they going to give us? Yeah, but we work with web developers, they become referral partners. There’s another question also, ISO the ISO are we, do we partner? Yeah. Are we an independent ISO? Yes, we’re independent! So that answers all your questions out there. Okay. Thank you! Yeah, we’re independent. We also deal with several banks. So, we’re able to get more clients approved because just going to get a car loan or a mortgage, not every bank works with every type of business. And things like that. And Allen’s been in his business for over 20 years. So, he’s got connections with banks that you guys don’t have.
And yeah, like one of the things he could do better than most people when it comes to payment processing. That could have sounded really weird, sorry about that ladies and gentlemen. You sent me a referral the other day and the guy wrote you back and he said, wow, I’m really glad I met Allen, he knows his shit! Exactly! He knows his stuff. Allen is a good person; he knows what he’s doing! Thank you, Justin. So, CBDs are in the news lately because the FDA sent out a bunch of warnings to Delta eight companies. That’s crazy and it must be I’m not sure. The food and drug administration is now getting involved in the cannabis field?
They’re in there so they’re, they got to stick their fingers in there because you eat it and you, that’s the whole problem. A lot of the Delta eight is an edible product. So, if you guys watch these videos, the hand gestures and the Facebook expressions that I make are hilarious. so that’s an incentive for you. Someone asked me, are you Italian? I said, listen, Jewish people, Italian, everybody uses their hands. Well, I’m definitely not Italian, but okay. So, then the other thing that I’ve seen a bunch of posts about, like on LinkedIn lately was I saw two or three different posts from people talking about that they had a cannabis-related product and they were having a problem getting a merchant account.
This blew my mind! Yeah. And what they don’t cannabis-related real quick though. The cannabis-related product wasn’t even, it’s software. It’s for a dispensary to sell cannabis. Yeah. But they’re looking at who the bank is looking at just so you can understand the bank’s looking at who’s going to be paying for that. So now they’re saying, oh a cannabis company is going to be paying the software guy for the stuff. So, the money cannabis money is shady since it’s not any, they don’t know that they’re just a shady it’s cannabis. So, it’s. It’s the gray area of money. Gray area. But the thing is that what? And then whatever, there were people discussing it.
And then they were talking about it, it was more than one person. And then they were talking about, oh, it’s high risk. And I was like, no, it’s not high risk. What you have to understand is it’s a niche product. That’s what I call cannabis-related businesses, it’s just a niche product! Listen, the banks don’t want it. We work with three banks that will gladly take that business. Okay! You just can’t have the word marijuana on your website! What about cannabis? You could say that! You just can’t say the word marijuana and you can’t use the word weed. So, no marijuana, no weed. That’s it! They just got that’s it, but they’ll take the business. Listen, we have got, I have a guy that’s a simple workaround.
I have the guy that sells humidors, and he was selling humidors and he got shut off by a bank. And then I went to look at his website and basically, it said, keep your weed fresh. Oh, you can’t say that. So, the bank shut him down. He was lucky. Didn’t end up on the match list. The terminated match list. Ooh, the match list. Learn more about the match list on the previous podcast, right? That was. I learned a lot about the payment industry and that podcast. So, the, we got the guy, a merchant account at a bank that’s friendly to that industry to change a few of the words on the website, delete like one blog post, where it was just every everywhere, every other word, you’re trying to keyword it out with some, no, but we’ve gotten people approved for rolling papers.
Did that guy contact us? No, he never contacted us! Cones that they put the. Flower. Yeah. That they put it in to make a joint, or whatever you want to call that. And we’ve gotten L E D lights approved. We’ve got doctor’s offices approved. Medical marijuana doctors? Yeah! Ones where, yeah, they’re giving you the card. So, we get a lot of businesses like that approved there are banks doing it. Just, if you go to the wrong bank or the wrong person, then they’re going to overcharge you for the process. There are a few things, that are overlooked from what I’ve been, noticing by companies in this? Not that it’s over.
No, I’m saying like the company itself, the, so the CBD company there’s too many loopholes and they’re not just taking initiative in doing everything right the first time. Exactly! And to avoid all the other BS, like if it says to do it this way, do it that way. Stop putting I don’t know, the whole laziness with people I don’t understand. People just don’t understand, like with the banks. So, with the banks, the ones that are taken, like the cannabis-related businesses, they’re private banks. So, they don’t have a board of directors to deal with. They don’t have stockholders to deal with. They can do whatever they. They can make the people that own the bank make the decision.
That’s why we have relationships with different banks because they can set their own policies as to what their level of tolerance is for these different businesses. But that’s all, it’s all your cannabis-related businesses out there, stop hiring marketing agencies who don’t know crap about the culture or the industry. So, if you are hiring some guy fresh outta college or wherever, or some agency in the middle of Montana where it’s illegal to smoke cannabis. What do you think that he knows about the industry? Do you think he’s knowledgeable enough to put your website together so that he can make sure that it’s compliant?
I doubt it, man. Relax! Follow the rules and talk to somebody that’s experienced with payment processing. Listen, I talk with guys all the time, they have a neutral site, they’re selling like a vitamin product. Yeah. We were talking about them before. So, we talk, I talk to them and I go, listen, no promises, no this, no that, listen, you got the FDA, the FTC that’s what they do. They’re looking for something they’re going to find it. It’s not that hard! They can use Ubersuggest and find your website and your advertising. Shout, tell, I guess crazy. Yeah. Shout out to no, but I’m just saying there are all these tools at everybody’s disposal, just because there are five gazillion websites out there doesn’t mean yours.
Can’t be found. No, they’re searching for that word. And when they find it, they want, they put their foot down. Another big thing in the news was, is whole, there were a couple of stories about B2B payments. So, businesses that do, business to business payments. And I was actually surprised by some of the statistics. I don’t want to go into all of them. Because they’re crazy, but it was saying 57% of invoices are collected late so that, we’ve talked about this before you get somebody 15 days, they take 30 days, 30 days they take 60 days. I agree!
You never know when you’re going to get paid nowadays, it seems like. Right. And the other thing I was surprised about 80% of companies is still getting paid only by check that’s crazy. And then what they’re just doing it and less than half the companies accept credit cards. But the whole thing is the businesses are frustrated because they don’t know, they don’t know what to do. And it’s funny because I talked to some of these companies, I’m like, why don’t you guys set up a payment portal? It’s really easy! We set you up with some software, you can take credit cards, you can take ACH. Right! You send your customer an invoice because they believe a lot of these bigger companies are doing this.
They believe that if they extend credit to people, then they’re going to get more business. So, they can like in-store credit or no like they’re giving credit like I’ve people we do business with. They go, you have 30 days like we’ll buy an ATM machine, right? They go, you have 30 days to pay for the, at. So, I don’t have to pay for it right away. I can pay for it in 30 days. Fine. I’ll do it. You’re going to give me 30 days. I’ll do it. I’ll pay sooner. Maybe there’s some incentive for me to pay sooner. I was just going to say so I deal with why would a company offer that? They want you to, they want to give you a little time to make your payments and then you can put it on a credit card and then not pay the bill for another 30.
So people do that, but I’m just saying like some companies offer an incentive to your customer, instead of waiting for your money, especially like now interest rates are up, let’s say you do have a line of credit that you’re using in your business, you’re floating back and forth your line of credit. Now instead of paying one or 2%, maybe you’re paying 7, 8, 9, or 10% with the new interest rates. So maybe it’s better to offer. Some savings to your customer, hey, pay by credit card and we’ll give you, a better term better. Maybe we’ll give you a little discount if you pay by credit card.
Got it! Some companies like we used to deal with a huge company, and we used to buy hundreds of cases of paper. We had a client that wanted, that needed to buy a hundred, 200 cases of paper at a time. That place was crazy. They used to give a 2%, 2% off if you paid within 10 days. So we used to pay all the time and take the 2%, it was like a $3,000 bill. So, I forget whatever it’s the savings there’s nonetheless, we already had the money from the client, so why I just pay the bill.
So, there’s no reason to get frustrated if you’re in that if you’re doing business to business, we’ve talked that we did a whole podcast on have a payment portal. Using payments as a service and set up a payment portal. It’s easy to do. I’ve done it for tons of companies. And then I was in the same article. I was talking about how much it costs to cur to make an invoice, right? Eight to $20 to create and process an invoice. And most of that money is tied up in labor. You’re saying it would cost me eight to $20 to create an invoice? No, I’m just saying if you’re in a big business and they’re paying, having employees that are creating invoices, they’re spending money, doing all that. So hourly wages and stuff like that.
Yeah. Hourly wages. There could be mistakes and they could automate it too but automating the invoice software to send out a link. So, the person they’re emailing it instead of putting it in the mail. It’s crazy. You don’t, but that is this 80% of B2B companies still use checks. Yeah! I can’t tell you, like outta here, somebody asked it out, bro. Somebody asked me for a check the other day. I almost forgot how to put it in the print like that. This is the first cut it out. That’s how old that is. Y’all need to get out of here with the checks. Yeah, checks, they should use, consumerization of payments is my term. So, treat your copywriting, treat your paid marketing process, right?
Treat your customers the way they want to be treated and you’ll get paid quicker. The other thing that was kept quiet was the payments choice act where, you know, that’s going to keep the cash. And so that made me happy. The payments choice act. So that passed explain. So, the payments choice act got rid of the people who want to have a cashless society. So that’s off the table. They passed the law, so now that’s done. Good. They passed it in the house, I had to ask some guy from the fed. He, oh yeah, no, I remember this now because a bunch of the bunch of FinTech guys and credit card processes was going crazy about that. Yeah. The ATM people.
Then, they wanted that to get passed cuz otherwise I would just kill cash, right? Kill ATMs. And the banks wouldn’t like it and the small banks wouldn’t like it and all that. So that passed and that’s off the table. Another thing is, so I saw somebody sent me a type. Somebody sent me a blog post and their blog post was, is crypto dead or alive? That was the title of the blog post. And then I listened to part of the podcast where they were discussing it. Yeah, it was very interesting. So, they were talking about that crypto is alive and that people, so I’m going to give a little explanation on this. So, in the United States, people were doing one thing with crypto, and outside of the United States, people were doing something completely different with crypto.
So, what was going on? What was going on in the US was there were a lot of hedge funds that a lot of stock trading type people with a lot of money, they day trading crypto, like they day traded the stock market, right? So, they were day trading buying high crypto would go down. Then the crypto would go up, they would sell it. Then crypto would come down, they buy more, and then it would go up. And then, if you’re working with hundreds of thousands of dollars or millions of dollars or tens of thousands, you that you can put at risk, and you’re making these incremental. Incremental profit, right? Yeah.
You’re making an investment and you’re making an incremental profit. Take it off the table. The problem with that was they all pulled their money out. Why because they pass that law, that if you, anytime you sell crypto without holding it for a year, it’s subject to capital gain tax. So, they all pull their money out of the crypto market, all these hedge funds, traders, and all that, and that caused crypto to go down to where it is right now. Now outside of the US. Sure, some people were doing all that trading. But the majority of people, what they were doing was they do more like cross border business, peer to peer international sending your family members from Bitcoin. Not just that buy something in Mexico. Yeah. But not having the fee of sending them.
A wire. But not just that peer-to-peer transfer, but also for a business transactions. Businesses too. Yeah. So, someone in Brazil wants to buy a Mercedes here. They’re going to pay. So, what they were doing was their money’s horrible in a lot of these countries. So, they’re all loading up on the USD stable coins and a lot of them were staking it at these crypto companies. And the crypto companies were paying interest rates like eight, nine, and 10% on those staked, USD coins. And nothing happened to them, they were a dollar when crypto was up and they’re a dollar now.
So that’s what they were doing. So then when they were ready to do a transaction, they take the USD coin. They buy the Bitcoin, then they do their transaction right away. Immediately! They’re not waiting for the crypto to go up and down. They’re not even worried about it because they’re going to do the transaction. Usually within a few minutes, not hours or days or weeks or months. Within a few minutes, boom they run off a transaction. And it enables them to do these cross, from country to country, because if you’re gonna wire transfer money from Israel to the United States, you going to use The Swift and it takes a few days.
Then you got all kinds of banking rules and this and that. So, it’s that, transferring with. So, the Bitcoin right away today, I met with a big title company, and they’ve been doing Bitcoin transactions when I explained to them how we do it versus what they’re doing right now. We could do it for less than half the price of what they’re we’re doing it for. No kidding! Yeah. The guy was like, yeah, we want to have you guys as an option. Right to use it! So, we’re hoping we’re sending him some more information about, what we do, good! and hopefully, we’re going to sign them up. Because there is a market where people are buying, people from outside the US are buying stuff inside the US and using Bitcoin light coin, Bitcoin Cash, and Ethereum to do that because they’re using it in a different way.
They’re using it because it’s a lot faster way to do business. The international business makes sense to me. That’s what people need to understand. P it’s not an investment. Sure. You can buy some and hold onto it and hope it goes up and that’s an investment, but that’s a very speculative investment. So, we don’t give financial advice, only invest what you can lose! If you can’t lose it, don’t invest it same with the stock market. Agreed! So, they’re not using it that way as an investment tool. Some people have small amounts, invested, but most of it that’s being moved around. Because you can go look it up and see how much Bitcoin is being exchanged.
Constantly. It’s constant, it’s all day long. These coins are being exchanged, the top four coins, Bitcoin, Light Coin, Bitcoin Cash, and Ethereum. The market is constantly, boom boom! So, comp and then, there’s been some weird stuff in the news too oh, Coinbase is laying off people, and this company a lot of those companies, they were way too fat with employees. Way too fat. They had way too many employees, so whatever they’re thinning the ranks out, that’s all that is. And then crypto, so I was sitting here thinking about that too. Like how. all these major crypto companies have been in the news lately, right? Like crypto.com, Coinbase, couple of other larger ones FTX.
They’re laying people off, right? Yeah. There’s one company though. That’s in big trouble Celsius. They’re in trouble. Yeah. They’re but they’ve bits bad. But my point is it’s slow like that everywhere. The economy itself is bad! Yeah! Slowing down like everyone is downsizing. Everyone is trimming the fat, everyone, every business owner that I know is trying to find ways to save money. And unfortunately, that is going to be required to lay people off. That’s why people are switching to things like technology. Like we were talking the other day. Let me finish with the Celsius company was basically people were giving them Bitcoin. They were giving the people money to buy houses.
And let me tell you right now, they’re praying like that thing does not collapse. I think whatever bank was backing them, I’m pretty sure I read someone’s going to bail them up. Yeah. So, someone in the, oh yeah, the FTX. The one with money. Yeah! Yeah, the owner of FTX, he already pledged to bail out three companies that were in the news. I’ve seen two, but he’s going to bail out three of ’em. Yeah. Two or three companies. That guy’s sitting on what half almost trillion, that guy the richest, one of the richest people in the world. Yeah. I think Elon Musk is number one.
He’s number two, probably he’s two or three. Interesting. And then you still got what’s the Berkshire Hathaway, whatever that guy’s loaded. I don’t know. I have to go look it up. I don’t care. It doesn’t matter. We don’t have his money. No. So whatever. And then also, like we were reading about, we were talking about NFTs. So, a lot of there’s still news coming out of it. NFTs. There was just this past week NFT week in New York. People were still talking about NFT and the NFT thing is going crazy because NFT NYC was a total bust. I heard, was it? I don’t know. A lot of people were talking bad about it. That’s all I know, whatever people are going to figure out this NFT thing, people are Gary V figured it out.
People are buying these things for memberships. Granted, they probably went down in value, because Ethereum went down. Maybe it’ll go back up. People were like really stuck on the avatar thing and did not understand what an NFT really is, or like the capability of it. And the general population is oh, it’s an NFT is just the art for your Twitter profile. Right! That’s not the case. There are a lot of cool things that you could do with the NFTs. I was just telling Allen that I was reading about one of the NFT projects that just dropped and if you bought the NFT a part of the utility what you would get in return for purchasing the NFT, not only do you get the NFT, but you get other things included.
And one of those things was therapy sessions, and I, good. That’s. That’s awesome. If businesses are going to utilize this as a tool for incorporating services or, brand awareness in general. I think that it’s a very awesome thing. That’s going to just grow and expand and yeah. There’s looking forward to what happens. There are a lot of companies in the news about purchasing NFTs and then getting memberships to nightclubs, restaurants, and other types of businesses. conferences, right? Like in the metaverse do they have freeways on the metaverse? Do they have streets and roads?
Yeah. At some point there will be, I think you’re going to need those. I think you’re going to need those goggles. So, then what do you see on streets and roads signs, billboards, and then what are these different companies going to do inside of the metaverse put up their signs. You’re going to go; you’re going to be in the metaverse and there’s going to be a big billboard to buy the new Yeezus that just dropped or the new Oculus glasses that you should buy. These are just ways that the metaverse or I’ve been read there three in general, is this going to really blow up?
And it’s going to be cool. It’s going to happen quickly. I think that everyone should be, I think that the development is going to happen quickly, but I think the adoption from the level of consumers until they get the prices down of these glasses and stuff that you’re going to need, it’s going to be, you’d be surprised because I’m walking around the neighborhood and there are a lot of people with Oculus. I know, but I’m saying the price came down. It was like five something. Oh, it was five. Now they’re 300 bucks. Now they’re like 300, but I’m saying is as the price of those goggles comes down, there’s going to be more adoption. I even read today another story where some guys making a search engine specifically for the metaverses.
Metaverse search engines. I don’t know. Listen, there’s going to be a lot of businesses, new businesses, and you’re going to need credit card processing. Guess what? We work with banks that will process Crypto-related businesses; the same way we do with cannabis-related. Not everybody wants to do business and we’ve been doing a lot of business with crypto-related companies lately. So, another, and I saw a new, FinTech story today. And this is just something that’s popping up more and more on my radar because I’ve been referred to a couple of these companies. We are just we’re in the process now for one getting finished, getting set up, and its money transfers companies.
And I’ve been contacted by about four or five of them. In the last year or so, and this one was written up, it was called Chipper Cash. And it’s two guys that are from Africa and they created this, and it was just in Forbes magazine, making it cheaper for people to send money to Africa from the United States. Nice! And we’re working with a company that’s doing the same thing, but for South American countries. Very cool! We’ve talked to a few other people who try to start these businesses. But you’ve got to get compliant, you got to have AML anti-money laundering. You got to get, attorneys involved, you got to register with FinTech.
So there’s a process to doing that. And we recently partnered with somebody who can help businesses like that get compliant. So if you need those kinds of services for compliance services, we can help. Nice. So that’s cool. And the other thing that’s been in the news is pay, which are companies like PayPal, Square, and Stripe, which we just did a podcast about PayPal, Square, or Stripe or a merchant account. What’s better for your business. So, in the news article, they were just talking about more companies are entering into their space, into that same space, more companies getting into their space. Yeah. And when at the convention there were actually like three companies there that were that, we were going to talk that I’m meeting within the next week or two that are all trying to.
They’re all having their own kind of payback and have that automated boarding experience to able to attain a merchant account, but a merchant account in the more traditional style. What is that? Because like PayPal, is mostly like internet and invoicing and then Stripe is basically mostly the internet and some invoicing. Then Square has like the reg full-blown, like register system, right! Yeah, It’s like a POS right. POS and some mobile payments. And PayPal also has some mobile payments, you know, and then there are others like QuickBooks. They’re also a payback, right?
Shopify is a payback. So, a lot of the companies. So now the one company I talked to won’t make the announcement when we’re signed up, but they’re going to be more Omni Commerce.
And that’s another big term in the news. Like the new term, Justin loves all these terms. Where do they come from? Consumerization, FinTech, Omni commerce. No, we don’t want Omni. No, everything sounds like a transformer. That’s all right. So, this Omni commerce basically is where somebody’s going to be able to get everything all at all in one. So basically, you have your credit card machine, a mobile ability to have that thing go mobile. Have it as your point-of-sale system tie in your website to it? So, you have your website tied into, so now you just go to one portal and see all your payments, all your sales. Yeah. All your sales, everything tied into one.
I like it! One portal, Omni Commerce. So no, but more companies are working towards that. I saw another company that’s selling credit card machines and they’re getting ready to launch where they have the ability. For the, their portal that runs the credit card machine to link it to WooCommerce now. Cool. Yeah. So, there’s more, then you don’t need like an extra gateway fee and stuff like that. So, it’s money-saving. That’s big because now you don’t need an extra gateway fee. Oh, do that. You can have this whole setup where oh, I’m going to get. And I’m going to have my credit card machine for when I go to the fair and then my website, and then it’s all running inside of the same portal.
And then I like it to break it all down. It’s really cool. That’s what, I always talk about how payments are moving at a very rapid pace right now. And so, when we hear these terms, Omni Commerce, people have been saying Omni Commerce for a couple of years, but nobody really had it. Payments as a service. Like we have one, so now, like these gateways are just getting more enhanced and more enhanced with these integrations. And then you can have more going on in your business. So, if you want to find out more about whatever we’re talking about on the podcast, go visit B2BVault.info.
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