Payment Trends August 2022

What’s up everybody. It’s Justin live from B2B vault, the payment technology podcast with your host, Allen Kopelman. And we’ll be providing you educational information about business, Payments FinTech, decentralized finance and the technology businesses use in today’s world. And in today’s podcast episode, we’re gonna be talking about the payment trends for August every, you know, at the end of the month, we go over, uh, the payment trends that.

You know that we’re in the news for the, for, for the month. Yeah. What’s in the news. What are people talking about on Twitter, Facebook, LinkedIn, when it comes to all that happy stuff. And then, you know, we try to have a conversation about it. Uh, you know, we’re not like super focused on one thing or anything like that.

We’re just gonna, you know, shoot the stuffs. So what’s first up to bat first up to bat. Let’s talk about. cannabis blue. So cannabis has been in the news constantly the last few months with all types of bills from Congress, right? To legalized cannabis, the, the safe banking act with cannabis. The. Cannabis, you know, decriminalization, decriminalization, legal, legalization, everything.

Yeah. Everything to do with cannabis and C, B D, and you know, what are they gonna do with Delta eight, Delta nine? You know, all, all of these, you know, the S and hemp and everything. So there was a conference going on in Atlanta after I was at my conference called and it was called weed deck. Most of the people kind of left.

Was a lot of banks there. They, weren’t not really gonna associate, they weren’t feeling it. Right. So they weren’t passing the Dutchie man. So soon after that, there was a news released by the green sheet, which is the payment processing magazine. And I write, shout out to the green sheet. Yep. Shout out. and you know, one of my favorite writers, Dale, so she did a synopsis of the meeting.

Oh right. Of the, what was going on at the weed tech. Okay. So some crazy news came out and then, excuse me, while that, while that was coming out, there was also a lot of rumblings going on from the banks, that process, the ATM machines. Yes. And a couple of. Really did a, a, uh, a crackdown on, uh, cashless ATMs, Uhhuh, and they shut down a couple of the networks.

So some of those companies, all of a sudden merchants had no processing using those machines. And then there was, that’s not cool. Right. And then there was some articles going on from fin can F I N C a N N. And they were saying that. Um, it seemed that cashless ATMs were gonna become a target of federal enforcement somehow.

Yeah. And then soon after that article came out, boom. I heard two banks went through their portfolio, you know, and they could figure out what kind of machines right. Are processing. So they didn’t look like ATM. So they started shutting them all off. You know, then there’s was a whole mention in the article about this company ease and about how they had let, um, federal legal action against them.

They got shut down. There were for what? Why? Because they had cashless ATMs. No, they were doing, they, they were actually set up fake merchant accounts. So phony marching account, like for something else, like for t-shirts mm-hmm , but they were actually processing M. Oh, so there was a whole talk about, uh, phony merchant accounts for marijuana in this whole discussion and that how the processors are cracking down on that, finding these merchants and then, or C B merchants setting up, you know, extra credit card machines, and then putting them in a dispensary.

Disguised as the CBD store. Oh really? Yeah. Like someone owns this vape shop, then they have like two credit card machines. They take one to the dispenser. So they started cracking down on a lot of that because now they can pick up like the IP address and then look at the location. Right. So there’s a lot of his wifi enabled.

I. They know where you are. Right? So there’s a lot of that going on from that standpoint, Rocky, there’s no cannabis over here. I don’t know what you’re looking for. We got Rocky the mascot, uh he’s. He’s trying to interpretation of a drug sniffing dog, uh, not stop scratching the, the, the podcast table. You can, Samantha’s probably gonna make a, uh, social media pose with that.

Now I would. So. So now, and also, so then all these organizations, another one camera, which is another marketing organization, started, started coming out, saying, saying that they need to get rid of these cashless ATMs because that’s blocking the safe banking act. Mm. Like that’s illegal activity. So what can, what can dispensaries do?

So the, the national. ATM coalition NAAC. They’re you know, they’re saying, you know, a, there’s a lot of banks basically that say like you can provide ATM financial services and licensed dispensaries, you know, where you follow the rules. So the rules are that the ATM is not owned by the dispensary. The cash is provided by a third party.

Pretty simple rules. Right? And then you can have an, a, an ATM. So there’s several banks that are allowing that because they want to, they basically want to get rid of the cashless ATM. They don’t feel like that’s the right thing. And, and the word cashless ATM just sounds super shady to. So basically, like when I first started in processing, they used to have all these machines and they call them a script machine mm-hmm and it was like an ATM.

Except it was running on the debit network and then it would, and even there were some ATMs, like even you go to Vegas, you see a few of these ATMs and the older hotels, you go to the ATM machine, but it doesn’t spit out money. It spits out a piece of paper. Then you gotta go up to the counter, show your ID, and then they give you the cash.

So, you know, those type of machines have been around for a long time point a banking. But now they crack down on it. Like the ones that like, uh, actually taco bell used to have. ’em like every taco bell, you could use your debit card and you paid 79 cents. And we actually sold tons of them. We had a client that owned a bunch of burger Kings at McDonald’s mm-hmm and we had ’em in there too.

And you just ran your debit card, plus it charged you 79. The the customer right. Charged the customer 79 cents. So for using the card here for using the card, so instead of paying cash, but it did your actual total, but it was pin debit, not on the ATM network, but then there were other ones that were on the ATM network.

you know, and that did that, but then they put a stop to that, those machines, script machine cashless, ATM the banks put KBOs on it. Now it looks like the banks are putting the big kibosh on it. And, uh, not so many banks are allowing it and they want to stop allowing it. And there’s the big push from the cannabis.

Some of the cannabis associations mm-hmm to stop. Saying that, you know, ATM companies can provide ATM machines and be within the rules permitted by visa and other networks. And that other schemes have resulted in guilty. Please Hef these fines and settlements, and they’re now. Some of the ATM associations are trying to encourage the, um, licensed dispensaries to stop using the cash flow ATMs, put a real ATM in and to, um, obey the rules so that the possibly they think that that’s gonna help them.

If they’re obeying the rules and not trying to do. Use all these th these workarounds to get to take payments that maybe the government will go forward with the safe banking act. Well, why don’t they just legalize marijuana and make it, uh, it’s just stupid. Anyway. I know it’s just crazy. You know, it’s crazy.

It’s legal, but it’s not legal, right. It’s legal, but it’s not legal. It’s legal on a state level, but not a federal level. Cuz people can go out like dispensaries. They can go to a state chartered. Community bank mm-hmm or a state chartered bank and get a, and, and, and get, um, bank accounts. They just can’t do it from a federal bank.

So it’s kind of crazy. And some of the big banks get around it because they partner with like a credit union. you know, and then they’re able to say, Hey, Justin’s marijuana store. You know, we know like you have, you’re a good customer here at blah, blah, blah X, Y, Z bank. Oh, we’re partnered with Alan’s credit union.

So we’re gonna. Get you an account over there. Nice and service you. Right. Even though we are not supposed to be doing that. So, but that’s, you know, I think that the cannabis needs to get legalized. They need to do the safe banking act. They need to allow for actual credit card processing and figure out like whatever the compliant methods are gonna be.

Agreed real quick. Thank you for tuning in. And liking and subscribing all of the podcast. Shout out to our fans. We love you without you. We wouldn’t be doing this. So thanks for listening. Uh, head over to B2 B vault.info. Check up on past episodes. Get caught up. There’s a form. If you want to get in contact with Alan or myself sponsorship opportunities.

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All right. Back to the action back to you buck. So a few things that we’re going on, some other stuff that’s been in the news is small banks. And how they’re monetizing, you know, so like the Neo banks and the credit unions and the community banks, how they’re, how they’re monetizing. So they’re having a very hard time with like getting people to get their credit card, to get their debit card.

So they’re trying to come up with more, you know, robust solutions for that so they can get people approved quicker. You mean for merchant accounts? No. No. For. Use business cards, personal credit cards, like people are going to other cards for, for their business. You’re saying, yeah, I’m confused. Okay. So like, let’s say you have your Justin’s cowboy store, which we talked about last episode and where you sell this cowboy cowboy boots, buddy, this cowboy boots.

So the, uh, instead of you getting the credit card from the bank, I got the name. It’s gonna be called city slicker.com. Okay. So instead of getting their credit card, you go to a big bank and get the credit card from there, cuz the benefits are better. So these banks are trying to come up with ways to get have better.

So a smaller bank in your neighborhood, like whatever, I don’t even know. Yeah. What’s the name of it? Smaller bank. ABC community bank. Okay. They are having a problem with getting people to. Business cards. Yeah. Like their, their credit cards from their bank. So they’re trying to partner. Oh, so right. So like I bank with Navy federal.

Right. And they offer a credit card or instead I went to credit one bank, right. For the credit card. And didn’t go with Navy, federal. Why would people. Because they want better benefits. So those banks are trying to come up partner with different types of credit cards to give their customers better credit, better credit cards with more rewards and.

Points and stuff like that. So to capture it, and then also on the merchant card side, you know, I was speaking to quite a few community bankers at this event I was at and they were saying the same thing. They were like the bank people, they go, you know, they can analyze, you know, who’s getting deposits, right.

So they see that a lot of their customers. Or getting away from the traditional merchant account and going to PayPal square strength. So they’re looking to figure out ways how to combat that. When do you mean the traditional? What do you mean by well, instead of like you walk into your community bank. Oh, I want to get a merchant account.

Oh, we’re partnered with whatever nationwide payment, nationwide payment systems call Allen. So they don’t a lot of the younger people. They shy away from that. They just go to the internet and go to one of them, go to Stripe, go to Stripe, square PayPal, and get an account. And then they pay the rates. Right.

But then they’re missing out. So those companies are missing out on that business. We’re, we’re working on a solution for that. Right. So when you say that, They’re working on. I mean, like what are banks doing to stop that from happening? Literally they’re not, they don’t have a way, but we’re working on our project.

Right. That’s what I was getting at. So like, what are, so what are the reasons that. It’s the business owner wouldn’t use that the barrier to entry. They don’t want to deal with the paperwork. They don’t want to deal with negotiating rates. They don’t understand the rates. They don’t understand the service and they just go to one of these companies where they can just fill everything out online.

They don’t have to make a phone call. They don’t have to answer any questions. Really. I don’t think very little questions, you know, and. So not everybody qualifies for that type of merchant account. You have a higher risk type of business. Yeah. You’re gonna have to go to a comp to a merchant company who can help you, right.

With a higher risk type of business. Like I was reminiscing the other day and, uh, uh, a project came to mind. One that I did a long time ago was for a furniture company and, uh, the website, everything was great. They loved the website and then we got to the point. We were ready to start selling furniture online.

well, that’s when that’s high risk yeah, it is high risk because that’s when I learned that, you know, like, so for instance, PayPal, you couldn’t, you couldn’t have a product over a certain amount of money. Right? So like some of these furniture pieces were like $25,000. Well, there’s no, you know, payment processor available for w you know, like w commerce like that.

Right. You know what I mean? You have to that’s when you gotta step up and go into your authorized.net, right. Or, you know, whatever one that that is, right. Then you gotta get a regular payment processor. So, no, but you, my point is, this is my point is like these businesses, these companies. He couldn’t do it.

He couldn’t get approved. Right. He couldn’t go to an, he couldn’t. The one comp one bank wanted a million dollars in his bank account? Well, no, like furniture’s very high risk because somebody’s ordering it, then it’s getting shipped, then it’s getting delivered and it’s, it’s broken, it’s broken. And then there can be a lot of browser chargebacks.

Yeah. I chargebacks it’s a very difficult industry. I, uh, honestly the reason I think about this, because I’m pretty sure all of his, you know, they closed those furniture. I used to feel terrible about this. And I was trying to do everything I could, you know, I was literally, I felt so bad like that. I couldn’t help them, but there was nothing that I could have done.

No, like the website was functioning that you, the store worked, you couldn buy things, but I couldn’t get them approved. I couldn’t get that company approved. For a high risk merchant account, which I had no idea about, which is why I, what I’m saying about this is this is what we’re trying to bring a solution for, you know, for high risk businesses.

Yeah. Well, we’re trying to provide a solution one. Easy way to get a merchant account. So you don’t have to go to one of those companies you can go to, well, you know, you can go to somebody else’s. Yeah. I mean, right then rabbit, I’m just thinking that symphony bank we had to, I mean, synchrony, we had to synchronicity, they got denied.

They got went to another bank. They got denied. No, cuz they want, you know, when you’re doing a business like that, where you’re selling a. Ticket item. Yeah. Yeah. The bank wants to see your financials. They wanna see your bank account. They want to know you have the money. Listen, one time we had a client come to us and the first business they opened up was this, um, lawn furniture that was kind of like an Ikea style thing where it was like put together with PVC pipe and then you choose your fabric and all this.

Whatever. So they had it, it was in like these like warehouse type situ you know, type stores. Got it. And you walked through and you made your furniture, right? You picked out the designs that you wanted. It was pretty high. It was kind of high techy. That sounds pretty cool. Right. And then the guy tried to open up.

This store and it was gonna be all custom furniture from Brazil. Uh, the bank was like, no, you. They want someone to put a deposit down for like five, 10 grand, wait, six months, the furniture’s gonna come from Brazil. The bank. Whatever they went out business. I mean, I felt bad, but I told the guy said, listen, you know, you just don’t understand how credit card processing work.

I literally tried every workaround for the, for that, like, all right. How about we just sell lamps? You know? Well, what I would’ve, they were okay with that. But that mean like, they’re not gonna make, I would’ve done. I would’ve done, you know, if I would, if you were to contacted me, I would’ve said, listen, why don’t you put stuff?

That one, you have it in. Right. No special order load up like every small item you could possibly sell, put it on the website and build your business that, oh, believe me. That’s what I tried to have him do. Yeah. And build your business that way. I mean, no, I had the furniture to you, Salem. I believe his name was Salem.

No, I have a furniture store that said Bo or a. And they were like, oh, why we, you know, and it’s basically, they buy furniture from like people’s houses, estate sales, um, furniture showrooms, like, let’s say someone has like a really upscale furniture showroom. Yeah. And that, you know, a designer, that’s what I’m, that’s the type of guy I’m talking about.

And then they have, and then whatever is like, you know, and now it’s time for them to ch you know, they change out the furniture in the showroom every three to six months. Right. So they basically just like, they, they put it on consignment to this place and then they sell the F you know, they sell it. So the place is humongous.

It’s like a giant, massive warehouse of, it’s never ending. There’s this furniture everywhere in my hometown, in Milwaukee, there’s like a part of the city it’s kind of going towards downtown, like where the, you know, bucks play. From 27th and vallet all the way to 12th. Yeah. Is just furniture stores. So it’s like F store, so cash and carry you buy it and you take it home.

Oh yeah. I mean, they deliver it to you, but, but I’m saying there’s no, none of them places have a website. Right, but I’m saying it’s all buy it. Now you either take it home in your car, truck, SUV, or they’re delivering it. Those are, those are not easy to get approved either. Cuz the banks always ask, oh, is there anything they can order?

Da da, da, da, da, you gotta go back and forth and explain it. But yeah, just, you know, I think that the, these community banks watch out for our community bank program probably gonna release it within 90 days. You know, it’s gonna be. We’re doing 30. Okay. 30 days within, I would say let’s just say we we’ll, we’ll say it’ll be done in 90.

If we get it done in 30, then we’ll be, we’ll be golden. But watch app for the announcement it’s coming. you know, the other thing is, is, you know, it’s reading about cash app, right? And so I heard a rumor, a cash app was gonna come out with a business plan. They did. Right. But they, so now they really started to release it and they started to crack down on people using cash app and saying, oh, well, oh, we looked you up.

You’re a business. You gotta sign up for the business side cash app. And I want to tell you it’s a lot cheaper to take credit cards than it is to take cash app. But I did look into why, because the rates are higher than it is for a credit card. What about taxes? You still gotta pay taxes on. Are you paying taxes and cash app?

Yes. Now you are. Okay. Because the government put the KIBO on cash app. FMO PayPal. So if I send somebody 20 bucks, how much do they get? No, they get 20 bucks, but I’m saying they’re gonna get a 10 99. That’s my point for cash app is not deducting taxes for all you business illiterates out there. You do not get taxes deducted from your cash app balances.

So every time you make a, you know, you get a hundred percent exactly. At the end of the year, you gotta pay taxes. You have to pay. No one is fi you know, like you have to go fill out your forms and pay your taxes. Right. So everybody out there thinking that you’re getting over, oh, I’m using cash app. They don’t, you know, I get all my money.

No, you don’t, sir. You might get it all up front. But at the end of the year, trust me, uncle, Sam’s gonna come knocking on that door and you’re gonna get a bill. I just got 10 years worth of them. trust. Yeah. So, so then I was looking into cash app a little bit more, and I saw that there, so that there’s a, they’re trying to come out with something new where a business can put a little, a little QR code thing in their business with a little machine, and then they can actually take cash app in their business.

What’s what I thought was interesting about it is, is. Cash app has a lot of people that are unbanked. Yes. Right? So they don’t have a bank account, no cash app. I mean, I know kids that get their bank. Their checks directly deposited straight to their cash argument. Right. So I was thinking about it. And then I was reading that they’re coming out with a machine and I actually looked up the company who’s working one, some of the company’s working with them.

One of them we’ve been talking to. So we’re trying to see how we can establish a relationship for that, because I would like to bring that to. To the communities where there’s a lot of people in the minority communities, unbanked, you’d be great. That would be great. Because then as a business, I just, in my head, I could just imagine like all the barbershops C that could benefit from that, you know, like, cause so, so feel like barber shops?

No, just anybody in the comu, like people go into, let’s say you go into the small. Local grocery store, right? You’re in a, in a com BA you know, desert, my minority community. You go into the bodega, right? Yes. And now you wanna purchase something and then you’re like, Hey, all I have is cash app. And then the guy’s like you what’s happening is, is so the guy takes cash app from people, but then the cash app now sees, oh, this guy’s taking too much cash.

Right or so they kick him off cash app. Right? Right. I know this one guy or he get to, he had a lot of trouble because what he was doing is he was helping out. He was kids would come in, they’d pay him the cash app. Right. And then he put the money into the register. We ain’t put, oh, that’s not good. See what I’m saying?

yeah, but I’m just saying no, but what I’m saying is, is like, yeah, they’re taking cash app then surprise, low and behold, they get the 10 99. They’re like, oh, I didn’t know. I was gonna have to pay taxes on that. Right. And so this would be more of like a business cash app situation and it would be all trackable, cuz you’d have like a little, a little piece of equip.

That makes sense. I’m surprised cash app hasn’t released that already. Well, I mean, PayPal did that really. So they’re working with a few companies to try to figure out how to do that. And I was talking to somebody who was telling me they’re working on it actually sent me the paperwork and I was like, wow, this would be really good for, you know, to, to promote to businesses cuz they probably just don’t they don’t know about it.

Well, just imagine like at fairs, like we’re like small community event. That party’s what I’m talking about. Like they’re no, but they’re gonna want people to sign up and have a business bank account, and they’re gonna put, they’re not gonna put the money in cash app. It’s it’s like, it’s like merchant service, but you’re using cash app.

That’s what I’m talking about. I know it’s pretty interesting. We’re trying to find out how they’re gonna do it, you know, is it gonna be a set QR code or just like a little scanner thing? So we’re trying to figure out how they’re gonna do that. And we’re also trying to figure out if there’s maybe a way to take it and connect it to a credit card machine.

So. It’s pretty cool stuff. Well, I’m just saying otherwise where’s all the records for where up, you know what I mean? Yeah. It goes up. People don’t want to have like 50 payment methods and then have to go look it all up on 50 different apps. You want to try to, you wanna try to aggregate it. So it’s all going through one.

That’s the reason why I got rid of all of them. because I didn’t wanna deal with it anymore. Yeah. So it’s easier to have a merchant account, but definitely like alternatives to credit card processing. It’s people are talking about it. How are they gonna do it? Like now fed fed now thing. What’s an alternative to credit card processing Z everything, Zelle cash app, PayPal, Vemo, it’s all alternative.

But now since all those companies got the new 10 99 thing from Joe Biden, that they’re more expensive than credit card process. Oh, you mean Z? Yeah. Like all of those companies have to do reporting. They’re all raising their prices. I just saw another thing where PayPal. And well, PayPal’s crazy. PayPal is raising prices.

Square is gonna raise prices, stripes, gonna raise prices, um, cash app just raised their prices. And it’s all a result of that. Now they have to follow the same compliance that the credit card companies do and issue 10 99. So they’re, you know, they’re raising their prices. Can I say some they’re more expensive than credit card processing?

We had it good for a long time, man. yo it’s to everybody who’s been running around getting the cash apps and saved by the zes and you know, in the, uh, PayPal money, you know, we’ve had, we had, we had a hell of a run. You know, the story now is the party’s over the, yes, the party’s over joining the rest of the crew, man.

But, but you know, when you compare those services to merchant service, We’re we’re offering merchant services for way less, 20, 30 basis points less than what they’re majority. So the reason why people don’t are like, I know I, why I’ve been getting, you know, like resistance, right. Is because I’m not, we’re not a big, we’re not this name brand.

We’re not, we’re not Pepsi, we’re not PayPal. Right. But we, you guys are gonna learn because those guys are gonna keep raising their prices. And we’re gonna stay right here. Oh, you might go up here a little bit, but we’re gonna stay right around here just so we. Give it to those guys a little bit, you know what I mean?

Yeah. So, so now like fed now, which is this push for what’s called real time payments. But you know, when we look, when I look at this, there’s, they’re not off the banks that are doing it are not offering it to the SMB market and the FinTech companies who are trying to offer it also ha are being very selective about what merchants, which businesses using yeah.

How to do it. And it’s kind. I don’t see people really wanting to do that versus credit card, you know, versus credit cards. Because with credit cards, people are getting cash back miles points, rewards, you know, gift cards, all sorts, loyalty programs, loyalty programs. So gift cards. It’s gonna be interesting.

I think that the real time payments could really benefit and B2B what’s a real time payment. Well, so like you instead, so like, let’s say I need to pay your company. 20 grand. If I, if you were set up with real time payments, you could send me a link. I could click it. It takes the money, right outta my bank account.

Sends it to you, just like a wire mm-hmm , but no wire transfer fees and all that stuff. And that’s something we offer, right. We can do, we can set up ACH, but we don’t have real. Send the money. Like you request it, you get it in a couple of days, the fed now is going to big companies and going, Hey, why don’t you do this real time transfer, but not many, you know, there’s gonna be some adoption of that at the large level.

But at the lower level, I think people like their credit cards. Thanks. Nice to meet. And you know, the same stuff’s going on with the consumer financial protection bureau monitoring payment innovation. A lot of talk about that every day, like in all the payment news. Another thing that people started talking about is how restaurants can recover better from the pandemic by having their workers.

Treat paid like gig workers, like pay them daily. Oh yeah. Talk about that. And that’s pretty interesting. And there’s been a lot of discussion about that and also a lot of discussion about so real quick before you like, so for those who don’t know, like there’s what they’re trying to, what they’re talking about doing is paying people who work in like restaurants by the day.

So like they finished their. They’d cash out. Yeah, they would. Yeah. You’d finish your shift. And then somehow the restaurant would be using software and they can go. Okay. Of these 10 people finished their shift. Here’s all their tips, blah, blah, blah, blah, blah. But the thing is, is they’re trying to figure like one company we talk to I’m like, well, what do the employees do about taxes?

He goes, oh, they could deal with that at the end of the year. No, that’s not gonna fly. They ain’t gonna work for like, Some, you know, some guy in young kid, some girl in college. Yeah. They’ll just end up in a bunch of trouble. Now that’s gotta get linked to like a payroll company somehow so that some taxes are coming out daily, like some kind of calculation.

And then when the pay check gets cut, there’s at least some little bit of paycheck or something because kids will end up, you know, young people just end up in a bunch of troubles. So that’s gotta. Straightened out, but that’s probably a product that we’ll see, maybe make up breakouts in and then paying with wallets is really big all over the world except in the us.

And, you know, part of that has to do with apple paying Google pay and then blocking these wallets from getting in the phones. And I think that, you know, there’s lawsuits on that. So we’ll see what’s happening also. Now, banks. Pissed off about the central digital currency that was all over Google this morning.

And I was like, wow, these banks are not happy. They don’t want that. The digital currency. Don’t want it at first, I thought they were gonna be on board with it, but they do not want that at all. They do not like it. They don’t want, they don’t want crypto to be a thing. Well, not even crypto, just the digital currency, I think.

Right? Yeah. Just any kind of digital money they don’t want to, they don’t want to have that digital money. Nobody there’s a bank. Yeah, they’re a bank and listen, the banks are, the banks are rich and the banks are many. There’s a lot of banks. No, when you go get banking, the banks are many. There are few. No, no.

When you look at banks in the United States, we have thousands of banks. I know we talk about this way too much. Yeah. So, but in other countries that have only a few banks, I know that’s what I’m saying. We talk about, but yes, you learn a lot. You’re surprised. You’d be surprised that oh yeah, I’m gonna go to.

Ireland and they’re gonna have PNC. Nah, man. They’re gonna have whatever bank that Ireland, they have like two or three banks, the bank of Ireland and the bank of south Ireland, right? no, they just have less. There’s just less. There’s like less banks. Although some of the banks, why is the reasoning? What’s the reasoning from that?

I think less corruption maybe. No. Well, first of all, those C. People don’t realize like how big of a land mass the United States is compared to like other places, like all of Europe fits inside the us. I think I saw one time on a map that said all of Europe. No. Have to do the, uh, the don’t square miles.

Look at it. Knowledge on that one, Sarah, but yeah, I don’t know, but yes, I know what you’re saying. Like the United States of America is pretty big in co. Right. And we also have a different credit system than what they use their credit systems. We’ve talked about it. Yeah. It’s all set up differently. So they don’t need as many banks, you know, cuz that’s just the way it is.

I don’t think we need as many banks as we have either. Well, who knows it’s one day from America. So you can do what you want. No, I’m just kidding. Entrepreneurial society. I mean, there’s been a lot of consolidation in banking in the last few years. So the number of the big banks has been greatly reduced for sure.

So, well that’s because they’ve been buying all the love little guys. No, no. They’ve been buying each other look, SunTrust bought bank of. Bank Atlantic slash BB and T that was coast or whatever. It was no SunTrust SunTrust. Right? So BB and T and bank Atlantic merged together. Right? So that made BB and T and they bought it several banks along the way.

And now SunTrust merged with them. And now that’s one big bank called truss. So you wiped out, I don’t know, 5, 6, 7 banks. Bank of America over the years, as they merged up with tons of banks, Texas commerce, C, B, and the bank of America, they probably wiped out a couple of dozen banks, you know, regional banks.

Do you know, did you know a guy who started Walmart owns his own? Uh, well now they’re trying to, they’re trying to start a bank and he owns his own. No, he still has a bank. Right. But I’m saying now he trying Arkansas. Yeah. But he’s trying to now like become his. Like nationally chartered bank. Yeah. Because his bank is like sitting on 50 billion or something like that.

Yeah. Yeah. They have a big bank they’re trying to be. Yeah. But I think it’s only state chartered and I think they’re trying to get a national, no, it’s only in Arkansas. Right. They’re trying to get a national charter. Okay. I was, I, I just seen it. I seen the headline and I was like, it’s, you know, the.

Founder of Walmart. So they’re trying to be, so they’re trying to become like a neobank and get go national. That’s why they’re in a no that’s right, right. So there’s a big, that’s why I was telling you this neobank thing is blowing up with all sorts of different people, trying to get into the banking game.

And, you know, that’s, what’s going on that’s payment trends. So we just went over August, August. We went over everything, you know, all the buzzwords are still out there. FinTech, omnichannel, you know, cash discount where merchants can charge extra by now pay later, by now pay later, it’s all, it’s all out there.

It’s, you know, this is what’s going on. This is what we discuss on the podcast. Each podcast is about a different financial product, you know? That that, that we’re interacting with and looking into and, and, you know, advancing, um, you know, advancing. So we’re coming out with, you know, we’re gonna be making a big announcement about a new product.

We, we did a beta test on it, worked awesome, signed up a bunch of clients using it. They like it. So everybody’s. Everybody is happy on that end. So we’re going to be getting that off of the ground. Inside of that, we’re gonna have that program. We talked about for community banks. We’re gonna be looking into how possibly we can tie in cash app into some sort of a.

Into into, into, into being able to offer that, come up with a way how we’ll be able to offer that in a, in a pot, in a way that businesses could use it and see how that, you know, we’re gonna look into it. But I think we’re gonna see a lot of changes coming up in the next, uh, You know, this, the rest of 2022 is gonna be very interesting when it comes to payment trends.

Agreed. All right. Payment trends. We’re out. Carpe DM sees the day piece out. B2 B vault. Don’t forget. You can always text us to 9 5 4 8 2 7 9 8 1 8. The word book, and set up an appointment or visit the website. B2B vault.info. B2B vault.info.