Payments As A Service Explained

VIDEO TRANSCRIPTION

Hey everybody. It’s Justin Owings of B2B Vault: The Payment Technology Podcast with your host, Allen Kopelman, and we’ll be providing educational information about business payments, FinTech, decentralized finance, and the technology businesses need in today’s world. And what are we talking about today, sir?

We’re talking about payments as a service and payment portals. There you go, how that can help. Sounds good. All right, so let’s get into it. So I want to start with a bit of story since stories are fascinating. It’s storytime. Okay. So, when we talk about different things on the podcast, everybody always asks, how can this help my business?

So I’m going to tell you about a few businesses that we helped with this. Even before the pandemic, this was one of our most popular products. So one of the firms that we helped was a big law firm, and they had tons of business-to-business transactions, and they needed their customers to pay them, um, you know, a lot quicker than they were and stop handing people down.

So we created for them. We showed them by using our payments as a service model. They get a whole dashboard to do things, but it also gives you the ability to have a hosted payment portal. So basically, a link they can send their customers to it’s all branded with their logo.

The customer comes in, and they can click and make a one-time or recurring payment. They can pay with a credit card or pay by ACH, which is electronic. So, people can pay with that or they’re checking account. And, yeah, so it was very efficient, and you know, that we’ve been selling that product for many, many years, and we have a lot of small customers, large customers.

Um, we use it a lot, often in business to business. Like we have some plumbing customers, um, HVAC. Customers. And they all use this kind of software. And during the pandemic, a lot of companies who we showed it to that didn’t buy all started contacting us. Hey, we need this payment portal because now, with people at home, where are they going?

They’re going to mail the checks to our office. Who’s going to retrieve them and we need a more efficient way to get paid. So payment portal is a way to get paid, but this whole payments as a service platform have a lot of enables to help businesses with their payment processing. We will talk about what’s inside the portal and how and how it works.

Since we’re doing the podcast now, or we’re not showing a visual thing, you’ll be able to go download instead of watching or listening. We’re going to post the link in the show notes. You’ll be able to download this presentation. Then if you want to book a demo, you can book a demo.

Yeah, so very cool. We’re, you know, listening and improving. So everybody gets a dashboard, and the dashboard tells you everything you need to know all the info about your business. It shows you stats on how many things you jumped in the dashboard regarding the payment as a service, right?

B2B fault. Oh no. Yeah. The transition was just weird. That’s all. All right. So we back to the, okay. You’re talking about, right. So you got the year. Once you get signed up, you log into your dashboard. You can see everything that’s going on. And the payments as a service and what you can hook up to it.

So you can see all your reports and your profile, send invoices, do, and put inventory items in, if you want, as a complete customer database. So you are going to see that like all kinds of ways to take transactions. I’ll give you an example of another customer. I will have a customer or a colossal CPA firm so that some people that come to the office, so they have a machine hooked up to theirs.

PC is a little credit card machine, and then it links into the payment as a service so that all the transactions are recorded. So no matter how your customer does a transaction, they do want to know in person that you answer the phone and key after it is. Or they pay through the payment portal, pay through an invoice, or however they make their payment.

It’s all recorded under their customer tab. Nice. So it keeps track, no matter how they paid it, it keeps track of all their, all the customer’s payments. And then, and the stats you can see. Because you’re alive, you can do recurring transactions. So many businesses do have weekly transactions bi-weekly or monthly, and you could see how many they are, and then on the calendar, depending on where they are, the dates are highlighted.

So you can go in and see how many transactions you have on the transaction screen. It’s straightforward to use. You know, you can do a manual entry, you can send somebody a payment request via text or email, or you could enter in a transaction or do a recurring transaction and choose credit card or ACH or what we call the passport. Which is when you send a text or email receipts, and that’s still popular during the pandemic. People went crazy with that. They don’t want to handle the person’s credit card, but also. I’m at the office, and I’m taking an order for a product you need to pay; you already have the invoice.

I can send you a passport payment, click the link, and make a payment. Very cool. Yeah. So it’s, really, really cool. Would tie what’s are some examples of somebody that could use. Um, we have a locksmith company. So let’s say you don’t want your employees to handle it. This is a big thing now, especially with security customers who want to ensure that you’re doing transactions in a secure method.

Right. And they don’t want to just give you the credit card over the phone. No. Right. So this makes your customer feel more comfortable because you’re sending them a text or emailing their receipt. They’re the ones entering the credit card number. So, therefore you have fewer employees handling the credit card number.

You don’t have a guy writing it down here in the house and then giving it to the lady in the office or giving it to her over the phone. Fewer mistakes are made, you know, that it’s curved and we’re, especially with the passport payments. You can walk in real-time. Like we have a tow truck company, a few of them use this, and it’s fantastic.

Justin’s car breaks down, and he calls up the tow truck company. They go. Okay, great. They sent Justin a passport. He makes his payment was excellent about the passport is if you’re on your computer or you’re on your phone, it also detects if you have apple pay or Google wallet on your phone. If you do, then it makes it even easier to make a payment, or some people even have their credit cards saved in a browser, or however it is, it detects that.

So this way, the tow truck company receives the passport payment, the customer gets it, makes the payment, they send the tow truck out. Very cool. So that way they know like the person’s going to stay there and wait for them. They’re not going to leave. You see, we have another company that uses it.

They have parking services. You get your car booted. She didn’t pay for parking. And then so that the guy doesn’t get beat up. When he comes to take the boot off the car, right? You call the phone number up, saying, Hey, my car got booted. They go, okay, what’s the license plate number? You tell them, they say, we will send you a.

Make your payment, and you make the payment; the guy shows up and removes the boot from the car. So he has nothing to do with the payment, which is good because you don’t want no. Cause for, you know, everybody’s concerned about phishing attacks, texting attacks, all these things, oh, who am I giving my credit card information to so that the customer is handling the credit card information.

So it makes it for a pleasant, secure, safe transaction. It drives customers to feel warm and fuzzy. Okay. All right. They’re not giving you the wrong. They’re not getting an everywhere. No one wants to feel warm and fuzzy when checking their stuff. Right. They want to make sure. And then you can see it live.

I’m showing Justin a picture of the thing. So you see that I was sad. You know the person is opening. And then you can see when they make their payment; you could see it in real-time, which is essential. And, somewhere like trucking or, you know, someone’s repairing a house and things like that, the person in the office can see as a live thing, and they’re not handling the credit card number.

Nice. You know the next thing is invoicing. So this allows you to create invoices, have items in there, and send the invoice out with the person. No, it’s good for smaller five companies; more prominent companies will send their invoices out and send people to the payment portal. Know there’s a lot, there’s a ton of features and payment as a service, you can even like we have another company and it was a unique one that we dealt with.

This company sells privately labeled cough medicines and things like that to mom and pop farmers. Stores like a CVS, but more like a mom-and-pop CVS still around. They’re still around. There are quite a few of them because they do a lot of business. And so some of the larger ones that have, you know, maybe 10, 20 stores, private label items, and then other ones that are smaller just by like their generic brand, you know, A generic brand in the store to sell very cool versus stowing, you know, Nick, well then the other one and they have two lines of products.

One line is regular cough medicines, and the other is all-natural. So, or like organic. That type of medicine. Right. So that, you know, so then a unique thing. So they needed it to be on their website. They’ve even enabled invoicing. They needed to be able to have the salesperson while he’s in the field.

Get collect the payment from somebody. So they were able to do all of that with this payment as a service because, you know, they have a call center. So the people in the call center, everyone has their login. They can log into the software, make a payment, send a passport payment, and request out to somebody.

Someone says they’re busy. Oh, can you send me a payment request? They don’t have to call them back 20 times. I can just send the payment request out, and then the person can pay it when convenient. So I get that. That’s the beauty of it because, you know, people running businesses and they’re short-staffed.

So you’re giving them a payment request, and then they can make the payment when they’re done with work seven, eight o’clock at night, they eat dinner. Okay. I got to make that payment quickly before you keep calm; what type of to get approved for this. What kind of merchant account do you need to have, or can you sign up? No, we signed them up.

We get you set up with your merchant account, and we get you set up with an ACH, but it is as if you’re using one software, one login, and all the dates are saved in one portal. So you don’t need separate companies to do everything because most of the time, when you, when you’re putting a product like this together, it’s like linking up three, you know, you need a gateway, then you need a credit card processor that you need an ACA.

So then you have thrilled; I guess what I’m asking is, do you have to have a merchant account set up? Yeah. You need a merchant account, and you or some people just use ACH. They don’t even use credit card processing, and they use this service, and they have ACH. I’m asking because I think this would be a great tool.

For certain businesses, let’s say for what design for is. Yeah, this is great for weapons. So, you’re trying to get a client, and the site will cost them ten grand. You could do your internal financing. You can set up a payment arrangement and add your percentage fee through this. We even have orthodontists use this as they put people on either a monthly or biweekly payment plan for orthopedics. We have a dentist’s office that uses this because they have customers they know, especially a dentist or an orthodontist who has been in business for years.

Right. Many customers will say, oh, I don’t want to use care credit. It was too expensive. So you can offer your internal financing obviously if you’re. If you have the money, I’ll give you another example. We, we have, uh, a couple of car places that use this, so they do their internal financing of buy here, pay here, like, but it’s more like for upscale cars, someone buying an expensive used car, and then they’ll set up, you know, some they’ll finance part of it and then make some payment.

This way, or like we have another place that sells you use commercial trucks, they do their internal financing. Cool. So they use this also, and then the person sets up payments either weekly, bi-weekly, or monthly, making it easy for them to do it. And like Justin said, with the, you know, like, especially if you’re selling something like A high-end product, like a website to a customer, will pay you ten grand.

You could set it up. Instead of paying, coming up with two thousand at a time, you can get more creative with financing. Also, if you’ve used youth having some SAS product, you can integrate this into your SAS product. You can integrate this for non-for-profits because it allows you to make recurring payments. Also, non-profits can add minor features to it. So let’s say they have different funds, the fund for a playground, fun, or additional funds that people want to gift. They can set it up on their website so that when. Give money to those funds, and the backend will be able to see where those funds are supposed to be going.

So they know how much they raise for this and for that. But it’s, you know, it’s very, very cool. Before we get into that second part, I want to real quick, want to thank our sponsors, the payment advisory board, nationwide payment systems, NPS bank, and the final guy.

I always forget to mention NPS Printer! How can I forget that when they’re the ones that provided this beautiful backdrop? If you need one of those, reach out to NPSprinter.com, they can hook you up. I’m sure we have. Do we have a code for that? You don’t have a code, dude. I will put a code in.

We’ll put up a discount code. It has to show that for printing. Yeah. You know you don’t like printing. You don’t want to discount code. He said no way. Jose, on the discount code, you liked that? Yeah. He’s no, no discount codes. What do you think, Rocky? 20% off. Nope. Okay. We’ll shoot the dice later and see what Rocky says.

We’ll give him a treat. Maybe he’s upset. He doesn’t have a Dutch. I don’t know. Anyway, check out B2BVault.info; you catch up with all the past episodes. There are a couple of forms for you to contact Allen and book an appointment with him. If there are inquiries or you want to sponsor the podcast, there is also a form.

You can check us out on all podcasts, streaming networks, iHeart, radio, Stitcher, YouTube, Pandora, Spotify, and Google. It goes on and on and on. Um, be sure to follow the podcast at B2B evolve on social media, Facebook, Twitter, Instagram, and ticked doc, where you can see funny videos of Rocky and Allen doing their thing back to you.

Bucko. You’re going to be on tick toxin. Okay. So the other thing that’s great about this software is the customer data. Save all your information on your customers, and then it can be exported and used. You can export all things out of the software sales reports and projections. You can download a list of your customer’s email addresses, import it into MailChimp, and send everybody an email.

So you could do all, you can connect it to yeah. You can import and export the customer database straight to MailChimp. Right. Nice. And you can also, uh, let’s say you use a different kind of software now, or you have a CRM. You want to put all your customers in here. You can, we show you how to set up the spreadsheet, and then you can upload it into the database, and then all your customers are already in the database, making it less For you to deal with your customers.

So it was easy peasy. Yeah. Then, from a transaction report, you can pull up transactions for you and pull up the transaction report for the day. Then you can look at it. Pick the day you want to look at, and open that up. You could see all the transactions that were in there for the day.

If somebody’s transaction doesn’t go through, you see all that, you know, you get notified of that immediately, but you can see great things in the transaction report. And then in the profile section, you can do all kinds of things in the software, put in all your employees. You can see logs of who logged in, when they logged in, and what they did in the software.

You can get access to the API to link it up to your website and install it. You know, works with most websites, work for us. You go into your settings. That’s where you can view all your settings cuts, set up custom fields, and add scanning devices. Very cool. See all, all of that. You can configure it if you want to charge any fee.

So if you want to run a surcharge or cash discount program and pass a fee to your customers, you can do that. We have some places that collect rent, so they’ll collect, let’s say, three and a half percent on credit card payments, and they’ll collect $5 on a check payment. So there are many different options of what you can go in there.

And then their reports, you can see everything daily summaries, your ACH settlements. If you’re doing verifications, you can do that. And we have all types of, you know, advanced features, making sure that makes sure that all the bank accounts are verified, and you can also see your billing statement.

If you have a lot of returns, like we do a lot of insurance companies, right? So they go in, see your return analysis, and see why it was returned. Maybe somebody’s got a lousy checking account number. Then you can see that we also offer credit card auto-updater, which is essential.

If you’re doing many recurring transactions, somebody loses their credit card, or the credit card expires, the updater automatically. Upstates the credit card and your system; you don’t have to call your customer to do revenue forecasting. So it’ll show you. If you have, let’s say you have a lot of scheduled payments.

You can see how much money you have coming in in the future. Cool. Figuring it out by hand import and export import customers export out customer information, mailing lists, you can export out sales from, you know, specific period, things like that. You all, it’s very, very robust, and you get all this for one price.

That’s the greatest. And in the report, we show you sample reports that are in the end here. And the best, the most remarkable thing, is the hosted payment page. So you can eat, you can set it up two ways, and it’s all with your logo. So it’s all branded with your logo, but it’s hosted at the Gateway level. So this way, for PCI compliance, you have no PCI compliance because it’s already on a level one PCI compliance server.

So you don’t even have to; you fill out a very simple PCI compliance. It’s like having a credit card machine because you’re never touching the data. So no data are entered on your website. No data is stored on your website. No information is stored on your services. Sorry. When using this type of platform payments as a service, everything’s hosted up in the cloud on the most secure processing.

So you can give your customers an option. They come to the website, and they can click a link. You can create your show, some example, and custom links. Then they have two choices. They can either have a login page to log in and save all their information because they keep coming back and making payments.

I don’t want to keep entering it in, or you can set it up for quick pay. Yeah. They make a one-time payment, and you can, you know, you’ll see everything on there. And then. When they’re on those pages, that’s where they can choose either credit card or ACH. Nice. So it’s very, very cool where they can do that.

And the same thing, like whether they’re on their phone or their computer, it’s detecting your apple pay, Google pay detects. Suppose you have credit cards saved. Uh, Chrome browser. Very cool. We’ll do that. You know, we’ll have a payment information store. The other cool thing is that we can do a lot of integrations because we have an open API.

So everybody likes that, and they can integrate it into specific types of software. We’re integrated into a host of different software and Microsoft dynamics, Sage Intacct. And some other accounting and ERP integrations. So that enables people to integrate the software and very sophisticated software used in larger businesses. And you know, so many people use it running by itself, you know, or, and then also like they’re running everything. So they might have a credit card machine hooked up to a PC in the front office for when people walk in like we have an auto-powered splice. They have two devices hooked up to PCs at the front desk. They have it hooked onto their website. They have it hooked into their phone room, where they have like ten people accessing it. Really? Yeah. So, and you know, and then their accountant uses it so they could see that. So they’re using one platform to process all their payments.

The non-card-present payments are taken over the phone. They’re sending out passports all the time. The delivery driver gets to, uh, you know, Justin’s out delivering tires, and they sell a lot of tires and parts. So you’re out delivering, and you say, Hey, I’m at this whatever ABC location. And did they pay?

And the person looks, yeah, they paid, oh, they didn’t pay that. They could just. You know, tell the person, Hey, check your phone. You got a link; make your payment, and then I could drop off your stuff. So it’s a very efficient system, and you can have every employee you have there; we don’t charge extra for that.

You create logins for each employee, and that way, with the logs, you can see who’s doing what in the system, which rang up, who ran, and which credit card is very secure. From a PCI compliance standpoint is nothing more than PCI—than using something like this. So it’s great for all types of different businesses and, you know, many kinds of companies.

Some people use all of it, and some will use some, you know? So it just depends on what you need in your business, but it does have that flexibility. And today I see a lot of we’ve. We did a podcast about the subscription economy because that’s a growing business trend for businesses to come up with.

Um, subscription models and this support, this kind of software supports that and supports all your other payments. It’s a great offer for many companies, especially today. People are shorthanded in their business, so link up if you want to set up a demo! B2B vault.info, you can reach out to me there.

We can get you set up with a short demo. We do a screen-share; I’ve done tons of screen shares with it. Yes. I show people the software, how it works out, and how to use it. So it’s very, very easy to use. And it’s, there are tons of tutorials and there and training videos. We’ve trained people with two or three employees, and I’ve taught people with a hundred employees who are using this song.

So it makes it very, very easy, very convenient and incorporates what I call the consumerization of payments, making it easy for businesses to pay their bills. We want to pay our bills, go to the website, click a button, and make a payment. That’s how easy it is. So that’s today’s podcast. Thank you for listening, Carpe diem, and check us out.

B2Bvault.info. Follow the podcast and watch for new stuff that we’re doing all the time. Sign up for our newsletter, and that’s it. We’re out. Everybody, have a great day.