Conquer the Complications of Payment Processing
As a business owner in the 21st century, any time you’re accepting payments you’re at the mercy of your merchant account providers. Having money held, your accounts closed, and/or your rates increased without notice is all too common – and businesses don’t stick around very long if they can’t accept credit cards. That is why I decided to interview the master of payment processing and founder of Easy Pay Direct,  Brad Weimert. Easy Pay Direct created software that allows entrepreneurs to accept credit cards safely and securely – without interruption.
In this episode, Brad shares all the dos and don'ts when it comes to finding the correct payment processing method for your company whether it be ecommerce or brick and mortar, selling a service or a product. Find out what is legal and what is illegal when it comes to payment processing, how to manage multiple merchant accounts, and much more.
Points of Interest From This Episode
3:40 - The difference between all of the different payment processing systems like PayPal, Stripe, and traditional merchant accounts.
4:30 -  Good payment processing options for a new business.
5:09 - The foundational difference between the two types of payment processors.
6:05 - The benefits of traditional merchant account providers.
8:10 -  Payment providers are looking at your account and could close your account or hold funds for any plethora of reasons.
9:05 - What is legal and what is illegal when it comes to payment processing.
10:35 - 99% of traditional merchant account providers  will operate the exact same way as Stripe and PayPal.
11:36 - How to manage multiple merchant accounts.
13:30 - Two terrible things you could do when you're trying to set up multiple merchant accounts.
14:00 - How you can  get put on what's called the MATCH list (member alert to control high risk)
14:50 - Why you should NOT  go out and apply to 15 places at the same time.
17:24 - how to evaluate yourself, understand what your merchant processing needs are, and how to weigh that against the different options out there.
17:50 - The three things merchant account providers are looking for when they underwrite accounts.
18:50 - Trial offers are much higher risk because there is a much higher likelihood somebody will refund or dispute that charge.
20:11 -  Scenarios that are common pain points for entrepreneurs and business owners.
22:30 - Why you don't want more than one percent of your sales disputed.
23:00 - It's important to know that you have two big bodies that you have to be concerned with, your card brands and your providers.
23:30 - Working with the right provider is the biggest thing.
24:10 - Make sure you have more than one account.
24:31 - How do I make sure that I find the right provider?