The Payments Guy

• Episode 11: Beyond Stripe, Square, and PayPal: Finding the Right Payment Processor for Your Business

  Did you know that some businesses are considered "high risk" by payment processors, making them more likely to face sudden account shutdowns and frozen funds? In this episode of The Payment Guy, Frank shares why certain industries are labeled high-risk, the pitfalls of popular payment processors like Stripe and PayPal, and the steps you can take to secure a reliable payment solution for your business. If you've ever worried about losing access to your funds overnight, this episode is a must-listen!In this episode, these questions and topics will be covered:00:50 – What makes a business "high-risk" and why banks and payment processors flag certain industries. 06:49 – How to find a payment processor that understands and supports your business and why working with a payment consultant can help save you time and money. 08:11 – Common mistakes merchants make that lead to payment processing issues and what you need to know about working with high-risk processors.16:38 – Proactive steps to ensure uninterrupted payment processing and financial stability.Running a high-risk business doesn't mean you have to struggle with payment processing issues. With the right knowledge and partners, you can build a strong foundation for your business and keep your revenue flowing smoothly. If this episode gave you valuable insights, please leave a rating and review and consider sharing it with a fellow business owner who could benefit.  Connect with PayDiverse: Instagram: https://www.instagram.com/paydiverseWebsite: http://www.paydiverse.comLinkedIn: https://www.linkedin.com/in/franksena

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• Episode 10: Keep Your Merchant Bank Happy: Tips to Avoid Terminations and Holds

  Imagine waking up to find your business unable to process payments, your merchant account frozen, your funds held indefinitely. Unfortunately, this happens more often than you’d think. In today’s episode of The Payment Guy, Frank breaks down the key reasons why merchant accounts get flagged, frozen, or even terminated, and more importantly, how to prevent it from happening to your business.In this episode, these questions and topics will be covered:• 01:30 – Why do banks and ISOs have risk teams, and what role do they play in merchant processing?• 06:11– Common red flags that can get your account frozen: chargebacks, disputes, transaction spikes, and changes in your business model.• 09:36 – What happens when your funds are held, and how to respond effectively.• 10:48 – The importance of monitoring chargebacks.• 11:32 - Why you should always have more than one payment processor to protect your business.Navigating merchant payments doesn’t have to be a mystery. By understanding how risk teams operate and proactively managing your transactions, you can avoid unnecessary disruptions to your business. If you found this episode helpful, don’t forget to subscribe and share it with a fellow business owner!Connect with PayDiverse: Instagram: https://www.instagram.com/paydiverseWebsite: http://www.paydiverse.comLinkedIn: https://www.linkedin.com/in/franksena

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• Episode 9: PCI Compliance Explained: Why It Matters and How to Get It Right

  Did you know that failing to achieve PCI compliance can not only lead to costly fines but also erode customer trust? In this episode, we break down PCI compliance in simple, empowering terms. Discover what PCI compliance is, why it matters, and how you can protect your business from unnecessary fees, data breaches, and reputational damage.In this episode, these questions and topics will be covered:• 00:46 - Understanding PCI compliance and its critical role in safeguarding your business.• 02:15 - The true cost of non-compliance and how monthly fees, hefty fines, and data breaches can impact your bottom line.• 04:00 - A step-by-step guide to evaluating your security measures and meeting PCI standards.• 06:00 - Implementing secure payment processors, encryption, strong passwords, and two-factor authentication.• 08:30 - Leveraging PCI compliance vendors to simplify the process and overcome hurdles.• 10:00 - Protecting your business reputation, enhancing customer trust, and ensuring smooth payment processing.If you found this episode helpful, please leave a rating or review on your preferred listening platform and share it with other business owners! Tune into the podcast and take charge of your payment security.Connect with PayDiverse: Instagram: https://www.instagram.com/paydiverseWebsite: http://www.paydiverse.comLinkedIn: https://www.linkedin.com/in/franksena

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• Episode 8: Reserves Demystified: Why Banks Hold Your Money and How to Get Better Terms

  Did you know that merchant reserves can significantly impact your cash flow and payment processing experience? In this episode, we dive into the world of reserves—what they are, the different types, and why banks may require them for your merchant account. We also share effective strategies to improve your reserve terms, even if you're operating in a high-risk industry. Join us as we demystify the purpose of reserves and empower you to navigate these essential financial tools.In this episode, these questions and topics will be covered:• 01:33 - Overview of merchant reserves: types, purposes, and how they're determined.• 01:49 - What are reserves? An explanation of how banks manage risks like chargebacks and fraud.• 03:50 - Types of reserves: Rolling reserves, static reserves, and upfront reserves explained.• 06:59 - Factors influencing the type of reserve: industry, processing history, and bank risk tolerance.• 15:05 - Debunking myths about reserves: understanding that they are not punitive measures.• 18:58 - Understanding that reserves are typically not permanent and can improve over time with trust and good management.If you found this episode insightful, please leave a rating or review on your preferred listening platform and share it with other business owners! Let’s empower more merchants to navigate the complexities of merchant reserves effectively.Connect with PayDiverse: Instagram: https://www.instagram.com/paydiverseWebsite: http://www.paydiverse.comLinkedIn: https://www.linkedin.com/in/franksena

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• Episode 7: Merchant Account Fees Uncovered: What Your Payment Processor Doesn’t Want You to Know

  Did you know that navigating the world of merchant fees can be complex, with various charges impacting your bottom line? In this episode, we break down the key fees associated with payment processing, including the merchant discount rate, chargeback fees, and refund fees. We also discuss essential contract terms like service fees and early termination penalties. Join us as we clarify these costs and empower you to make informed decisions for your business.In this episode, these questions and topics will be covered:• 00:35 - Overview of key fees in payment processing: merchant discount rate, chargeback fees, refund fees, and essential contract terms. • 01:25 - The three different ways merchants can encounter discount fees on credit card processing statements. • 05:44 - Overview of the three pricing models in payment processing. • 11:10 - Discussion on refund fees, return fees, and reversal fees: understanding the differences and implications. • 18:53 - Retrieval fees: what they are and when they occur in the processing lifecycle. • 24:39 - Utilizing AI tools to review legal documentation and avoid surprises in bank agreements.If you found this episode insightful, please leave a rating or review on your preferred listening platform and share it with other business owners! Let’s empower more merchants to navigate the complexities of payment processing effectively.Connect with PayDiverse: Instagram: https://www.instagram.com/paydiverseWebsite: http://www.paydiverse.comLinkedIn: https://www.linkedin.com/in/franksena

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