B2B Vault: The Payment Technology Podcast

FedNow is a real-time payment system developed and operated by the Federal Reserve Banks of the United States. It is designed to provide individuals and businesses with the ability to send and receive instant payments directly from their bank accounts 24 hours a day, 7 days a week, and 365 days a year. The purpose of FedNow is to enhance the speed, efficiency, and accessibility of the U.S. payment system, allowing for faster and more convenient electronic transfers of funds. With FedNow, individuals and businesses can make instant payments using their mobile devices, computers, or other electronic channels. The system aims to reduce the reliance on traditional payment methods, such as checks and Automated Clearing House (ACH) transactions, which can take several days to process. FedNow is expected to provide benefits to a wide range of users, including consumers, businesses, and financial institutions. It can enable faster bill payments, person-to-person transfers, business-to-business payments, and other types of transactions. By offering real-time payments, FedNow aims to improve the overall efficiency and competitiveness of the U.S. payment system, bringing it more in line with the capabilities offered by other countries' instant payment systems.

Allen & Justin discuss the end-of-life journey of QuickBooks POS (Point-of-Sale), an iconic software that has served countless businesses. Discover the reasons behind its retirement, the implications for users, and the alternatives available to navigate this transition seamlessly.

🔥Bitcoin 2023 How The Government Destroyed Crypto in Just One Year!🔥

🚀 Watch this eye-opening video to discover how the government's actions have impacted the cryptocurrency landscape in twelve months! 📉

In today's episode, we delve into the alarming influence that the government has had on the world of Bitcoin and cryptocurrencies in 2023. Brace yourself for a rollercoaster of revelations as we uncover the shocking truth behind these destructive forces. Prepare to have your perspective forever changed!

🔹 Unveiling Government Regulations: We explore the extensive web of regulations that have been imposed on the crypto industry, uncovering the unintended consequences and stifling effects on innovation. 🔹 Surveillance and Privacy Concerns: Dive deep into the governmental surveillance measures that threaten the anonymity and privacy of cryptocurrency users, unraveling the potential risks and implications. 🔹 Legal Battles and Crackdowns: Witness the legal battles and crackdowns faced by crypto exchanges, platforms, and investors, as the government attempts to exert control over this decentralized ecosystem. 🔹 Central Bank Digital Currencies (CBDCs): Learn about the rise of CBDCs and the implications they pose for Bitcoin and other cryptocurrencies. Discover how the government is maneuvering to create its own digital currency and the potential impact on the existing crypto market. 🔹 Economic Policies and Monetary Control: Understand how the government's monetary policies and economic decisions have influenced the volatility and stability of Bitcoin and the wider crypto market.

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🔗 Bitcoin 2023, cryptocurrency, government influence, crypto regulations, privacy concerns, legal battles, CBDCs, monetary policies, Bitcoin market, crypto ecosystem, crypto crackdowns, government surveillance

🔖 #Bitcoin2023 #CryptoGovernmentInfluence #CryptoRegulations #PrivacyConcerns #CBDCs #GovernmentCrackdowns #MonetaryPolicies #Cryptocurrency

Visa, one of the largest credit card companies in the world, recently announced a series of changes to its fees and policies that are having a significant impact on small businesses in America. These changes include new fees for certain types of transactions, as well as new rules around chargebacks and fraud. In this podcast episode, we'll explore how these changes are affecting small businesses across the country, and what steps they can take to mitigate their impact. To start, we'll provide an overview of the changes that Visa has made to its fees and policies. According to Visa's website, these changes are designed to "better align Visa's fees with the value delivered to clients and the costs associated with providing Visa products and services." One of the biggest changes that Visa has made is the introduction of new fees for certain types of transactions. For example, merchants who accept credit card payments from international customers will now be charged a fee of 1.5% for these transactions. This is in addition to the standard interchange fee that merchants already pay on all credit card transactions. Another change that Visa has made is around chargebacks. A chargeback occurs when a customer disputes a transaction and requests a refund from the merchant. In the past, merchants were able to challenge these chargebacks and potentially avoid having to pay the refund. However, Visa's new rules make it more difficult for merchants to successfully challenge chargebacks, which can be costly for small businesses. Finally, Visa has also introduced new rules around fraud prevention. Merchants who experience a high level of fraudulent transactions may now be required to pay a fee for each transaction that is deemed fraudulent. This fee is designed to encourage merchants to take proactive steps to prevent fraud, such as using advanced authentication technologies or monitoring their transactions more closely. One of the biggest challenges for small businesses is the new fees that Visa is introducing for certain types of transactions. For example, small businesses that sell products or services to international customers may now face an additional 1.5% fee on these transactions. This can add up quickly, especially for businesses that rely heavily on international customers. For some small businesses, this fee increase can mean the difference between profitability and operating at a loss. Small businesses are also feeling the impact of Visa's changes to chargebacks. As we mentioned earlier, chargebacks occur when a customer disputes a transaction and requests a refund from the merchant. In the past, merchants were able to challenge these chargebacks and potentially avoid having to pay the refund. However, Visa's new rules make it more difficult for merchants to successfully challenge chargebacks, which can be costly for small businesses. This is particularly problematic for small businesses that rely heavily on credit card transactions. For example, a small online retailer that sells clothing may experience a high volume of chargebacks due to fraudulent activity or customer disputes. Under Visa's new rules, this retailer would be required to pay a fee for each of these chargebacks, which can quickly add up and eat into their profits. Finally, small businesses are also feeling the impact of Visa's new rules around fraud prevention. While preventing fraud is certainly a worthy goal, some small businesses are finding it difficult to implement the necessary measures to avoid these fees. For example, small businesses that lack the resources to invest in advanced authentication technologies or hire additional staff to monitor transactions may struggle to avoid these fees.

In today's episode of B2B Vault, Allen & Justin are diving deep into the world of financial technology discussing the announcement by QuickBooks POS, and asking the burning question, "Is it time to upgrade your point of sale system?" Trust me, you won't want to miss out on this one! In this video, we'll be shedding light on the importance of staying ahead in the ever-evolving realm of point of sale systems. Whether you're a small business owner or an aspiring entrepreneur, this is the perfect opportunity to gather some valuable insights. So, grab your favorite snack, get comfy, and let's embark on this knowledge-packed journey together! Throughout the video, we'll be delving into the various signs that indicate it might be time for you to upgrade your point of sale system. We'll cover everything from outdated hardware to limited functionality and the need for better analytics. We'll also explore the potential benefits that come with embracing modern point of sale solutions. We'll provide you with real-life examples and practical tips to help you make an informed decision. Our aim is to empower you with the knowledge to take your business to new heights. So get ready to gain a competitive edge in the market by embracing the wonders of cutting-edge point of sale technology. Don't worry if you're new to the topic; we've got you covered! We'll break down complex concepts into easy-to-understand terms, ensuring that everyone can follow along and learn something new. By the end of this video, you'll be equipped with the know-how to evaluate your current point of sale system and determine whether an upgrade is the right move for you. So, my friends, make sure you hit that "subscribe" button and turn on the notification bell, because you definitely don't want to miss our captivating exploration of the question, "Is it time to upgrade your point of sale system?" Get ready to take your business to the next level! Join us on this exciting adventure, and together, let's unlock the full potential of modern point of sale technology. Trust me, you won't be disappointed! Remember to leave your comments and questions below; we love hearing from our amazing community. Until then, stay curious, keep learning, and I'll catch you in the video! Upgrade Your Point of Sale System with Nationwide Payment Systems!🌟 📈 Boost your business efficiency and increase sales with our exclusive QuickBooks POS Trade-In Program! 💼💸 👉 Are you tired of dealing with outdated and sluggish point of sale systems? Upgrade to the latest technology that simplifies your transactions and enhances customer experiences. 💪💼 ✅ Say goodbye to manual data entry and errors. With Nationwide Payment Systems, streamline your operations and manage your inventory seamlessly. 📊✨ 💰 Plus, take advantage of our limited-time offer! Trade-in your old POS system and receive incredible discounts on our state-of-the-art QuickBooks POS solution. 🔄💯 🔥 Unlock these amazing benefits: ✅ Faster checkout process ✅ Inventory management made easy ✅ Enhanced customer satisfaction ✅ Real-time sales tracking and reporting 🌐 Visit our website today to learn more about our QuickBooks POS Trade-In Program and revolutionize the way you do business! 💻📲 👉 Don't miss out on this opportunity to boost your sales and streamline your operations. Upgrade your point of sale system now! 🔝💼 #NationwidePaymentSystems #POSUpgrade #QuickBooksPOS #BusinessEfficiency #StreamlineOperations #BoostSales #LimitedTimeOffer

As an expert in the payment technology industry, I can confidently say that PayPal and merchant accounts both have their pros and cons. Let's start with PayPal. PayPal is a popular payment processor that allows businesses and individuals to send and receive payments online. One of the biggest advantages of using PayPal is that it's easy to set up and use. With just a few clicks, you can start accepting payments from customers all over the world. Another advantage of using PayPal is that it's widely recognized and accepted by consumers. This means that customers are more likely to trust and use PayPal to make purchases, which can ultimately lead to increased sales for your business. However, there are also some disadvantages to using PayPal. For one, PayPal charges fees for each transaction, which can add up over time. Additionally, PayPal has been known to freeze accounts or withhold funds for various reasons, which can be frustrating for businesses that rely on those funds to operate. Now, let's talk about merchant accounts. A merchant account is a type of bank account that allows businesses to accept payments from customers using credit and debit cards. One of the biggest advantages of using a merchant account is that it gives businesses more control over the payment process. With a merchant account, businesses can choose which payment processor to use and negotiate lower transaction fees. Additionally, businesses can access their funds more quickly than they would with PayPal, which can be important for cash flow management. However, setting up and maintaining a merchant account can be more complex than using PayPal. Businesses will need to work with a bank or payment processor to set up the account and ensure that it meets all regulatory requirements. Additionally, businesses will need to be vigilant about fraud prevention, as they will be responsible for any fraudulent transactions that occur. In conclusion, both PayPal and merchant accounts have their advantages and disadvantages. As a business owner, it's important to evaluate your specific needs and weigh the pros and cons of each option before making a decision. If you're looking for a quick and easy way to accept payments online, PayPal may be the best choice for you. However, if you want more control over the payment process and are willing to put in the time and effort to set up and maintain a merchant account, it may be the better option.

Hey everyone, welcome back to our channel! Today, we're going to dive into a topic that's been making headlines recently: cannabis payment processing. As you may already know, the cannabis industry has been growing rapidly in recent years, and with that growth comes the need for reliable payment processing solutions. So, why is cannabis payment processing such a hot topic? Well, for starters, the federal government still considers cannabis illegal, which makes it difficult for cannabis businesses to access traditional banking services. This has led to many businesses in the industry having to rely on cash transactions, which can be dangerous and make it difficult to keep accurate records. But with the rise of payment processing solutions specifically designed for the cannabis industry, things are starting to change. These solutions provide a secure and reliable way for businesses to process payments and manage their finances, without having to rely on cash. There are a few different types of payment processing solutions available to cannabis businesses. One popular option is a cashless ATM, which allows customers to make purchases using a debit or credit card, even though the transaction is technically processed as a cash withdrawal. Another option is a mobile payment app, which allows customers to make purchases directly from their smartphone. One of the biggest advantages of these payment processing solutions is that they provide increased security for both businesses and customers. Because cash transactions can be risky, having a secure and reliable payment processing solution can help reduce the risk of theft and fraud. So, there you have it, folks - an overview of cannabis payment processing. As the cannabis industry continues to grow and evolve, it's clear that payment processing solutions will play an increasingly important role in the industry's success. If you're a cannabis business owner, contact Nationwide Payment Systems and they can help you get the right merchant account for your cannabis related business. And for everyone else, keep an eye on this exciting industry - who knows what developments we'll see next! Thanks for watching, and we'll see you in the next video.

Attention business owners and entrepreneurs! Are you tired of the hassle of paper invoices? It's time to make the switch to electronic invoicing and start using technology to your advantage! Not only will this save you time, but it will also save you money in the long run. Plus, electronic invoicing is more environmentally friendly! So, what exactly is electronic invoicing? Electronic invoicing, or e-invoicing, is the process of sending and receiving invoices electronically, rather than on paper. This means that instead of printing and mailing out invoices, you can send them directly to your customers' email inboxes or accounting systems. One of the biggest benefits of electronic invoicing is that it saves you time. With electronic invoicing, you can automate your invoicing process, which means you don't have to spend time manually creating and sending out invoices. This frees up your time to focus on other important tasks in your business. Electronic invoicing also saves you money. By automating your invoicing process, you can reduce the number of errors in your invoicing and avoid late payments, which can lead to additional costs. You can also save money on printing, paper, and postage costs. Another benefit of electronic invoicing is that it's more environmentally friendly. By reducing the amount of paper you use, you're helping to conserve natural resources and reduce your carbon footprint. This is not only good for the environment, but it can also improve your brand image and reputation. So, how can you streamline your invoicing process and make the switch to electronic invoicing? First, you'll need to contact us and we can help find you the best electronic invoicing solution that works for your business. There are many options available, including online invoicing software and invoicing apps. Once you've chosen an electronic invoicing solution, you must set up your invoicing process. This may involve integrating your invoicing software with your accounting system or setting up automatic invoice reminders. We can help with that as well. Finally, you'll need to communicate with your customers about the switch to electronic invoicing. Let them know how they will receive their invoices and provide any necessary instructions. In conclusion, electronic invoicing is a great way to streamline your invoicing process, save time and money, and reduce your environmental impact. Don't wait any longer to make the switch to electronic invoicing. Say goodbye to paper invoices and hello to the benefits of technology!

Looking to improve your financial literacy? Tune in to our latest podcast episode, where we discuss all things money-related in honor of Financial Literacy Month. Listen now and level up your financial game!

In these uncertain times, businesses need to be nimble and adaptable to stay competitive. In this video, we share practical tips and strategies to help your business not just survive, but thrive in the current economy. Let's talk about what businesses should be doing in the current economy. We can take lessones from the downturn in 2008-2009. Cash is King! If you have good cash flow, start stock piling some of it away. When interest rates go up access to cash gets harder. If you need to borrow there is no time like the present. Credit cards - cut back on your credit limits. Where should you stash your cash? Many banks are actually paying interest in money market account, CDs, and Savings accounts, Even some of the investment banks like Chase and Charles Schwab are also paying interest, and some apps like RobinHood, Betterment and a few others.

#FinancialLiteracyMonth #Podcast #MoneyMatters

Significant Changes are coming from Visa and the Card Brands!

Starting April 15th 2023: Visa and Card Brands are changing the rules.

Today technology is the driver that makes our lives easier, helps us run our businesses, and more!

Welcome to Fintech Friday!

Today we are diving into the banking mess with three banks going under.

We talk about what happened and what the government is doing about it.

The winners - Depositors getting all their money back even though 80% of them had over $250K which is the FDIC insurance limit.

The losers -Bank Executives and Investors Bank Executives and board members were all fired. From the rest of the fallout and news - someone should go to JAIL.

Investors - Are not getting their money back. It is lost. One Investor, Kevin O'Leary, AKA Mr. Wonderful from Shark Tank was all over every news outlet saying he lost over $10 Million

Right now, many tech companies, Saas companies, and startups are looking for a backup bank relationship and possibly merchant services.

Hope everyone enjoys this podcast - we will probably have part two as more of the story is exposed.

Introduction: In today's digital age, businesses are looking for ways to offer customers a more convenient and secure payment experience. This is where alternative payments come in. In this episode, we will discuss what alternative payments are, their benefits, and why businesses need to offer them to stay competitive in the market.

Segment 1: What are Alternative Payments?

In this segment, we will define alternative payments and explain how they differ from traditional payment methods such as credit cards, debit cards, and cash. We will explore the various types of alternative payments, including e-wallets, mobile payments, cryptocurrency, and others.

Segment 2: Benefits of Alternative Payments

In this segment, we will discuss the benefits of alternative payments for both customers and businesses. We will cover the convenience, security, and speed of alternative payments, and how they can reduce transaction fees and chargebacks for businesses.

Segment 3: Why Businesses Need to Offer Alternative Payments

In this segment, we will explain why it is essential for businesses to offer alternative payments. We will discuss how alternative payments can increase customer loyalty, attract new customers, and help businesses to stay competitive in the market. We will also explore the challenges businesses may face when implementing alternative payments and how to overcome them.

Conclusion:

In conclusion, alternative payments are essential for modern businesses to offer a convenient, secure, and seamless payment experience to customers. By implementing alternative payments, businesses can improve customer satisfaction, increase revenue, and stay competitive in the market.

In today's episode Allen & Justin head down to The Alternative Products Expo in Fort Lauderrdale. They had such a great time last year they thought they should try it again. Justin met up with an old friend from Milwaukee there who owns Highly Edibles. They manufacture cbd edibles, hemp flower and much more. Listen to episode 151 to learn more about the alternative products expo, cbd, kratom, high risk businesses and how we can help you with your merchant account.

Description: CBD, or cannabidiol, has exploded in popularity in recent years due to its potential health benefits. However, despite its growing mainstream acceptance, the CBD industry still faces significant challenges when it comes to payment processing. In this episode, we'll take a closer look at the state of CBD and payment processing, and explore the challenges that CBD businesses face in accepting payments.

First, we'll dive into the current legal landscape surrounding CBD and payment processing. While the 2018 Farm Bill legalized industrial hemp, including the production and sale of CBD derived from hemp, CBD products are still subject to a patchwork of state and federal regulations. We'll discuss how these regulations impact payment processing, including the difficulty that CBD businesses face in finding payment processors that are willing to work with them.

Next, we'll explore some of the specific challenges that CBD businesses face when it comes to payment processing, such as high fees and limited options for payment methods. We'll also look at some of the workarounds that CBD businesses are using to overcome these challenges, such as alternative payment methods like cryptocurrency and e-checks.

Finally, we'll discuss the opportunities that lie ahead for the CBD industry when it comes to payment processing. As more states legalize cannabis and CBD, and as public acceptance of these products continues to grow, we may see more payment processors enter the market that are willing to work with CBD businesses. We'll also explore how innovations in payment technology, such as blockchain-based solutions, could help CBD businesses overcome some of the challenges they face.

Overall, the state of CBD and payment processing is complex and rapidly evolving. In this episode, we'll unpack some of the key issues and explore what the future may hold for this dynamic industry.

Social media verification is a badge of credibility that distinguishes users who have been confirmed by the platform as being who they claim to be. The verification badge typically appears as a blue checkmark next to a user's name or handle, and it can be a valuable tool for building trust and authenticity online.

But how much is that trust and authenticity worth? That's the question we're asking our listeners today.

We've asked around and now were asking our listeners. Can you tell us how much you would be willing to pay to be verified on social media? 

To kick things off, let's take a look at the different types of verification that are available on social media platforms.

On Twitter, verification is currently on hold while the platform revamps its verification program. Previously, users could apply for verification by submitting information about themselves and their online presence. Twitter would then review the application and either grant or deny verification based on a set of criteria, such as being a notable public figure or brand.

Facebook, on the other hand, offers two types of verification: individual and business. Individual verification requires users to submit a government-issued ID and other personal information to confirm their identity. Business verification requires additional documentation, such as business licenses and tax filings, to verify the legitimacy of a company.

Instagram also offers verification for individual and business accounts, but the process is more opaque. Users cannot apply for verification directly but must instead meet certain criteria, such as being a public figure or brand with a significant following. Instagram then decides whether to grant verification based on these factors.

So, with all of that in mind, how much are our listeners willing to pay for verification?

We also explore the potential risks and drawbacks of paid verification. For example, charging for verification could lead to a two-tiered system where only those who can afford to pay are deemed credible by the platform. This could exacerbate existing inequalities and create a barrier to entry for new users or smaller businesses.

Moreover, there are concerns about the accuracy and reliability of verification processes. If platforms start charging for verification, they may be incentivized to be less strict with their criteria or to outsource verification to third-party providers, which could result in lower standards and increased fraud.

We conclude the episode with a call to action for social media platforms to consider new and innovative ways of offering verification services that balance the need for credibility with the need for privacy and accessibility. Whether that involves offering free verification, charging a small fee, or exploring alternative models, there is no doubt that this is a topic that will continue to be debated and discussed in the months and years ahead.

Thanks for tuning in to B2B Vault: The Payment Technology Podcast. Don't forget to subscribe and leave us a review if you enjoyed this episode!

It's time for the February Monthly Wrap-up Episode. We will talk about all the episodes we did during the month.

We love coming up with topics and talking about business, payments and how to use technology in your business! 

Carpe Diem 

Welcome to today's episode of B2B Vault. In this episode, we'll be discussing the benefits of point of sale (POS) systems for restaurants. POS systems have become an integral part of restaurant operations, helping restaurant owners streamline their business and enhance the customer experience. Allen Kopelman is an expert in restaurant operations, to get an in-depth understanding of how POS systems can help restaurants improve their bottom line.

Allen and Justin, the co-founders of B2B Vault: The Payment Technology Podcast, had always shared a passion for payment technology and the role it plays in transforming the way businesses operate. Both were working in the payment technology industry, but they noticed a gap in the market for a podcast that focused specifically on the B2B (business-to-business) side of payment technology.

They had seen plenty of podcasts that covered consumer payment technologies, but there was a clear need for a platform that would delve deeper into the specific challenges and opportunities facing B2B payment technology companies. They felt that such a podcast would be valuable not only for payment technology professionals but also for business owners and decision-makers who were looking to stay ahead of the curve in this rapidly evolving field.

With this in mind, Allen and Justin began to plan the podcast, envisioning it as a space where payment technology experts and business leaders could come together to discuss the latest trends, share insights and best practices, and offer practical advice for navigating the complex world of B2B payment technology.

They drew on their own expertise and networks to secure interviews with some of the industry's top thought leaders and innovators. They also leveraged social media and online forums to spread the word about their podcast, and soon began to build a dedicated following of listeners who appreciated their insightful, informative approach to the topic.

Over time, B2B Vault has grown into a thriving community of payment technology professionals and enthusiasts, with listeners tuning in from all over the world to stay up-to-date on the latest developments in the industry. Allen and Justin continue to expand the podcast's reach by regularly featuring new guests, offering practical tips and advice, and engaging with their listeners through social media and other online channels.

Their vision of a podcast dedicated to B2B payment technology has become a reality, and their passion and commitment to the field continue to inspire others to push the boundaries of what's possible in this exciting and dynamic space.

Welcome to today's podcast episode, where we'll be exploring the question: is financial technology changing how we bank? In recent years, the rise of financial technology, or fintech, has brought a new level of convenience and accessibility to the world of banking. But with this change, also comes the question of what impact it has on traditional banking methods.  

To begin, let's take a look at what fintech is and how it's changing the way we bank. Fintech is a broad term that encompasses all types of technology used to support financial services. It includes mobile banking apps, online payment platforms, robo-advisors, and peer-to-peer lending platforms, among others. With the development of these technologies, banking has become more accessible and convenient than ever before.  

One of the most significant impacts of fintech on banking is the increase in mobile banking apps. These apps allow customers to access their bank accounts, transfer funds, and make payments, all from the convenience of their smartphones. This accessibility has not only made banking more convenient but also more secure, as customers can monitor their accounts and transactions in real-time, reducing the risk of fraud.  

Another way fintech is changing how we bank is through online payment platforms. Services like PayPal, Venmo, and Square have made it easy for people to send and receive money without needing to use traditional banking methods. This is particularly useful for small businesses or individuals who may not have access to traditional banking services.  

Fintech is also changing the way we invest and manage our finances. Robo-advisors, for example, use algorithms to create investment portfolios that are tailored to an individual's goals and risk tolerance. This technology allows investors to have access to investment advice and services that were previously only available to high net worth individuals.  

Peer-to-peer lending platforms, like Lending Club and Prosper, have also changed the way people access credit. These platforms connect borrowers with lenders, making the lending process more efficient and cost-effective. This type of lending is particularly useful for individuals who may have difficulty accessing traditional banking services, like those with low credit scores or those who are self-employed.  

While fintech has undoubtedly made banking more accessible and convenient, it's also raised concerns about privacy and security. With so much personal information being stored online, there's a risk of data breaches and fraud. There's also a concern that traditional banking services may be left behind as more customers turn to fintech services.  

However, it's important to note that fintech is not necessarily a replacement for traditional banking methods. In fact, many traditional banks are embracing fintech and incorporating it into their services. For example, many banks now offer mobile banking apps and online payment platforms. This integration of technology has allowed banks to compete with fintech startups and retain their customers.  

So, what does the future of banking look like in a world of fintech? It's likely that we'll continue to see more integration of technology into traditional banking services. For example, we may see more banks using artificial intelligence and machine learning to personalize their services and offer more tailored advice to customers. We may also see a rise in digital currencies and blockchain technology, which could further revolutionize the way we make transactions and manage our finances.

In today's podcast Allen & Justin discuss the common problems that retailers face with their point-of-sale (POS) systems.  

Point-of-sale systems are the backbone of any retail business. They enable merchants to track inventory, process transactions, and manage customer information. However, these systems can be problematic at times, causing headaches for retailers and their customers.  

The first problem retailers face with their POS systems is the lack of integration. Many retailers have different systems for their inventory management, customer relationship management, and sales processing. The lack of integration between these systems can cause discrepancies in inventory levels and lead to customer frustration when their information is not updated across all systems.  

The second problem is slow transaction processing. In today's fast-paced world, customers expect a speedy checkout process. When the POS system takes too long to process transactions, customers may abandon their purchases, leading to lost revenue for retailers.  

The third problem is the lack of data security. POS systems are vulnerable to cyber-attacks, which can compromise customer data and lead to significant financial losses for retailers. A breach of customer data can also damage a retailer's reputation, leading to a loss of customers and revenue.  

The fourth problem is outdated hardware and software. As technology advances, older POS systems become obsolete and may not meet the changing needs of the retail industry. Outdated hardware and software can cause slow transaction processing, crashes, and other issues that can negatively impact a retailer's business.  

Finally, the lack of training and support for employees is another common problem with POS systems. Employees who are not properly trained on how to use the system can make mistakes, leading to incorrect pricing, inventory discrepancies, and other issues.  

To overcome these problems, retailers can take several steps. They can invest in an integrated POS system that streamlines all aspects of their business, providing real-time updates on inventory levels, customer information, and sales data. Retailers can also invest in the latest hardware and software to ensure that their systems are up-to-date and meet the changing needs of the retail industry.  

Furthermore, retailers should prioritize data security and invest in robust security measures to protect customer data from cyber-attacks. They should also provide regular training and support to employees to ensure that they are equipped with the knowledge and skills to use the POS system effectively.  

In conclusion, while POS systems are an essential component of any retail business, they can also cause various problems. By investing in an integrated, up-to-date system, prioritizing data security, and providing training and support to employees, retailers can ensure a smooth and efficient checkout process, leading to happy customers and increased revenue.

In todays episode Allen & Justin will be discussing a topic that has been a longstanding issue for many small businesses - Dine & Dash.

For those who are unfamiliar with the term, Dine & Dash is a situation where a customer leaves a restaurant or a food establishment without paying their bill. This has become a widespread problem, and it affects small businesses the most.

Many small businesses operate on thin margins, and Dine & Dash can significantly impact their bottom line. This type of behavior is not only unfair but also illegal. When a customer Dine & Dashes, the business owner is left with the bill and no way to recoup their losses.

Small businesses often have to take measures to prevent Dine & Dash from happening. One way to do this is by asking customers to pay before they receive their food or by taking a credit card as collateral. However, these measures can also deter honest customers and negatively impact the customer experience.

Dine & Dash is not only a financial burden for small businesses, but it can also affect their reputation. If a business is known for being a target for Dine & Dashers, it can deter potential customers from visiting the establishment.

It's important to note that Dine & Dash is not exclusive to small businesses. Larger establishments are also affected by this problem. However, small businesses are more vulnerable to the financial impact of this type of behavior.

So, what can be done to prevent Dine & Dash? One solution is to have a clear policy in place and to communicate it to customers. This can include asking for payment upfront or having clear signage indicating that Dine & Dash will not be tolerated.

Another solution is to invest in technology that can help prevent Dine & Dash. For example, some restaurants use software that tracks customers and their orders to deter dishonest behavior.

In conclusion, Dine & Dash is a problem that affects small businesses and can have a significant financial impact. While there is no one-size-fits-all solution, having clear policies in place, investing in technology, and communicating with customers can help prevent this type of behavior. Thank you for listening, and we hope you found this episode informative.

In today's episode we discuss resources for small businesses, entrepreneurs, and freelancers. Whether you own a business or are thinking of starting a business this episode will help. There are a ton of resources available for small business that most people are unaware of.

1. How independent contractors 1099 will be classified:

This could disrupt many businesses - the new classifications are already an issue in California under AB 5. The federal Government is making similar rules.

https://www.federalregister.gov/documents/2022/10/13/2022-21454/employee-or-independent-contractor-classification-under-the-fair-labor-standards-act

2. Expanding the SBA lender network:

This is a hot mess - during Covid, this happened and now there are a number or lawsuits and new rules. These Fintech lenders need to be held accountable and the government needs to a better job with controlling FRAUD.

3. Federal Trade Commission (FTC) proposes broadly banning non-compete agreements:

Also, this could encompass non-disclosures and more - let's hope this stops the nonsense about stopping people from working in an industry - business owners need their secrets and customers protected.

4. Treasury Department's final rule would require detailed business ownership information:

This could cause an issue in states like Delaware, Wyoming and Nevada, and a few others that do not disclose ownership on corporate documents that are available to the public. The exemptions always puzzle me as they say companies with 20 or more employees or $5m in revenue don't have to comply - that's just wrong. Could everyone please do it? FinCen wants to know who owns all these small companies and the IRS. Another attack on small business owners!

5. Immigration services fee for businesses:

Raising the fee to bring people to work in the USA from $40-$50 to $1000. Personally, I like that! Google and many companies are laying these people off now and they will have to go home unless they find jobs quickly. (60-90 days)

6. Tighter rules and regulations on fund managers, and venture funds:

This includes all types of Fintech companies - this is to ensure we do not have another FTX nightmare!That is why the SBA needs better controls as well.

7. Reprieve on payment network transaction requirements from IRS:

The rule about reporting $600 or more on 1099K from Venmo, PayPal, Zelle, cash app etc.. has been delayed. The rule about reporting the $20,000 is still in tack or 200 transactions. This is cumulative across all payment types. The IRs will try to figure it out by the end of 2023. Meanwhile, many of these providers have made people turn their accounts into business accounts. Doing a little housekeeping themselves.

Today, we will be discussing the topic "Has The Tipping Culture Gone Too Far?"

So we got the idea for this podcast after watching quite a few TikTok videos and reels on FB and IG. Quite a few people were stirring the pot about tipping, and we wanted to chop it up and talk about tipping culture.

Tipping at restaurants is not what we are talking about - but all the other places asking for tips. We want to know if you think tipping is out of control, what places you have seen asking for tips that you like or don't like.

We also learned that TIPS stands for To Ensure Prompt Service!

So if you get good service - leave a good tip!

What is Tipping Culture and its origin Tipping is a practice that originated in 17th-century England as a way for customers to show appreciation for good service in a tavern or coffeehouse. In the United States, it became a widespread practice in the early 20th century, and today, it is a widespread custom around the world. Tipping is often seen as a way to reward good service, but it has also become a source of controversy and debate.

Pros of Tipping Culture Tipping can be seen as a way to incentivize good service. Service workers who receive tips often work harder to provide better service to their customers, which can lead to a better overall dining or service experience. Additionally, tipping can provide a source of income for workers who may not earn a high wage from their employer.

Cons of Tipping Culture On the other hand, tipping culture has also come under criticism in recent years. Some argue that it is an inconsistent and unfair way to compensate service workers, as the amount of money a worker earns through tips can vary greatly based on the number of customers they serve and their individual behavior. Additionally, it can put workers in the position of having to rely on the generosity of their customers for a significant portion of their income, which can be uncertain and unpredictable.

Alternatives to Tipping Culture One alternative to tipping is a service charge, which is a fixed amount added to a customer's bill. This would provide a more consistent and predictable source of income for service workers, but it may also reduce the incentive for good service, as customers may feel less motivated to tip if they believe a portion of their bill is already going towards compensating the service staff.

Tipping culture is a complex issue that has both advantages and disadvantages. Whether it has gone too far is a subjective matter, and opinions will vary. However, it's clear that the current system has its flaws, and it may be time to consider alternative ways to compensate service workers in a more fair and equitable manner. Thank you for listening to this episode of the Thoughtful Pod.

In this episode of B2B Vault: The Payment Technology Podcast, we dive into the world of check fraud and its impact on businesses. Join us as we discuss the latest techniques used by scammers, the warning signs to look out for, and the best practices for avoiding check fraud. Whether you're a business owner or a payment professional, this episode is a must-listen for anyone looking to protect their organization from financial loss. Tune in and arm yourself with the knowledge to stay ahead of the game in the fight against check fraud.

The world of check fraud is constantly evolving, and it can be difficult for businesses to keep up with the latest tactics used by scammers. However, by staying informed and educated, businesses can better protect themselves against these types of crimes. In this episode, we will be discussing the latest trends and techniques used by scammers, as well as the warning signs that businesses need to be aware of.

Fraud is a growing problem, affecting individuals and businesses alike. In this article, we will discuss several types of fraud and how to protect yourself and your business from being a victim.

Business Fraud

Businesses are often targeted by fraudsters who try to rip them off through fake purchases, shipping scams, and fake loan services. To protect your business, you should always be wary of large purchases, shipments to P.O. boxes or UPS stores, and cards with damaged chips.

To avoid chargebacks, never key in a card where the chip is not working, and always be on the lookout for scams that promise to get you money from the government. Stay informed about the latest scams and be sure to double-check any offers that seem too good to be true.

Personal Fraud

Personal fraud can take many forms, from fake emails and phone calls to scams through instant messenger and pay apps like Zelle and Cash App. One of the biggest scams currently affecting individuals is the massive lawsuit involving Zelle and some banks.

Other common personal frauds include fake emergency situations like a relative in trouble, the IRS, or a fake Amazon purchase, as well as texts asking for payment for a rental or mortgage.

How to Protect Yourself

To protect yourself from personal fraud, it's important to be vigilant and never share your account information, such as your PIN, passwords, social security number, or credit card numbers, with anyone. If you ever receive a call or text that you question, hang up and call the actual company directly, or simply do nothing.

Only send money to friends, family, and others that you know and trust, and always be cautious when receiving requests for transfers or payments. Stay informed about the latest scams and frauds, and be sure to keep your personal information secure.

In conclusion, fraud is a growing problem that affects everyone. By being informed and vigilant, you can protect yourself and your business from being a victim.

In today's episode of FinTech Friday, Allen & Justin have the pleasure of talking shop with Chris Curtin, Co-Founder of CurPay. CurPay is an easy-to-use digital payment and portfolio management software platform. We'll discuss the future of cryptocurrency, NFTs, alternative payments, and much more. Tune in at @3PM EST today!  

1. Introduction

2. Increased adoption of real-time payments

3. Growth of mobile payments

4. Expansion of contactless payments

5. Emergence of digital currencies

6. Adoption of open banking

7. Growth in e-commerce payments

8. Conclusion

We asked ChatGPT to create a podcast outline for the show. AI is a great tool and we have been using it for a while now. With the release of ChatGPT we thought it would be cool to have the podcast topics and points from ChatGPT. We discuss a few other ways businesses can integrate AI into their business processes.

Alternative Payments have been talked about for a while and are starting to grow in popularity.

How will businesses use these alternative payment methods, and what are the advantages and disadvantages?

We will discuss on this edition of Fintech Friday - everything alternative payments.

What are the challenges and considerations businesses should think about?

Businesses need to stay up to date on the latest payment methods and technologies, and trends to remain competitive and meet the needs of consumers of all ages.

In today's episode of 📻🎙️ FinTech Friday from B2B Vault: The Payment Technology Podcast; Allen & Justin discuss digitizing your bank, credit union or community bank.

A big opportunity exists for Financial Institutions right now while many of the large banks are asleep at the wheel!!! The time is now for Financial Institutions to partner with FinTech Companies!

Why partner with FinTech?

What value can Financial Technology bring to the table?

What types of services can FinTechs bring to banks?

Non- Interest Revenue Generators

Merchant Services – Payment Processing

Where are your customers going now? PayPal, Square, Stripe, Quickbooks

What is missing?

🚀 Fast Approvals- are not happening with a traditional merchant account provider
🚀 Pricing is complicated
🚀 Merchants want it done fast and its not
🚀 Lots of high-risk categories not getting approved
🚀 Mid-risk or poor credit or small companies not getting approved
🚀 Not Flexible

Banks can also leverage – ATMs

Bank Branded ATMs at locations the bank finances

Merchants who need ATMs

Banks can make their debit cards surcharge-free

USAA surcharge-free ATM program

Today we dive into the past and what we discussed and predicted in 2022 as payment, fintech, and business trends.

There were plenty of winners, some that won that we don't like, and some losers on the list of things we wish would have happened but did not.

One popular subject on the podcast is Cannabis, and I can say that it is disappointing that Congress has not acted and passed the SAFE Banking ACT. This needs to get passed in 2023!!! CBD, HEMP, and Kratom continue to struggle with banking and merchant services - there are too many Government agencies on top of these industries.

The list for 2022 included QR Codes made a huge comeback, and that continues; alternative payments didn't happen yet, but we are hopeful for 2023 on that one.

Self Service Kiosks and Self-checks out are a pain and are going to cause a lot of strife for jobs for our young people, but it is a train that is not going to stop - and we saw Mcdonald's open a new restaurant with no human contact -

Crypto had its ups and down in 2022 and ended in a crash and burn with FTX and SBF. - Let's see if in 2023 - if it can make a comeback!

E-commerce continues to grow, grow and grow - the future is strong, and bringing alternative international payments to these merchants could make 2023 an exciting year.

E-invoicing and Payment Portals were popular in 2021 and 2022 and will continue to grow in the B2B sector.

ATM's going away - that did NOT happen, and the ATM industry is strong as ever and growing; cashless ATMs are in trouble, and Visa is threatening businesses with a $50K fine. Other exciting products are coming to the ATM market that will turn machines into Financial Kiosks.

2023 looks to be very exciting, with many developments in these areas.

Real-Time Payments, Pay by Bank, Alternative Payments, Cryptocurrency, Omni Channel Solutions for the SMB Market, Business specific software

market will continue to see rapid growth, Banks partnering with Fintech Companies, Passing the fee to the cardholder, Faster Approvals for

merchant accounts - will that be a huge trend - we say YES.

We see High-Risk Merchant services going thru some changes as companies merge, and there are fewer choices for these merchants.

Government Regulation: We talk about Durbin, the good, the bad, and the ugly.

Listen in, and let us know what you think might be the next big thing in payments and fintech for 2023!

In today's episode of 📻🎙️ B2B Vault: The Payment Technology Podcast Allen & Justin dive in and discuss integrated payments and answer th ten most asked questions. Allen provides you with everything you want to know about integrated payments and why this is the hottest thing going on in the payments industry. 

If you are an Independent Software Vendor or have any business software, this is a huge growth opportunity to grow your company's income.

🚀 What are integrated payments?
🚀 Why do merchants and business owners need integrated payments?
🚀 What benefits software companies to have integrated payments?
🚀 Can software companies make money if they integrate payments?
🚀 What other advantages do software companies have if they integrate?
🚀 Should the software company become an ISO or Payfac?
🚀 How much does it cost to get set up?
🚀 What about the hybrid payfac model?
🚀 Why should software companies partner with Nationwide Payment Systems?
🚀 Why do you think this is one of the hottest things in the industry right now? 

Carpe Diem!

Holiday Tips and Scams not to fall for during the holiday season.

Happy Holidays and look for new products and services that are coming in 2023!

Carpe Diem

How To Keep Your Business Thriving During A Recession

In today's episode of 📻🎙️ B2B Vault: The Payment Technology Podcast Allen & Justin discuss How To Keep Your Business Thriving During A Recession!

🚀 We discuss how you can do business no matter what is going on with the economy. The economic outlook has been up and down over the past couple of years. 

🚀 We discuss our experience during the 2008-2009 recession and what you can do as a business to take advantage of the current situation. 

🚀 Sitting back and complaining if you are a business owner - it's time to go on the offensive. Take advantage of deals, make bold moves and use technology to grow your business.  

Carpe Diem