Merchant Payment Consultants: Should You Go It Alone in 2025?

Welcome to the first episode of “The Payments Guy”! Kicking things off with some basics, in this episode Frank will be going over the role of a payments broker, the pros and cons of working with one, and when merchants should consider using a broker. If your business is brand new or you went directly to the first processor you came across, this is a great place to start or reconsider. You’ll learn how brokers can save time and money, and if hiring a consultant is right for your business. Let’s begin!

In this episode these questions and topics will be covered: 
• 1:36 - What is a merchant payment consultant?
• 2:35 - Is hiring a consultant necessary for every business?
• 2:50 - 3 Benefits and reasons to work with a consultant.
• 4:33 - Does hiring a consultant increase the fees for the merchant?
• 6:17 - Do only big businesses require payment consultants?

If you got anything of value from this episode, be sure to share, rate and review so we can get the word out to more business owners! Time to open up the world of payments!

Have a question about something in the episode? Send your questions to Info@PayDiverse.com and check out our FAQ page https://paydiverse.com/faq

Connect with PayDiverse:
Instagram: https://www.instagram.com/paydiverse
Website: http://www.paydiverse.com
LinkedIn: https://www.linkedin.com/in/franksena

Transcript

UNKNOWN: 0:00

Thank you.

SPEAKER_00: 0:05

Hey, welcome to The Payments Guy, your ultimate guide to demystifying the confusing world of merchant payments. I'm Frank Sena, your host, a merchant payment specialist with nearly a decade of experience. In each episode, we'll break down the toughest challenges in the payment space so you can be better informed when navigating payments for your own business. From minimizing the impact of chargebacks, avoiding funding issues, and ensuring you're never stuck without the ability to process payments, we'll help you make smarter decisions Hey there, and welcome to The Payments Guy. I'm Frank Senna, and I'm really excited you're here for our very first episode. If you're a business owner, especially in e-commerce, you've likely felt overwhelmed by the number of payment processors gateways, and merchant account options out there. It can feel like a maze, right? My goal here on The Payments Guy is to demystify the world of payments, break down complex topics, and give you the tools you need to make smarter decisions that keep your business thriving. Having worked with countless businesses from startups to high-risk merchants myself, I've seen the pitfalls firsthand. As a merchant payment consultant with nearly a decade of experience, I've helped businesses navigate this complex space. And today, I'm sharing what you need to know to do it right. So what is a merchant payment consultant? Let's start with the basics. A merchant payment consultant is someone who helps businesses like yours navigate the complicated world of payment processing. Think of us as your payment advisors. We help you choose the right payment solutions based on your specific needs, whether you're in retail, e-commerce, or a high-risk industry. At my business, PayDiverse, we operate as what's called a retail ISO. That stands for Independent Sales Organization. which basically means we're authorized to resell payment processing services from multiple providers. This gives us the flexibility to offer tailored solutions to our customers, especially if you're dealing with high risk processing or need multiple accounts to ensure smooth operations. Now, is hiring a consultant necessary for every business? Maybe not for everyone, but it can definitely be a game changer if you want to optimize payments and avoid mistakes that cost you time and money. So why would you want to work with a consultant? Let me cut right to it. The number one benefit is expertise. The payments industry is complicated. There are endless processors, confusing fee structures, and contracts full of fine print. A good consultant will help you cut through the noise, make sense of your options, and ensure you're not getting ripped off. At PayDiverse, we've already done the homework. We know which processors understand your business model and its risks, and we know how to set you up for success. For example, we help you avoid account terminations by identifying processors that match and understand your risk profile. If any issues arise, we have direct relationships with the ISOs, meaning we can get problems solved faster than you would on your own, keeping your business running smoothly. Diversification is another huge advantage of working with a consultant. We recommend having multiple merchant so that if one encounters an issue, you've got a backup ready to go. This is especially important for e-commerce businesses who are processing high volumes. You don't want your payments to grind to a halt because one provider has an issue. Finally, a consultant can help you negotiate better terms. Because we've established relationships with our processors, we can often secure lower rates or more favorable conditions than you would get on your own. For high risk businesses, this can be crucial to keeping fees manageable and your payment setup optimized. So let's talk about cost. A common concern I hear is that hiring a consultant will increase the fees for the merchant, but let me clear that up. Consultants typically earn a small percentage of the volume you process each month. So our success is tied with your success and we only make money when you're making money. To clarify, processors have built-in profit margins in the fees they charge you. For example, if a processor is charging a merchant 3%, a portion of that 3% is their profit, and they share a percentage of that with us for bringing them your business. You're not paying extra for a consultant. Our job is to make sure you're getting the best deal without hidden fees or unfavorable terms. And the value doesn't stop there. Consultants like us at PayDiverse, we help you craft the right submission strategy, navigate the underwriting process successfully, and ensure smooth integration with your payment gateway. That way, you're all set up for success from day one. And we don't just walk away after the deal is done. We also help you to set up critical services like rapid dispute resolution, or RDR, and chargeback management, which helps you minimize the impact of disputes and protect your revenue. What really sets a consultant apart, though, is the ongoing support that we provide after your account is approved. If you ever have issues like held funds or technical problems, we're on it. Many of my clients have my personal cell phone number and they know they can text or call me anytime. My team and I pride ourselves on solving problems fast so that you can focus on what matters which is growing your business. So a lot of people think that only big businesses need payment consultants but that is a myth. In reality, smaller Many new businesses, especially e-commerce startups, can benefit a lot from working with a consultant early on. Many new businesses go straight to Payfax like Square or Stripe or PayPal because they're quick and easy to set up. But here's the catch. Payfax tend to auto-approve accounts without doing much due diligence up front. If their underwriters later flag your business as high risk or you start getting chargebacks, they could freeze your funds sometimes for up to six months that can put you in a tough spot especially if your cash flow is tight a payment consultant can help you avoid that nightmare by setting you up with processors that are a better fit for your business we guide you through the underwriting process to make sure you're working with processors that understand your industry's unique challenges so whether you're just starting out or growing your business a consultant provides the kind of support that helps you avoid mistakes and sets you up for long-term success. So let's quickly recap the key takeaways from today's episode. Number one, merchant payment consultants offer expert guidance that can save you time, money, and frustration when navigating the payments ecosystem. Number two, Payfax like Square, Stripe, and PayPal can be risky for businesses that scale as they can freeze accounts unexpectedly. A consultant can guide you to a better fit with processors who understand your business. Number three, diversification is essential. Having multiple merchant accounts ensures your business will not grind to a halt if one account encounters an issue. And finally, consultants provide ongoing support, stepping in when problems arise, and helping you avoid costly mistakes. The right consultant isn't just a middleman, they're a long-term partner for your business's success. And that's it for today's episode of The Payments Guy. I hope you found it helpful and that you feel more confident about the value a payment consultant can bring to your business. If you enjoyed today's episode, please be sure to subscribe and share it with a fellow business owner who might benefit from this information. And don't forget to join me next week where we'll deep dive into the underwriting process, what it is, how it works, and how you can ensure a smooth approval on your merchant account application. Until then, I'm Frank Sena and this is The Payments Guy, where we take the mystery out of payments one episode at a time. Thanks for joining.