The Payments Guy
Welcome to “The Payments Guy” — your ultimate guide to navigating the convoluted world of payments. Have you ever felt confused when reviewing your merchant account statement, understanding the role of payment gateways and processors, or dealing with customer disputes and chargebacks? You’re not alone! Each episode, we’re here to demystify the complex world of payments, bringing you top insights from industry experts and sharing real life payment horror stories that will help you make better informed decisions around accepting payments for your business.
Join in every other Thursday as we tackle the toughest questions and challenges in the payments space. From learning how to minimize the impact of disputes and chargebacks to exploring alternative payment solutions and ancillary services, The Payments Guy offers practical advice and solutions to help you successfully navigate the payments world. Plus, we'll feature interviews with experienced business owners and industry expert who provide valuable tips and tricks for streamlining your payments processes.
Whether you're looking to grow your business, avoid getting ripped off by your merchant services provider, or just want to understand the payments ecosystem better, “The Payments Guy” is your go-to resource.
Say goodbye to funding holds and pushy service providers —tune in and let us show you the money!
The Payments Guy
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:
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Website: http://www.paydiverse.com
LinkedIn: https://www.linkedin.com/in/franksena
