Totally agreed. I've been using PayPal for many years to accept software license payments and I can't wait to switch away from it. My main pet peeves are: 1) Huge chargebacks of up to $20 per fraudulent transaction. They simply pass it on to the merchant if someone pays you with a stolen credit card (which happens alot online.) So say, you accepted a credit card payment of $25. You get $23.80 (not the exact number) that is added to your account. Then say, this payment comes back as a chargeback at the end of the month. So PayPal initiates a dispute and automatically takes out $25. (Note that you received $23.80, but they took out $25, so you're already at a loss.) Then, no mater what you reply to their dispute, in about a week, they will rule it against you and will impose an additional $20 fee. So to recap, you received $23.80, then they deducted ($25) and then again the ($20) chargeback fee. Nice, isn't it. No wonder Elon Musk can shoot up rockets into space with this kinda business. (I know that he & Tiele sold it, but that was the business model they established.) 2) Absolutely no customer service. It would take you 20 minutes just to find a form to submit an email. And then you'll get some nonsensical response from an AI (or from someone in India written as a copy-and-paste from a template.) 3) Very steep commission (fees) if you accept international payments. Way higher than Stripe. 4) Their website UI is so bloated & complicated to set up that I would literally Google it to find a link in their control panel.
You explained the differences really well between the 4 types of merchant accounts. Thanks for getting the point about the application requirements. Something I'll remember next time.
Clear and informative - very helpful. An online store hosting site guided me to a merchant account they were affiliated with. Some months I had zero sales but still had to pay a $30 Gateway fee. Live and learn.
What he does NOT mention in this "comparison" video is that "REAL" merchant processors or "direct" merchant processors may have additional MONTHLY account fees, processing fees, and other (unexplainable fees) BESIDES the sales percentage rate and the per-transaction fees. PLUS they may have lower rates for some common credit card types (like Visa, MasterCard) but have much higher rates for running others like American Express, Discover, etc or not allow processing of them altogether (which means disappointed and inconvenienced customers). For Small/Medium sized, less established companies, these details can be a huge drain on funds and/or turn customers/sales away by having to reject their payment option. IF you have a business that is seasonal or runs temporary/event type sales, then this fund-drain is acerbated by the fact the those additional monthly fees will still be deducted on the months that you do NOT process cards or make money. IF you are going to look into a merchant processing company, you need to ask about ALL possible fees and policies (including how THEY handle chargebacks and fraud -which may ALSO be biased toward buyers- and how much that costs YOU in addition.) JUST some more stuff to consider. Good luck with your research and finding the right one for you.
@Laura Merrill Thanks for watching and for the comments. I've covered merchant account pricing in other videos on the channel and openly share monthly costs for merchant accounts. With that, regardless of the "extra" fees that some merchant account providers charge, it all comes back to effective rate if you're talking about price/cost/rate alone (while comparing provider to provider on cost alone) . Here's one video where I discuss merchant account rates and fees vs. paypal and I mention a $25 monthly fee: ruclips.net/video/t9aJbehw7xc/видео.html and here's another video dedicated to merchant account pricing: ruclips.net/video/5jk-0XxkiR0/видео.html Hope this helps you and anyone else who reads this comment thinking that something might have been left out. -Brian
That's so true about the charge back,add a small business and a customer spouse did a charge back on a prepaid gift card,not knowing that husband was the one that using the card behind her back and paypal closed my account because of that.
i would like to creat a shopify store and try 1 product if its not a winner i change it in the same store but i am worried of the payments method from what i saw many shopify members have problem with paypal cuz they held the money or frozen the acc so what do you reccomend for me herr wesche germany
I never understood why ppl would treat PayPal as a bank when they clearly aren't. You don't let large sums of money build up in your acct. Move it to ur bank acct. Leave minimal funds in PayPal accts at all points. Then your not devastated when they pull this freeze your funds crap.
They locked my account after _one_ transaction. How do I transfer if to my bank account, then? From other testimonies I've also learned that they can also _also_ flag you when you withdraw a large chunk of your balance at once from your account.
@Say what you want Say what you won't Nah I knew that, I was just desperate because it's often the only payment option clients will accept. Thank god it was just a very small transaction (but I'm still very salty) I was just trying to be sarcastic to OP saying we should regularly transfer our money back to our bank account as other people's account get frozen over doing exactly that...
This is the information I've been looking for! I've been developing a POS system proof of concept, but it's been illusive to find out how to integrate card processing merchant account into software.
Thanks for watching Coach Carmen! I've had people say that before so maybe I should make it a course :) j/k. if you need help with setting up a merchant account or adding payment page(s) do your website, let me know! ~Brian
Can someone for another country use stripe without opening account in USA or following some procedures that others are saying? (Open account in USA, Bank account in USA , business address in USA and etc)???
Thank you so much for the kind words. I'm glad you liked it. in fact, quite a bit of research DID go into this particular video so I'm glad to hear that you like it! Lmk if there's other topics you'd like to learn about! ~Brian
STOP USING PAYPAL. Yes, it seems to be the most ubiquitous and most convenient one out there but you only need to look at the reviews/complaints over at trustpilot and consumeraffairs and you can see what all these comments are talking about!
Thank you so much this is helping me out a lot. I just a started a website and I wanted to make sure what would be best to use to make my payments but without having any fees added or having my account frozen. So like I said thank you for explaining this so well.
Nice meeting you Brian! This was the very best educational video I've ever accessed to date on RUclips. What software did you use to create it? This is first time in 12 years I didn't have to struggle to read, hear or understand its content. Finally, someone who understands the critical interdependence & use of contrast, color and print/overlay SIZE. This should be used as a universal model for all RUclips videos. Bravo and well-done.
the worst service ever is Paypal .. they froze up $14k even i sent all documents proves the legitimacy of my business .. more than 5 months and still no fucken answer
Hi Brian, we own a small antique mall with around 30 antique dealers. We currently do all of our invoicing on paper receipts and process over $5,000 in credit cards a month with a traditional merchant account. We have been looking at square register, because we we want to try to eliminate all the paperwork involved with reimbursing the dealers each month for their sales. Do you have any recommendations for a POS system that can tabulate the amount for the checks that we write to our dealers for their sales each month? Thank you! Lance
I hope that you did not get a square account they take your money and hold it hostage for no reason I have thousands that I cannot get to and I cannot even talk to a sale representative because they don't answer the phone
Great video! Thank you for explaining it in such a simple and understandable way. I'm paying Square TOO MUCH and want to switch to a merchant account. This makes me feel more confident about the change. Thanks again!
@quandralee9371 You're welcome and glad you liked the video. If you want to talk about details of setting up a merchant account, you can schedule a free consult with us here: www.bancardsales.com/call/brian thanks for watching!
Hey Brian! The video was indeed very informative. Do you happen to have a solution for a business that's located outside the US to signup for an offshore merchant account or something? Our business sells practice material/exam simulator to prospects out in the US but we're based in Pakistan. Any help/guidance would be highly appreciated. BR, Ahsan
thankyou I already had true merchant account setup for my business before I watched this video. Good to know I choose the right option for my small business.
Thanks for the video - a great first point for getting an understanding of how these systems work. Can you advise how I should tackle a problem that I will have though please. I am setting up a hire business for machinery - I will be taking machines to customers for them to hire so I will need a wireless transaction ability. Also , as I will be hiring machines out, I will be taking deposits rather than a sale, so the amount I will taking from a customer will not really reflect the sale amount as I will be paying the deposit back to the customer (minus charges for rent period/damage etc). So using one of the models you showed I would end up paying a percentage of the deposit, not the actual amount I eventually get for the hire period. I will also need to have the ability to pay money back into the customers account. Perhaps the hire industry is unusual in this way.
Hi Brian! Please help! I currently use Card Connect for my standard merchant services to run credit cards for my existing business. I have since created a new product that I will bring to market, BUT not knowing how it will sell, or if its worth it to start a new company, I was planning to just add the product under my existing company to see how the first batch sold. It will be sold on my new website with my new shoe name ...It is a fashion sneaker for women. The name of the shoe is different than my existing company under Card Connect but that's OK as I can still sell it through my existing co for the first batch right? Then depending how my sales are I would start a new company under the shoe name.. Will this effect my e-commerce options and or merchant account situation when I set up a new co under the same address and my same personal name? For the time being then would it be best to go with Square or Stripe? My shoe is high end and will sell for $289.00 per pair. Your advice is greatly welcome! Thank you so much:)
Hey Tracy, Thanks for watching. If you're new shoe/product is under the umbrella of your company, then you're likely okay to sell it through your existing merchant account. I say "likely" because I don't know your business and you entire product line. Assuming that it's in line with your other products, then it's more a question of how you want to separate and track your sales (a function of your CRM or Sales software) rather than a merchant account function. If you'd like to discuss further, feel free to schedule a call with me here: www.bancardsales.com/call/brian
Where did you learn all of this? Wondering if there are textbooks or resources to learn more about it (besides your videos of course, just trying to reduce my screen time). This is really how it works though, I'm a software engineer at a large bank and we are modernizing our platform and I am learning as much as I can about this domain.
Great video I love the type of info you provide to your audience. My questions is, for an independent travel agent who collects payments and then have to make the payments to the cruise vendors, what system/ approach would you suggest?
Hey Kimberly thanks for watching and glad you enjoy the content . In your situation it depends on what you require to have automated and what your okay manually performing in terms of the transactions from your customers and then to the cruise vendors. If you want to discuss further click the clink in the description to schedule a time to talk with me. 😀 ‐Brian
Hi, I am a retired senior, and not knowledgeable at all on these devices. I have a very small art business and am scheduled to have a one person art show. I do not have regular monthly sales, but more occasional sales. I may set up a small table as a vendor in a park in the future. What would you recommend I use? Looking for simple and easy.
Hello. The best option for you would be to set up a Square account. www.squareup.com Their hardware is simple for trade shows and if you don't have regular monthly sales, their pricing model with no monthly cost will be best. You'll pay a slightly higher rate per charge, but it's again probably your best option. Thanks for warching! -Brian
thanks for the head up bro.. really appreciate it. can i ask you to help me out with a little problem please and thanks. i am creating a store on ecwid but i am confuse about how to set up the payment method because am using a next website call sup dropshipping to import products which just automatically add them to my store when i find the product i am looking for. But i would like to know if when i find the product am looking for and add it and its price automatically list on my store with all the detail, shipping cost, description etc.. how does that work in to place with what i have already set up on ecwid as my payment method?
I have a nonprofit that runs a large national event. This is our first year taking over the event. I have been processing ticket sales and registrations through our website using paypal. Our event is outdoors and I will need to process CC payments for parking and entry fees into the event. I have NO idea where to start with there being SO many options. Please help!!!
Hey Dustin, thanks for the comment. Feel free to reach out and I'll walk you through the options. Www.bancardsales.com/call/Brian Likely the best option is a mobile phone option. I'll give you details on the phone!
Got it. I could put something like that together, although some of it would be speculative. You'll get the best customer service by working directly with a professional payments manager like myself or one of my associates. We offer payment system analysis. Let me know if you would like the link to schedule.
PLEASE AVOID PAYPAL! THEY CLOSED MY ACCOUNT IN A MATTER OF FIVE DAYS OF IT BEING OPEN WITH NO EXPLANATION AND NO CUSTOMER SERVICES. THANKS FOR THIS VIDEO BECAUSE I JUST OPEN A ECOMMERCE STORE AND WAS LOOKING FOR OTHER AVENUES TO GET PAID! CONGRESS NEED TO REGULATE PAYPAL!
Im waiting for my business license. What do you recommend I start with for payment? Most of my clients will be doing cc payment. For a starter spa! Thank you!
I really don't understand much of what you are talking about. I have a small business as a fishing guide. Only related to fishing trips. Under $100,000 per year. Please advise.
Hey John, Why don't you go ahead and grab a time to chat here: www.bancardsales.com/call I'm happy to answer your questions and go through options for online payments and discuss options you have for accepting payments. -Brian
This video clearly explained general details to identify how each payment option could be used in various scenarios. I know have a better understanding of merchant account providers and payment aggregators. Thank you for sharing.
Glad it was helpful and thanks for watching Renee! If you have any questions, please feel free to reach out at one of the links in the description! ~Brian
I have a food truck we do less then $5000 a month. I have a merchant account with PNC and Clover. But the fee were so high. I Square the best out of the aggregator accounts?
Stephen, Square is a good choice for food truck businesses and mobile companies. Which version of Clover are you using? Depending on the needs of your business (i.e. how much do you need your POS to do) you can get by with a merchant account system for about $23/month and the mobile card reader is $99 to purchase. It will give you full mobile functionality with your mobile phone. Let me know if you'd like to chat. You can schedule with me here and we can talk through the variables and how it works: www.bancardsales.com/call/brian
Thanks a lot, great explanation! I am setting up a new digital business similar to Uber, in which users pay a service (so an income transaction) and I must send two payments to two different service providers (while retaining my fee). Do I have to pay the fee of 2,X% each transaction, even for the outcome transactions?
Great video, very informative. Need help with my situation. So I'm opening up a vintage sneaker store in 2 months where we'll sell & restore sneakers as well as sell sneaker accessories. In the meantime, I have created my website thru Wix to sell Merch on(clothing items mostly). I'd like to accept PayPal as well as standard credit card payments. Not so good personal credit and this is my first e-commerce business. So my question, what's the best route for me in the short term? I'm sure I'll apply for a merchant account once sales ramp up and I have a stronger history. Hope you can answer this one, Thanks Brian!
Hi! So I started a business selling meat to different restaurants and meat markets. Customers order meat from me, I buy the meat and deliver to their location. Recently, I've had a couple of customers asking me if I was able to accept debit/credit card payments in the future. I'm considering on getting Square. I would love to have your opinion on this.
When you're just getting started, Square is a great option. Once you reach $3k per month (or more) reach out to me and I'll help you with a better option. Www.brianmanning.co/call.
Please help us we are doing a campaign in which we are not buying any products and services from any business that uses Square payments system and let the owner of the business know so they can change their payment system to any other services. Square should be stop and the power is on us the people. Square stole $5000 from me i went to the point that i have to close my business because of this. I almost commit suicide. Square destroys my life, and my family. I used to have a small business in NYC now. I am working at Mcdonalds thanks to Square. There are many options to use don't do the same mistake i did please.
I just learned that Square is JACK DORSEY's company so I just went from having them as my most likely, to being CROSSED OFF. Jack Dorsey is TWITTER and I hate Twitter with a passion as they 100% absolutely discriminate against conservative voices and I have had about 15 different unrelated Twitter accounts SUSPENDED by those *******rs. And I just watched a TV report about a guy who does fireplaces and SQUARE has frozen well over $7000 for no reason...... sounds just like TWITTER (and PayPal) where they do whatever they want and don't answer questions.
Great question Chris. I have worked worked with Service Titan customers before. What it comes down to is: 1) use service titan and get the integrated benefits (i.e. reporting ect...) 2) use an independent card processor of your choice without the integrated benefits. If you want to talk schedule with me here: Www.bancardsales.com/call/Brian
Avoid stripe at all cost they shut you down fast if your a new tech firm like lyft or uber but they say your high risk when they even service lyft and uber..
Hello Brian! I am starting an online flower shop business. My prices are going to be set for the client depending on the bouquet they select. So far I have 10 different flowers bouquets they can buy. I am considering my sales for the first 6 months will be very low. I am very confused about the account I can use to receive payments. What do you suggest? Thank you!
Mayra, there's a couple options for you that are off the shelf software tools matched with a merchant account. Go ahead and schedule a phone call with me and I'll explore it with you. Www.bancardsales.com/call
Great video! I feel like the banking business intentionally hides this information so the average Joe or Jane has little chance to understand the players, the fees involved, and what solutions might work best for them.
Yup, many need to realize, an honest bank has some kind of angle, and, even if a small percentage of people find out in time, and you then alert the masses, many will blow it off as part of banking, and they count on that...
@@frijolechingon5713 Thats why we are asking questions now, as the percentage is way off! Instead of taking 2.3% Its almost 30% coming out! I wonder if anyone else is just going with it or are catching this like we have😮
@@empireprotege Yeah but Stripe is quite expensive. Not so ideal if you do high volume. There are options out there where you pay around 1.5% -2% per transaction. And the issue with Stripe is also that they can shut you down any moment. Whereas with a proper merchant account this risk is much smaller.
@@cavallopazzo340 I don't mind Stripe's fee as all of my clients/customers trust it. You should seriously test out your purchase conversion rate to Paypal, Stripe, and a 3rd party. Paypal converts best because of trust. But Paypal is more expensive than Stripe in many aspects. I love stripe and have had no issues, and it also connects well into my Business Bank, Websites, Chatbots, Slack, etc. etc.
@@empireprotege I agree PayPal converts well, also because they don't need to type their address details but regarding Stripe and the trust factor I honestly don't see how this should make a difference, at least in my case. The customer doesn't really notice what payment gateway is linked on the backend when he enters his credit card details at checkout. At least with Shopify. Maybe you're using a different platform in this case or your clients pay by invoice?
we call this type of hacking PHISHING HACK, malicious email would be sent to you from the hacker into your inbox. This email would be convincing enough to get you to click on it, leading you to a page that looks just like paypal and just after you enter your credentials and hit the button....Boom!! you become a victim. watch this for more insights: ruclips.net/video/z6l2TTouPDk/видео.html and this also ruclips.net/video/HTSmMAYOFUA/видео.html
@@VOICESEnglish I didn't insult your intelligence, madam. I literally just showed you one of the many diverse ways hackers use in getting what they want. Sorry if you thought so.
Hello! I am starting an ecommerce business and after watching this video, I still couldn't decide which is the best options for me. I'm concerned of all of the paypal negative reviews. I would like to save my money and invest in a good merchant account to be consistent with and safe. Which one do you think is highly/most recommended ?
Im very glad that you Are making this video. Its hard to finds good information about This. My stripe got frozen in 2020. It was confusing! They sayed it will make to much dispute🤷♂️I finnaly feel the strenght and focus to make a real webshop
Great video, I really learned a lot! I've been looking for something I can use for invoicing with credit card and ACH options, that can automatically add say a 1.5% fee for CC payments, but none if they decide to pay with ACH. The invoices are generally few, but in the thousands to tens of thousands of $ each.
If you haven't already schedule a meeting with me and I'll show you what you'll need to get that set up. Here's the link to schedule with me: Www.bancardsales.com/call
Jeff, I'd be happy to help. I'm going to suggest you submit a question. The reason is that I need more information about your company to give you an answer of any value. Here's the link: Https://www.bancardsales.com/ask
Hey, thanks for this video! Helps a lot. You said that PayPal gets you money within a few mins. I set one up and I have money pending and since I'm new to PayPal they said it can take up to 21 days till the transfer will complete for me to get the money.
Thanks for watching and glad it helped. PayPal is notorious for holding on to money before releasing it to you. If you want your money quicker sign up for a merchant account (next day funding paid directly to your bank account) PayPal is easy and quick to set up, but as you can see there are drawbacks. If you want to sign up for a merchant account I can help you set it up. Go here: www.getcardpointe.com/apply
And to clarify, PayPal credits you PayPal account almost instantly but that does not mean that the money is in you bank account and available to spend. - Brian
@bancardsales your video is great however I still have some issues processing credit card payments. My business is registered in the US and I have an IRS document as well as a business bank account in the US but I'm still unable to accept credit card payments because most of these payment processors reguire a Social Security Number and since I don't live in the USA I'm unable to create an account. What should I do and how can I fix this? Thanks again for sharing this useful video and I look forward to hearing your answer on that question.
QUESTION --- first off , thank you for your time and General information. I currently Have TERRIBLE credit so I am relegated to start my website with once of the 3 basic accounts. I have a PAYPAL account but I have not yet actually launched my site so I might lean towards setting up a STRIPE account for my site. If things go as planned -- once I launch my site -- I will have to convert to a MERCHANT account ASAP ***QUESTION*** I have an EIN but I do not have a business bank account -- do to no revenue and poor credit at this time BUT DO I HAVE TO HAVE ONE with STRIPE -- just to get started ??? ALSO If things go as planned I will be bringing in a lot of money , possibly very quickly, I see your points but at this time I really have no other choice with NO INCOME and the worst credit possible. ***DO YOU HAVE ANY RECOMMENDATIONS*** for who would be a reliable Merchant Account to connect with ? ONCE I GET GOING I will need to Switch over and I want to be prepared for that moment in time.
I'm more confused now than before. We process thru a regular processor and we are paying NAB 4.4% doing between $2500 to $5500. a month in credit card sales and your saying that it should be lower than Square. I don't see it Please advise??
Maybe it's high time the American government started investigating Paypal and their clever tricks and tactics. They should be forced to behave like a bank - not a bunch of self-serving looters.
Brian, I am going to start taking CC payments in my drywall repair business (low volume-few monthly transactions) and I've been wondering which would be better for me- Square of PayPal. Any suggestions?
Go with Square. Better options. Once you start doing regular volume monthly (more than $3k per month) message me or get in touch with me and I'll set you up with an even better option. Www.brianmanning.co/call
Please avoid PayPal at all costs.
THANK YOU
you should be screaming your comment in caps!
Why?
@@changjunlim5705 they are VERY evil to sellers. buyers are in the dark about it
Totally agreed. I've been using PayPal for many years to accept software license payments and I can't wait to switch away from it. My main pet peeves are:
1) Huge chargebacks of up to $20 per fraudulent transaction. They simply pass it on to the merchant if someone pays you with a stolen credit card (which happens alot online.) So say, you accepted a credit card payment of $25. You get $23.80 (not the exact number) that is added to your account. Then say, this payment comes back as a chargeback at the end of the month. So PayPal initiates a dispute and automatically takes out $25. (Note that you received $23.80, but they took out $25, so you're already at a loss.) Then, no mater what you reply to their dispute, in about a week, they will rule it against you and will impose an additional $20 fee. So to recap, you received $23.80, then they deducted ($25) and then again the ($20) chargeback fee. Nice, isn't it. No wonder Elon Musk can shoot up rockets into space with this kinda business. (I know that he & Tiele sold it, but that was the business model they established.)
2) Absolutely no customer service. It would take you 20 minutes just to find a form to submit an email. And then you'll get some nonsensical response from an AI (or from someone in India written as a copy-and-paste from a template.)
3) Very steep commission (fees) if you accept international payments. Way higher than Stripe.
4) Their website UI is so bloated & complicated to set up that I would literally Google it to find a link in their control panel.
You explained the differences really well between the 4 types of merchant accounts. Thanks for getting the point about the application requirements. Something I'll remember next time.
@@videotoday8226 thank you
What can't more videos be this clear, comprehensive AND engaging? Well done sir.
Thank you and thanks for watching !
This vid is gold. thanks for taking the time to create it.
Clear and informative - very helpful.
An online store hosting site guided me to a merchant account they were affiliated with.
Some months I had zero sales but still had to pay a $30 Gateway fee. Live and learn.
What he does NOT mention in this "comparison" video is that "REAL" merchant processors or "direct" merchant processors may have additional MONTHLY account fees, processing fees, and other (unexplainable fees) BESIDES the sales percentage rate and the per-transaction fees. PLUS they may have lower rates for some common credit card types (like Visa, MasterCard) but have much higher rates for running others like American Express, Discover, etc or not allow processing of them altogether (which means disappointed and inconvenienced customers). For Small/Medium sized, less established companies, these details can be a huge drain on funds and/or turn customers/sales away by having to reject their payment option. IF you have a business that is seasonal or runs temporary/event type sales, then this fund-drain is acerbated by the fact the those additional monthly fees will still be deducted on the months that you do NOT process cards or make money.
IF you are going to look into a merchant processing company, you need to ask about ALL possible fees and policies (including how THEY handle chargebacks and fraud -which may ALSO be biased toward buyers- and how much that costs YOU in addition.)
JUST some more stuff to consider. Good luck with your research and finding the right one for you.
@Laura Merrill Thanks for watching and for the comments. I've covered merchant account pricing in other videos on the channel and openly share monthly costs for merchant accounts. With that, regardless of the "extra" fees that some merchant account providers charge, it all comes back to effective rate if you're talking about price/cost/rate alone (while comparing provider to provider on cost alone) .
Here's one video where I discuss merchant account rates and fees vs. paypal and I mention a $25 monthly fee: ruclips.net/video/t9aJbehw7xc/видео.html
and here's another video dedicated to merchant account pricing: ruclips.net/video/5jk-0XxkiR0/видео.html
Hope this helps you and anyone else who reads this comment thinking that something might have been left out. -Brian
That's so true about the charge back,add a small business and a customer spouse did a charge back on a prepaid gift card,not knowing that husband was the one that using the card behind her back and paypal closed my account because of that.
i would like to creat a shopify store and try 1 product if its not a winner i change it in the same store but i am worried of the payments method from what i saw many shopify members have problem with paypal cuz they held the money or frozen the acc so what do you reccomend for me
herr wesche
germany
I never understood why ppl would treat PayPal as a bank when they clearly aren't. You don't let large sums of money build up in your acct. Move it to ur bank acct. Leave minimal funds in PayPal accts at all points. Then your not devastated when they pull this freeze your funds crap.
They locked my account after _one_ transaction. How do I transfer if to my bank account, then? From other testimonies I've also learned that they can also _also_ flag you when you withdraw a large chunk of your balance at once from your account.
@Say what you want Say what you won't Nah I knew that, I was just desperate because it's often the only payment option clients will accept. Thank god it was just a very small transaction (but I'm still very salty) I was just trying to be sarcastic to OP saying we should regularly transfer our money back to our bank account as other people's account get frozen over doing exactly that...
Some don't have that option right away, it's a process...
This is the information I've been looking for!
I've been developing a POS system proof of concept, but it's been illusive to find out how to integrate card processing merchant account into software.
What industry is your POS software?
Let's talk if your up for it. I got a few things to share with you.
Www.bancardsales.com/call/Brian
OMG I feel like I took a course! So many questions I had for years answered! Bless you!
Thanks for watching Coach Carmen! I've had people say that before so maybe I should make it a course :) j/k. if you need help with setting up a merchant account or adding payment page(s) do your website, let me know! ~Brian
@@Bancardsales You're awesome Brian! If only I found you a couple of years ago! I would have more hair left on my head! Lol
Completeness of vision, ability to execute, to understand the enterprise, strategic focus. God bless
Great information I received a lot Thank You!
Thank you and thanks for watching !
Can someone for another country use stripe without opening account in USA or following some procedures that others are saying? (Open account in USA, Bank account in USA , business address in USA and etc)???
This is very, very informative and essential to know and still relevant today January 2024, thank you for making this video.
Thank you. Thank you for watching!! -Brian
Honestly this has been the most researched video I have watched on you tube.thanks a lot guys
Thank you so much for the kind words. I'm glad you liked it. in fact, quite a bit of research DID go into this particular video so I'm glad to hear that you like it! Lmk if there's other topics you'd like to learn about! ~Brian
STOP USING PAYPAL. Yes, it seems to be the most ubiquitous and most convenient one out there but you only need to look at the reviews/complaints over at trustpilot and consumeraffairs and you can see what all these comments are talking about!
do I get a monthly statements and a year end statements for tax purposes
Thank you so much this is helping me out a lot. I just a started a website and I wanted to make sure what would be best to use to make my payments but without having any fees added or having my account frozen. So like I said thank you for explaining this so well.
That's great Noah. Thanks for watching and glad the video helped. !
This Video worth Money !!!
Uu×29/:4%%/^__^
Anything is better than PAYPAL !!! Avoid !!!
Absolutely the best information I have seen on payment platforms and risks involved. Thank you for sharing.
Thanks for watching Brandy!
Stripe is most developer friendly
Thanks Elon! Glad to have you here watching my vids :)
Nice meeting you Brian! This was the very best educational video I've ever accessed to date on RUclips. What software did you use to create it? This is first time in 12 years I didn't have to struggle to read, hear or understand its content. Finally, someone who understands the critical interdependence & use of contrast, color and print/overlay SIZE. This should be used as a universal model for all RUclips videos. Bravo and well-done.
Thank you Mike.
Those are very kind words and I'm glad the material helped you.
If you have any questions ping me back with questions. -Brian
My thoughts are exactly the same.
@@Bancardsales So what software was used?
@@DanishAnton All of my videos are edited in Adobe Premiere Pro! Thanks for watching! ~Brian.
@@californiabearrawr1689 Thank you and thanks for watching. Let me know if you have any questions about payment acceptance in your business. ~Brian
the worst service ever is Paypal .. they froze up $14k even i sent all documents proves the legitimacy of my business .. more than 5 months and still no fucken answer
Hi Brian, we own a small antique mall with around 30 antique dealers. We currently do all of our invoicing on paper receipts and process over $5,000 in credit cards a month with a traditional merchant account. We have been looking at square register, because we we want to try to eliminate all the paperwork involved with reimbursing the dealers each month for their sales. Do you have any recommendations for a POS system that can tabulate the amount for the checks that we write to our dealers for their sales each month?
Thank you!
Lance
Thanks for watching and yes I can help you.
If you want to talk, schedule a call with me. Www.bancardsales.com/call
I hope that you did not get a square account they take your money and hold it hostage for no reason I have thousands that I cannot get to and I cannot even talk to a sale representative because they don't answer the phone
What happens if u purchase sum with a linked PayPal card with out money on it but it says order placed with merchant on it
The animations paired with your clear communication really made this video easy to follow and to learn from, thanks boss!
Thanks for watching. Glad you enjoyed it.
Great video! Thank you for explaining it in such a simple and understandable way. I'm paying Square TOO MUCH and want to switch to a merchant account. This makes me feel more confident about the change. Thanks again!
@quandralee9371 You're welcome and glad you liked the video. If you want to talk about details of setting up a merchant account, you can schedule a free consult with us here: www.bancardsales.com/call/brian
thanks for watching!
Hey Brian!
The video was indeed very informative. Do you happen to have a solution for a business that's located outside the US to signup for an offshore merchant account or something? Our business sells practice material/exam simulator to prospects out in the US but we're based in Pakistan. Any help/guidance would be highly appreciated.
BR,
Ahsan
7GVF DFG4 RREWWD
I am in India and have a LLC registrted in USA
My monthly transaction will be above $5000. How do i get a true merchant account without SSN?
thank you very much sir u open alot of answers to my questions
thankyou I already had true merchant account setup for my business before I watched this video. Good to know I choose the right option for my small business.
Which true merchant account do you recommend?
Super informative. Thanks for the video man. That was dope 🔥
Glad you liked it and thanks for watching!
2021 now, did they fixed the problem?
What problem are you referring to?
Thanks for the video - a great first point for getting an understanding of how these systems work. Can you advise how I should tackle a problem that I will have though please. I am setting up a hire business for machinery - I will be taking machines to customers for them to hire so I will need a wireless transaction ability.
Also , as I will be hiring machines out, I will be taking deposits rather than a sale, so the amount I will taking from a customer will not really reflect the sale amount as I will be paying the deposit back to the customer (minus charges for rent period/damage etc). So using one of the models you showed I would end up paying a percentage of the deposit, not the actual amount I eventually get for the hire period. I will also need to have the ability to pay money back into the customers account. Perhaps the hire industry is unusual in this way.
Hi Brian! Please help! I currently use Card Connect for my standard merchant services to run credit cards for my existing business. I have since created a new product that I will bring to market, BUT not knowing how it will sell, or if its worth it to start a new company, I was planning to just add the product under my existing company to see how the first batch sold. It will be sold on my new website with my new shoe name ...It is a fashion sneaker for women.
The name of the shoe is different than my existing company under Card Connect but that's OK as I can still sell it through my existing co for the first batch right? Then depending how my sales are I would start a new company under the shoe name.. Will this effect my e-commerce options and or merchant account situation when I set up a new co under the same address and my same personal name?
For the time being then would it be best to go with Square or Stripe? My shoe is high end and will sell for $289.00 per pair. Your advice is greatly welcome! Thank you so much:)
Hey Tracy, Thanks for watching. If you're new shoe/product is under the umbrella of your company, then you're likely okay to sell it through your existing merchant account. I say "likely" because I don't know your business and you entire product line. Assuming that it's in line with your other products, then it's more a question of how you want to separate and track your sales (a function of your CRM or Sales software) rather than a merchant account function. If you'd like to discuss further, feel free to schedule a call with me here: www.bancardsales.com/call/brian
This was super helpful. Broke it down to help me understand how I should start and where my goal should be.
Thanks for watching Michael. If you have any questions just comment back or schedule a consult.
Www.bancardsales.com/call
Where did you learn all of this? Wondering if there are textbooks or resources to learn more about it (besides your videos of course, just trying to reduce my screen time). This is really how it works though, I'm a software engineer at a large bank and we are modernizing our platform and I am learning as much as I can about this domain.
Hey. Thanks for the comment.
Reach out and let's talk.
Www.bancardsales.com/call/brian
Wow! What a thorough video~~ Thank you so much!!!
Thank you so much for this video! This was exactly what I was looking for and answered so many questions for me.
You're welcome. Thanks for watching and commenting.!
Great video I love the type of info you provide to your audience. My questions is, for an independent travel agent who collects payments and then have to make the payments to the cruise vendors, what system/ approach
would you suggest?
Hey Kimberly thanks for watching and glad you enjoy the content .
In your situation it depends on what you require to have automated and what your okay manually performing in terms of the transactions from your customers and then to the cruise vendors.
If you want to discuss further click the clink in the description to schedule a time to talk with me. 😀 ‐Brian
Hi, I am a retired senior, and not knowledgeable at all on these devices. I have a very small art business and am scheduled to have a one person art show. I do not have regular monthly sales, but more occasional sales. I may set up a small table as a vendor in a park in the future. What would you recommend I use? Looking for simple and easy.
Hello. The best option for you would be to set up a Square account. www.squareup.com
Their hardware is simple for trade shows and if you don't have regular monthly sales, their pricing model with no monthly cost will be best.
You'll pay a slightly higher rate per charge, but it's again probably your best option.
Thanks for warching!
-Brian
This Video worth Money !!!
thanks for the head up bro.. really appreciate it.
can i ask you to help me out with a little problem please and thanks.
i am creating a store on ecwid but i am confuse about how to set up the payment method because am using a next website call sup dropshipping to import products which just automatically add them to my store when i find the product i am looking for. But i would like to know if when i find the product am looking for and add it and its price automatically list on my store with all the detail, shipping cost, description etc.. how does that work in to place with what i have already set up on ecwid as my payment method?
You can schedule with me here: Www.bancardsales.com/call/Brian
Phenomenal video !!
I have a nonprofit that runs a large national event. This is our first year taking over the event. I have been processing ticket sales and registrations through our website using paypal. Our event is outdoors and I will need to process CC payments for parking and entry fees into the event. I have NO idea where to start with there being SO many options. Please help!!!
Hey Dustin, thanks for the comment. Feel free to reach out and I'll walk you through the options. Www.bancardsales.com/call/Brian
Likely the best option is a mobile phone option. I'll give you details on the phone!
Thought this was going to compare the three directly with more details of each.
Which detail of each were you specifically looking for ?
A pros and cons review of each compared to each other for usability, cost, softwares,hardware, customer service and things like that.
Got it.
I could put something like that together, although some of it would be speculative.
You'll get the best customer service by working directly with a professional payments manager like myself or one of my associates.
We offer payment system analysis. Let me know if you would like the link to schedule.
PLEASE AVOID PAYPAL! THEY CLOSED MY ACCOUNT IN A MATTER OF FIVE DAYS OF IT BEING OPEN WITH NO EXPLANATION AND NO CUSTOMER SERVICES. THANKS FOR THIS VIDEO BECAUSE I JUST OPEN A ECOMMERCE STORE AND WAS LOOKING FOR OTHER AVENUES TO GET PAID! CONGRESS NEED TO REGULATE PAYPAL!
Im waiting for my business license. What do you recommend I start with for payment? Most of my clients will be doing cc payment. For a starter spa! Thank you!
Where is your business geographically located ? The U.S.?
I really don't understand much of what you are talking about. I have a small business as a fishing guide. Only related to fishing trips. Under $100,000 per year. Please advise.
Hey John, Why don't you go ahead and grab a time to chat here: www.bancardsales.com/call
I'm happy to answer your questions and go through options for online payments and discuss options you have for accepting payments.
-Brian
This video clearly explained general details to identify how each payment option could be used in various scenarios. I know have a better understanding of merchant account providers and payment aggregators. Thank you for sharing.
Glad it was helpful and thanks for watching Renee! If you have any questions, please feel free to reach out at one of the links in the description! ~Brian
Please suggest which will be the best aggregator for rental or hiring website and can provide customer instant refund on cancellation
thanks for the video and info good delivered, a friendly advice the video is too long especially the introduction.
Thank you for watching and glad you enjoyed it!
The video is perfectamente well done!!!
I have a food truck we do less then $5000 a month. I have a merchant account with PNC and Clover. But the fee were so high. I Square the best out of the aggregator accounts?
Stephen, Square is a good choice for food truck businesses and mobile companies. Which version of Clover are you using? Depending on the needs of your business (i.e. how much do you need your POS to do) you can get by with a merchant account system for about $23/month and the mobile card reader is $99 to purchase. It will give you full mobile functionality with your mobile phone. Let me know if you'd like to chat. You can schedule with me here and we can talk through the variables and how it works: www.bancardsales.com/call/brian
Thanks a lot, great explanation! I am setting up a new digital business similar to Uber, in which users pay a service (so an income transaction) and I must send two payments to two different service providers (while retaining my fee). Do I have to pay the fee of 2,X% each transaction, even for the outcome transactions?
Thank you, very helpful.
Thank you and thanks for watching !
Great video, very informative. Need help with my situation. So I'm opening up a vintage sneaker store in 2 months where we'll sell & restore sneakers as well as sell sneaker accessories. In the meantime, I have created my website thru Wix to sell Merch on(clothing items mostly). I'd like to accept PayPal as well as standard credit card payments. Not so good personal credit and this is my first e-commerce business. So my question, what's the best route for me in the short term? I'm sure I'll apply for a merchant account once sales ramp up and I have a stronger history.
Hope you can answer this one, Thanks Brian!
Brain I sell gun like keychains and stripe banded me for that. Said I was high risk what would be a good merchant for such a product?
Schedule a call here if you haven't already done so: Www.bancardsales.com/call/Brian
Exactly. Look for the best solution for your business.
Clear and informative - very helpful.
Thank you. Thanks for watching !
These comments are correct, Avoid PayPal.
Hi! So I started a business selling meat to different restaurants and meat markets. Customers order meat from me, I buy the meat and deliver to their location. Recently, I've had a couple of customers asking me if I was able to accept debit/credit card payments in the future. I'm considering on getting Square. I would love to have your opinion on this.
When you're just getting started, Square is a great option. Once you reach $3k per month (or more) reach out to me and I'll help you with a better option. Www.brianmanning.co/call.
What about authorize.net?
What about it? What is your question ?
Authorize.net is a gateway that connects you to a processor. They charge $30 a month. You must also get a payment processor.
what is difference between Aggregator and processor
6:47 stripe has great customer service.
But they do not operate in many countries unlike PayPal. So it is not a viable alternative.
Please help us we are doing a campaign in which we are not buying any products and services from any business that uses Square payments system and let the owner of the business know so they can change their payment system to any other services. Square should be stop and the power is on us the people. Square stole $5000 from me i went to the point that i have to close my business because of this. I almost commit suicide. Square destroys my life, and my family. I used to have a small business in NYC now. I am working at Mcdonalds thanks to Square. There are many options to use don't do the same mistake i did please.
I just learned that Square is JACK DORSEY's company so I just went from having them as my most likely, to being CROSSED OFF. Jack Dorsey is TWITTER and I hate Twitter with a passion as they 100% absolutely discriminate against conservative voices and I have had about 15 different unrelated Twitter accounts SUSPENDED by those *******rs.
And I just watched a TV report about a guy who does fireplaces and SQUARE has frozen well over $7000 for no reason...... sounds just like TWITTER (and PayPal) where they do whatever they want and don't answer questions.
This is one of the best videos by far. Thank you for your explanation.
Glad you liked it and thanks for watching. If youre interested in a payment system get in touch with me here : www.brianmanning.co/call
Do you know of a tutorial on how to bypass Service Titan payment processing?
Great question Chris. I have worked worked with Service Titan customers before. What it comes down to is:
1) use service titan and get the integrated benefits (i.e. reporting ect...)
2) use an independent card processor of your choice without the integrated benefits.
If you want to talk schedule with me here: Www.bancardsales.com/call/Brian
Avoid stripe at all cost they shut you down fast if your a new tech firm like lyft or uber but they say your high risk when they even service lyft and uber..
You should've read the fine print on Lyft and Uber on how they process and pay.
Can you please guide us about clover merchant? How to setup?
Sure can. Schedule with us here:
Www.bancardsales.com/call/Brian
Thank you.
Thank you for watching!
Hello Brian! I am starting an online flower shop business. My prices are going to be set for the client depending on the bouquet they select. So far I have 10 different flowers bouquets they can buy. I am considering my sales for the first 6 months will be very low. I am very confused about the account I can use to receive payments. What do you suggest? Thank you!
Mayra, there's a couple options for you that are off the shelf software tools matched with a merchant account.
Go ahead and schedule a phone call with me and I'll explore it with you. Www.bancardsales.com/call
Great video! I feel like the banking business intentionally hides this information so the average Joe or Jane has little chance to understand the players, the fees involved, and what solutions might work best for them.
Yup, many need to realize, an honest bank has some kind of angle, and, even if a small percentage of people find out in time, and you then alert the masses, many will blow it off as part of banking, and they count on that...
@@frijolechingon5713 Thats why we are asking questions now, as the percentage is way off! Instead of taking 2.3% Its almost 30% coming out! I wonder if anyone else is just going with it or are catching this like we have😮
Can you make a profit from accepting Monthly payments from Stripe?
not sure what you mean? "Make a profit".... please comment back and elaborate a little on your question. -Brian
Which one works for non-US residents running a US LLC?
Stripe is best. They even have Stripe Atlas where they set up a US LLC for anyone from any country.
@@empireprotege Yeah but Stripe is quite expensive. Not so ideal if you do high volume. There are options out there where you pay around 1.5% -2% per transaction. And the issue with Stripe is also that they can shut you down any moment. Whereas with a proper merchant account this risk is much smaller.
@@cavallopazzo340 I don't mind Stripe's fee as all of my clients/customers trust it. You should seriously test out your purchase conversion rate to Paypal, Stripe, and a 3rd party. Paypal converts best because of trust. But Paypal is more expensive than Stripe in many aspects. I love stripe and have had no issues, and it also connects well into my Business Bank, Websites, Chatbots, Slack, etc. etc.
@@empireprotege I agree PayPal converts well, also because they don't need to type their address details but regarding Stripe and the trust factor I honestly don't see how this should make a difference, at least in my case. The customer doesn't really notice what payment gateway is linked on the backend when he enters his credit card details at checkout. At least with Shopify. Maybe you're using a different platform in this case or your clients pay by invoice?
@@cavallopazzo340 yeah invoices. And big payments over 2000+.
My personal PayPal account was hacked, there's no way I'll trust them with my business
we call this type of hacking PHISHING HACK, malicious email would be sent to you from the hacker into your inbox. This email would be convincing enough to get you to click on it, leading you to a page that looks just like paypal and just after you enter your credentials and hit the button....Boom!! you become a victim.
watch this for more insights: ruclips.net/video/z6l2TTouPDk/видео.html
and this also ruclips.net/video/HTSmMAYOFUA/видео.html
You’re just insulting my intelligence. No email was open, only idiots fall for it
@@VOICESEnglish I didn't insult your intelligence, madam. I literally just showed you one of the many diverse ways hackers use in getting what they want. Sorry if you thought so.
Interesting and insightful, high-level video Brian.
Thank you
You are welcome. Glad you enjoyed it.
When your ready to set up a merchant account, send me a message or go to www.bancardsales.com/call
Hello! I am starting an ecommerce business and after watching this video, I still couldn't decide which is the best options for me. I'm concerned of all of the paypal negative reviews. I would like to save my money and invest in a good merchant account to be consistent with and safe. Which one do you think is highly/most recommended ?
hey did you solve the problem?
Great value delivered in an entertaining manner. 🙂 Thanks Brian!
Do you know of any payment method best for CBD online products?
I have an option for you.
Schedule with me here: Www.bancardsales.com/call/Brian
ughh anything but first data
There's lots of other options. If you had a bad experience and are looking to make a change to something better, comment back and well talk. - Brian
Im very glad that you Are making this video. Its hard to finds good information about This. My stripe got frozen in 2020. It was confusing! They sayed it will make to much dispute🤷♂️I finnaly feel the strenght and focus to make a real webshop
Great material and very informative. Thank you!
Thank you and thanks for watching!
Great video, I really learned a lot! I've been looking for something I can use for invoicing with credit card and ACH options, that can automatically add say a 1.5% fee for CC payments, but none if they decide to pay with ACH. The invoices are generally few, but in the thousands to tens of thousands of $ each.
If you haven't already schedule a meeting with me and I'll show you what you'll need to get that set up. Here's the link to schedule with me: Www.bancardsales.com/call
Glad to have across this video, thank you for the info. It has been very useful.
Glad you liked it! - Brian
@@Bancardsales Hola
Paypal holds money they suck
thanks a lot man!! Thanks!!
That is for watching !
What Merchant company works in Africa. I've had trouble receivibg payment from clients in US and UK
Hello,
I would like to know what are your recommendations for payment options for Dropshipping companies?
Jeff, I'd be happy to help. I'm going to suggest you submit a question. The reason is that I need more information about your company to give you an answer of any value. Here's the link:
Https://www.bancardsales.com/ask
A lot of good info delivered efficiently! 👍🏼
(2nd Watch)
Carlos, thanks and thanks for watching!
Hey, thanks for this video! Helps a lot. You said that PayPal gets you money within a few mins. I set one up and I have money pending and since I'm new to PayPal they said it can take up to 21 days till the transfer will complete for me to get the money.
Thanks for watching and glad it helped.
PayPal is notorious for holding on to money before releasing it to you. If you want your money quicker sign up for a merchant account (next day funding paid directly to your bank account)
PayPal is easy and quick to set up, but as you can see there are drawbacks.
If you want to sign up for a merchant account I can help you set it up. Go here: www.getcardpointe.com/apply
And to clarify, PayPal credits you PayPal account almost instantly but that does not mean that the money is in you bank account and available to spend. - Brian
@bancardsales your video is great however I still have some issues processing credit card payments. My business is registered in the US and I have an IRS document as well as a business bank account in the US but I'm still unable to accept credit card payments because most of these payment processors reguire a Social Security Number and since I don't live in the USA I'm unable to create an account. What should I do and how can I fix this?
Thanks again for sharing this useful video and I look forward to hearing your answer on that question.
QUESTION --- first off , thank you for your time and General information.
I currently Have TERRIBLE credit so I am relegated to start my website with once of the 3 basic accounts. I have a PAYPAL account but I have not yet actually launched my site so I might lean towards setting up a STRIPE account for my site.
If things go as planned -- once I launch my site -- I will have to convert to a MERCHANT account ASAP
***QUESTION*** I have an EIN but I do not have a business bank account -- do to no revenue and poor credit at this time BUT DO I HAVE TO HAVE ONE with STRIPE -- just to get started ???
ALSO If things go as planned I will be bringing in a lot of money , possibly very quickly, I see your points but at this time I really have no other choice with NO INCOME and the worst credit possible.
***DO YOU HAVE ANY RECOMMENDATIONS*** for who would be a reliable Merchant Account to connect with ? ONCE I GET GOING I will need to Switch over and I want to be prepared for that moment in time.
I'm more confused now than before. We process thru a regular processor and we are paying NAB 4.4% doing between $2500 to $5500. a month in credit card sales and your saying that it should be lower than Square. I don't see it Please advise??
i can't transfer my money from paypal to debit card, for no reason damn
Can you still use it? To buy stuff online
your info on real Merchant is totally wrong, cost of real merchant comes to be around 6% because the bank charges you INTERCHANGE FEE!
Ur sound effects are epic my dude
Haha :) thanks! Glad you enjoy them!
Maybe it's high time the American government started investigating Paypal and their clever tricks and tactics. They should be forced to behave like a bank - not a bunch of self-serving looters.
Brian, I am going to start taking CC payments in my drywall repair business (low volume-few monthly transactions) and I've been wondering which would be better for me- Square of PayPal. Any suggestions?
Go with Square. Better options. Once you start doing regular volume monthly (more than $3k per month) message me or get in touch with me and I'll set you up with an even better option. Www.brianmanning.co/call
I never like videos... But this one truly deserves it. Thanks for the clear explanations
Thanks Ben. That's for the comment and I'm glad it helped. 👍