B2B Vault: The Biz To Biz Podcast

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

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!

So 2022 is almost over, and we covered many subjects on the podcast over the year. This past month was busy with all sorts of crazy news stories, and we were active at the office with many different projects.

Here are the topics we talked about in the last month:

We thought "Cannabis" would rise and Congress would pass the Safe Banking Act - only to find out that they kicked the can down the road again. Then we get notices from Visa and the Banks that we deal with about Cashless ATMs and that they are shutting it all down and fining business and the companies who placed them $50K per device.

Cryptocurrency has been in the news the last month with the FTX debacle. Congress, CFPB - Consumer Financial Protection Bureau, SEC Security, Exchange Commission, and FinCEN are all cracking down on the "Digital Asset" industry. Making stiff laws regulating Anti Money Laundering Rules and Regulations and Crypto companies have until Feb or March 2023 to finish up audits.

In our opinion, the law regarding how Crypto is handled needs to be changed to what Japan is doing; there, you can purchase, then the crypto/tokens are moved to another platform that acts as a bank to hold the Crypto/Tokens. This way, what happened at FTX can't occur; Coinbase has a setup similar to that - where you purchase on Coinbase, and then the crypto/tokens are held in the Coinbase wallet.

We talked about our community giving project. 

https://nationwidepaymentsystems.com/community-giving-project/

We talked about how scams are on the rise right now, especially during the holiday season; everything from check fraud (watch for future podcast), shoplifting, and friendly fraud in retail and restaurants, along with fraud on the internet with e-commerce and Identity Theft. 

We covered how to Thrive in a Recession and down economy and provided some excellent advice and lessons from the past about things we had had to deal with when it came to business and experiencing similar circumstances.

Digitizing your business and marketing needs to be on your list of things to do for 2023! We talk about the need for companies to use Social Media, Google my business page, reviews, upgrade your website, look at the technology you are using in your business today, and see how you can update that.

Businesses all need to embrace the new way to do business - OMNI Channel or Compete Business Solution and offer your customers the services that the big companies offer - we have it all available for you! Have a website that provides delivery, in-store pickup, and curbside pickup so you can compete in 2023! 

Level up your technology! 

We also explain what the F is a Merchant Account and What the difference is between a bank account and a merchant account. Also, we explain why you need separate business bank accounts to save money on taxes and more! And we describe a simple formula of how to figure out how to calculate what you pay for credit card processing. You have to listen to get that GEM.

We also answered quite a few viewer/listener questions that were sent in. Keep sending those questions to us, post on our various social media accounts or send a message, your question could get featured on the podcast, and we might send you some SWAG.