B2B Vault: The Biz To Biz Podcast

Happy New Year as 2021 comes to a close; we wanted to discuss what subjects we covered on B2B Vault. So I go down the list and talk about the solutions, industries, and news we discussed on the podcast.

We want to wish everyone a Happy New Year! I hope everyone has a happy, healthy, and prosperous New Year in 2022

There is a lot to look forward to in 2022 - look for the 2022 podcast kick-off episode, The future of payment processing - We have a contest to win an apple watch - click the link to join in!

Thank you for listening - Carpe Diem - Seize the Day!

Today, on the Podcast, we will talk about CBD and Payment Processing. Are CBD and Hemp Related products legal? CBD payment processing is a moving target, and the short answer is yes. It's up to the credit card processors and banks who sponsor them and what types of products they are willing to process.

Nationwide Payment Systems offers several solutions for these products. We will go over the different options available for CBD payment processing. We will also explain why banks are not very eager to work with CBD and Hemp merchants due to the four agencies that have eyeballs on this industry.

A long list of federal agencies is looking into the CBD industry. This is why many banks shy away from this product.

This makes compliance a big job for processors, banks, etc. Compliance is King when it comes to processing higher-risk merchants like CBD.

We work with both Card Present and Non-Card Present CBD Clients:

The FARM Bill of 2018 opened this market, and several banks are opening merchant accounts for hemp, CBD, and related products. We work with just about any website, we have several gateways, and we have fraud tools available that you can also sign up to use.

If you are looking for additional processing volume or want to see if you can lower your costs, we can help. We have been helping merchants obtain processing with hard-to-place businesses since 2001, and we are always looking for solutions to help business owners.

Besides CBD and Hemp, we also offer merchant accounts to Cannabis related businesses, Doctors' offices, Cards, Lights, Accessories, and more!

For more info, visit - www.npsbank.com/cbd.

Cannabis and Payment processing has been a subject that I have been asked about for years.

The simple answer is:

If you want legal cannabis payments - the short answer is - to keep writing your congresspeople. The House and Senate both need to bring the "SAFE BANKING ACT" to the floor for a vote -several committees have voted on this, and many states have legalized cannabis.

When will the Safe Banking Act pass? Your guess is as good as mine... It is a multi-billion-dollar business - that needs national rules and taxes. Local governments are taxing 30-35% of dispensaries, so there needs to be some control over this industry.

Congress has the power to do this and no one else! - The States have done the job they can do. Next, it's up to Washington D.C. Many organizations are lobbying for this Safe Banking Act to go through. Each year more banks allow cannabis businesses to open bank accounts.

Until then, payment options are limited. Some companies bend the rules too far get shut down. Many have been shut down over the last several years, which results in merchants' funds being held for 6-12 months but is eventually released.

In today's episode, we will discuss what the IRS is doing Virtual Currency. Please look at how we are solving this issue for business owners! 

The bill passed by Congress earlier this year had a law about Cryptocurrency, and the IRS had until 2023 or 2024 to figure out how they would deal with Crypto. Well - The IRS is not waiting - it's on this year's 1040 form! 

So what is the IRS saying about Cryptocurrency?

  1. They are now referring to all Crypto as Virtual Currency

  2. They are going to tax you on the profits and two different levels

Level 1 - if you sold, traded, or transacted with it and held it for under a year, there is one rate.

Level 2 - if you held it for over a year, the rate is lower. The rates all depend on your tax bracket - not simple.

Also, you would have to prove that you did a "Business Transaction" and what the costs were and show who paid you to take any deductions. Right now, the IRS says - they will "Collect" tax and sort it out with the taxpayer later. We have a service that eliminates - the issues with the IRS.

Businesses can accept Virtual Currency, Digital Currency, or Cryptocurrency; the name keeps changing. That currency is converted to FIAT - U.S. Dollars and deposited into your bank account. So, since you never handled the Virtual Currency - you can show the sale on your books, deduct your cost of goods, expenses, etc. and avoid all the IRS issues.

Want to find out more? npsbank.com/cryptocurrency, and you can book a call or sign up for our service there! 

In today's episode, we are going to talk about Gateways and how to protect your business! 

Velocity Filters & Settings

AVS - Settings  - address verification

Shipping Address Settings - 

CVV2 Settings - the 3 or 4 security digits

Recurring transactions and account updater 

3d Secure to protect against chargebacks 

We will be talking about the importance of using these filters and why they help you control fraud, bust outs and more! 

Another thing merchants should think about is verifying shipping addresses and avoiding shipping to mailbox stores and office suites that mail for people.

UPS and FED EX offer - where the customer can change the delivery address or send to a local UPS Store or FedEx Store - do not allow this, this will attract scammers - they will do a legit transaction and then run a scam.

In today's episode, we will be talking about why accepting crypto from your non-US customers is a good idea.

1 - Safe

2 - Blockchain - Crypto transactions are secure

3- Cheaper than a wire and currency exchange where there can be high exchange fees

4 - Wires can be yanked back - not easy - but is cross border banking

5 - Crypto - No Chargebacks - need to do a refund that is between you and your client

6 - Easy to do - send an invoice and away we go

7 - No need to know anything about crypto - you are selling something for $5000 you will get $5000

8 - Many people outside the USA use crypto for business transactions

9 - People in the US use it for business but most people in the US look at it as an investment

10 - Visit Npsbank.com/cryptocurrency for more information and to sign up.

Add "All Sales Final" to the bottom of your credit card receipts 

Can you stop chargebacks?

Common Chargeback Reasons in Bars - Restaurants and Retail 

Duplicate processing - customer claims that they paid twice - they might have 2 or more sales at your business 

Paid by another method - they claim they paid with another card or with cash

Did not receive goods or services 

Card Holder was expecting a refund or partial refund

The wrong amount charged

Point of Interaction error

Non Financial request for information 

How to properly fight a chargeback

You have to be very detailed in your response or you will lose.

We have a program Chargeback Rescue where we help merchants write the letters that can help you win chargebacks

We will be at the Small Business Expo in Miami tomorrow December 16th, 2021. We will be discussing our experience at the Expo. 

Buy Now Pay Later continues to grow - more companies are offering it to merchants, and defaults are increasing. Credit card companies are trying to get in on the Buy now pay later bandwagon.

https://www.cnet.com/personal-finance/your-money/affirm-klarna-afterpay-and-more-buy-now-pay-later-plans-explained/

Companies accept Cryptocurrency - Bitcoin, Litecoin, Shiba, Etherium, and others.

Are you ready to join the trend?

https://spendmenot.com/blog/who-accepts-bitcoin/

Charities & Non-profits are Joining the bandwagon too!

https://www.usatoday.com/story/money/2021/11/14/bitcoin-investors-wealth-from-to-nonprofits/6396288001/?gnt-cfr=1

Consumerization - of B2B payments- what are you waiting for?

53% of businesses say they are ready to automate payments, invoices and set up payment portals.

https://www.pymnts.com/news/b2b-payments/2021/53-pct-companies-plan-to-automate-invoice-delivery-systems/

Hi, it's Allen Kopelman with B2B Vault, and today we are talking about Crypto. As part of the Cryptocurrency series, in this episode, We are talking about Nightclubs and Adult clubs and how they can accept Crypto - it's easy and let's get into it. Listen on your favorite podcast network or check out the videos on youtube @b2bvault

Clubs can sell bottle service or "Crypto Club Dollars" on their websites. Customers can pay before they get to the club, or you can have QR codes on the tables to connect your customers to a Crypto payment page. They can make a purchase then the manager can log into the dashboard and see that the payment has settled in, which happens a minute or two.

We make it easy for clubs or businesses to accept cryptocurrency with our program. Customers pay in Dollars - it's converted to Crypto, and then the U.S. Dollars or Fiat - is deposited to your bank account like a credit card batch in 48 hours! 

You do not need any Crypto knowledge - You don't need to know how to buy, sell or trade; accept the digital currency and get cash in your account! We make it easy for you - all you need to do is sign up with us!

We can even build you out a crypto payment page - make you a QR code - and you are on your way. Contact us for a demo.

The next Cryptocurrency or Bitcoin High Roller - could be rolling into your club shortly - we get you up and running quickly!