Stripe & Paypal ALTERNATIVE For Dropshipping! MY Preferred Payment Gateway For Ecommerce 2020
Published on: November 27 2022 by Peter Pru - Ecommerce Empire Builders
Stripe & Paypal ALTERNATIVE For Dropshipping! MY Preferred Payment Gateway For Ecommerce 2020
Table of Contents
Stripe & Paypal ALTERNATIVE For Dropshipping! MY Preferred Payment Gateway For Ecommerce 2020
| startTime | durationTime | text |
| 00:00:08 | 00:00:12 | what's up empire builders i'm very |
| 00:00:10 | 00:00:13 | excited about today's interview um one |
| 00:00:12 | 00:00:15 | of the biggest |
| 00:00:13 | 00:00:16 | questions i think every single online |
| 00:00:15 | 00:00:17 | business owner |
| 00:00:16 | 00:00:20 | especially people getting started with |
| 00:00:17 | 00:00:21 | drop shipping is payment processors |
| 00:00:20 | 00:00:23 | right you know you guys see the stripe |
| 00:00:21 | 00:00:24 | in the paypal they're super easy to get |
| 00:00:23 | 00:00:26 | approved for but they also come with a |
| 00:00:24 | 00:00:28 | lot of cons that you know a newbie isn't |
| 00:00:26 | 00:00:29 | even aware of when they're when they're |
| 00:00:28 | 00:00:31 | getting started so |
| 00:00:29 | 00:00:33 | um i've got kaiser here today um he's |
| 00:00:31 | 00:00:36 | from electronic commerce uh which is a |
| 00:00:33 | 00:00:37 | full service you know payment processor |
| 00:00:36 | 00:00:39 | we have a bunch of questions to get |
| 00:00:37 | 00:00:40 | through but kaiser i want to i want to |
| 00:00:39 | 00:00:42 | thank you for for jumping on here |
| 00:00:40 | 00:00:44 | um you know my main purpose with this |
| 00:00:42 | 00:00:46 | interview is to really educate |
| 00:00:44 | 00:00:48 | people on the subject of payment |
| 00:00:46 | 00:00:49 | processors because a lot of the things |
| 00:00:48 | 00:00:50 | that happen with stripe and paypal and |
| 00:00:49 | 00:00:52 | i'm not |
| 00:00:50 | 00:00:53 | i don't want to you know bash them but |
| 00:00:52 | 00:00:55 | you know there's so many |
| 00:00:53 | 00:00:57 | cons that end up happening and for a lot |
| 00:00:55 | 00:00:58 | of these business owners |
| 00:00:57 | 00:01:00 | they don't realize that until it's too |
| 00:00:58 | 00:01:01 | late so we're gonna get into all that |
| 00:01:00 | 00:01:03 | but you know thank you for taking some |
| 00:01:01 | 00:01:04 | time in and coming on here |
| 00:01:03 | 00:01:06 | thank you for having me peter really |
| 00:01:04 | 00:01:08 | appreciate it so so |
| 00:01:06 | 00:01:10 | so you own the company electronic |
| 00:01:08 | 00:01:12 | commerce which is a payment processor |
| 00:01:10 | 00:01:13 | okay now i'm gonna ask i want the first |
| 00:01:12 | 00:01:14 | question to be this because everyone |
| 00:01:13 | 00:01:17 | always asks this |
| 00:01:14 | 00:01:18 | payment gateways payment processors you |
| 00:01:17 | 00:01:20 | know |
| 00:01:18 | 00:01:21 | merchant accounts right a lot of people |
| 00:01:20 | 00:01:22 | getting started don't know what those |
| 00:01:21 | 00:01:24 | means because they'll just go to |
| 00:01:22 | 00:01:26 | stripe.com to go to paypal.com and like |
| 00:01:24 | 00:01:28 | just be up and running so they don't |
| 00:01:26 | 00:01:28 | even know what those terms actually mean |
| 00:01:28 | 00:01:30 | so like |
| 00:01:28 | 00:01:32 | what what is a payment gateway what's |
| 00:01:30 | 00:01:33 | the payment process or what's in a |
| 00:01:32 | 00:01:36 | merchant account right like |
| 00:01:33 | 00:01:40 | why are they even important sure so |
| 00:01:36 | 00:01:41 | um good question so |
| 00:01:40 | 00:01:44 | you mentioned paypal you mentioned |
| 00:01:41 | 00:01:47 | strike so paypal and stripe are both |
| 00:01:44 | 00:01:48 | high-risk payment aggregators they |
| 00:01:47 | 00:01:50 | aren't processors they're high-risk |
| 00:01:48 | 00:01:52 | payment aggregators |
| 00:01:50 | 00:01:54 | meaning that they accept high-risk |
| 00:01:52 | 00:01:55 | businesses almost like |
| 00:01:54 | 00:01:57 | let's say if you were to go you wanted |
| 00:01:55 | 00:01:59 | to buy a tesla right but your credit |
| 00:01:57 | 00:02:01 | wasn't good enough right |
| 00:01:59 | 00:02:02 | so you had to go to a buy here pay here |
| 00:02:01 | 00:02:05 | place and and |
| 00:02:02 | 00:02:06 | get whatever they have there and you get |
| 00:02:05 | 00:02:07 | super high interest rates and whatever |
| 00:02:06 | 00:02:09 | else that comes with it because you |
| 00:02:07 | 00:02:11 | don't have many options |
| 00:02:09 | 00:02:13 | so in the payment processing world it's |
| 00:02:11 | 00:02:15 | kind of like the same thing where |
| 00:02:13 | 00:02:16 | you can go and get a traditional account |
| 00:02:15 | 00:02:18 | somewhere like at a bank and the banks |
| 00:02:16 | 00:02:19 | are just too rigid today to work with |
| 00:02:18 | 00:02:21 | online companies if they don't |
| 00:02:19 | 00:02:23 | understand the business models |
| 00:02:21 | 00:02:24 | or we can go to another type of payment |
| 00:02:23 | 00:02:26 | processor |
| 00:02:24 | 00:02:28 | but sometimes they don't understand the |
| 00:02:26 | 00:02:29 | model so what people go to is paypal and |
| 00:02:28 | 00:02:30 | strike because |
| 00:02:29 | 00:02:33 | that's what they're made for for |
| 00:02:30 | 00:02:35 | high-risk companies now |
| 00:02:33 | 00:02:36 | when you tok about and so what we are |
| 00:02:35 | 00:02:39 | is we're a full service |
| 00:02:36 | 00:02:40 | provider meaning that we can do exactly |
| 00:02:39 | 00:02:42 | what paypal and strive to do |
| 00:02:40 | 00:02:44 | but we also service the brick and mortar |
| 00:02:42 | 00:02:45 | industry we work with grocery stores we |
| 00:02:44 | 00:02:47 | work with law firms |
| 00:02:45 | 00:02:50 | medical establishments but we also |
| 00:02:47 | 00:02:53 | understand the digital world very well |
| 00:02:50 | 00:02:56 | and we also work with digital businesses |
| 00:02:53 | 00:02:56 | and we try not to classify them as high |
| 00:02:56 | 00:02:59 | risk |
| 00:02:56 | 00:03:01 | now unfortunately when you start off |
| 00:02:59 | 00:03:03 | using paypal and stripe you're already |
| 00:03:01 | 00:03:05 | saying in writing that you're a |
| 00:03:03 | 00:03:05 | high-risk business so when you come over |
| 00:03:05 | 00:03:07 | to |
| 00:03:05 | 00:03:09 | us we try to take you from a tier 3 |
| 00:03:07 | 00:03:11 | which is the riskiest you can be in the |
| 00:03:09 | 00:03:13 | payment processing world |
| 00:03:11 | 00:03:16 | down to a lower level of risk and we do |
| 00:03:13 | 00:03:18 | that in several ways we may get into |
| 00:03:16 | 00:03:20 | but that's just to give you a synopsis |
| 00:03:18 | 00:03:23 | of the difference between |
| 00:03:20 | 00:03:24 | a paypal and a stripe and an actual |
| 00:03:23 | 00:03:27 | full service payment provider now |
| 00:03:24 | 00:03:28 | there's only a handful of full service |
| 00:03:27 | 00:03:31 | payment providers out there |
| 00:03:28 | 00:03:32 | there's 10 000 companies that sell |
| 00:03:31 | 00:03:34 | merchant services |
| 00:03:32 | 00:03:36 | but they're only a handful of full |
| 00:03:34 | 00:03:37 | service payment providers so at the very |
| 00:03:36 | 00:03:39 | top you have full |
| 00:03:37 | 00:03:41 | you have a service provider below that |
| 00:03:39 | 00:03:44 | you have wholesale |
| 00:03:41 | 00:03:45 | below that you have retail then you have |
| 00:03:44 | 00:03:47 | something called |
| 00:03:45 | 00:03:49 | payment facilitator and then you have |
| 00:03:47 | 00:03:52 | the high res payment aggregators |
| 00:03:49 | 00:03:53 | so it took us years to get to where we |
| 00:03:52 | 00:03:54 | are and basically what it means is that |
| 00:03:53 | 00:03:57 | we handle our own |
| 00:03:54 | 00:03:58 | risk in-house our own underwriting |
| 00:03:57 | 00:04:00 | in-house |
| 00:03:58 | 00:04:02 | customer service tik support and |
| 00:04:00 | 00:04:03 | funding which is how the money gets from |
| 00:04:02 | 00:04:06 | point a |
| 00:04:03 | 00:04:08 | to your bank account so hopefully that |
| 00:04:06 | 00:04:09 | gives you a little bit of uh |
| 00:04:08 | 00:04:11 | understanding of the differences now you |
| 00:04:09 | 00:04:13 | mentioned the term |
| 00:04:11 | 00:04:14 | uh payment gateway you know authorized |
| 00:04:13 | 00:04:16 | and it is a gateway |
| 00:04:14 | 00:04:18 | uh nmisi gateway we have our own |
| 00:04:16 | 00:04:19 | internal gateway at electronic commerce |
| 00:04:18 | 00:04:20 | as well |
| 00:04:19 | 00:04:23 | there's like a ton of gateways out there |
| 00:04:20 | 00:04:25 | and that's just basically like a bridge |
| 00:04:23 | 00:04:27 | to go from say a click funnels |
| 00:04:25 | 00:04:29 | to our payment processor so that's all |
| 00:04:27 | 00:04:30 | the gateways or to go from |
| 00:04:29 | 00:04:32 | the gateway is basically like the |
| 00:04:30 | 00:04:35 | interface right |
| 00:04:32 | 00:04:38 | it's just a bridge to go from one |
| 00:04:35 | 00:04:40 | platform to another so like infusionsoft |
| 00:04:38 | 00:04:41 | we have a gateway well authorized.net |
| 00:04:40 | 00:04:43 | integrates with it |
| 00:04:41 | 00:04:45 | and so it's that's just the gateway with |
| 00:04:43 | 00:04:47 | click funnels we you know you have |
| 00:04:45 | 00:04:48 | the option of going to striper paypal |
| 00:04:47 | 00:04:51 | with clickfunnels or you can use the |
| 00:04:48 | 00:04:54 | gateway which is authorized.net |
| 00:04:51 | 00:04:55 | and go directly to electronic commerce |
| 00:04:54 | 00:04:56 | so it's just a gateway to get you from |
| 00:04:55 | 00:04:59 | one |
| 00:04:56 | 00:05:00 | location to another so here's here's |
| 00:04:59 | 00:05:01 | like a here's like a big one because |
| 00:05:00 | 00:05:02 | like i don't think a lot of people |
| 00:05:01 | 00:05:04 | realize that like what we |
| 00:05:02 | 00:05:06 | what we were just toking about with |
| 00:05:04 | 00:05:07 | stripes so it's like very important to |
| 00:05:06 | 00:05:08 | understand that so |
| 00:05:07 | 00:05:10 | you know i want to kind of get into you |
| 00:05:08 | 00:05:11 | know because the big pain points in |
| 00:05:10 | 00:05:13 | dropshipping e-commerce |
| 00:05:11 | 00:05:14 | right are bands right you know stripe |
| 00:05:13 | 00:05:17 | will ban you |
| 00:05:14 | 00:05:19 | you know you know you know knock on wood |
| 00:05:17 | 00:05:21 | i have not been banned on stripe |
| 00:05:19 | 00:05:24 | but uh but uh you know it happens and |
| 00:05:21 | 00:05:26 | happens it happens a lot so |
| 00:05:24 | 00:05:28 | how does you know how does like an |
| 00:05:26 | 00:05:30 | electronic commerce right |
| 00:05:28 | 00:05:31 | you know work kind of with you as |
| 00:05:30 | 00:05:33 | opposed to like a stripe who kind of |
| 00:05:31 | 00:05:35 | like just just banned you and without |
| 00:05:33 | 00:05:38 | kind of like warning |
| 00:05:35 | 00:05:40 | sure so being that they are a high risk |
| 00:05:38 | 00:05:40 | payment aggregator if you read the fine |
| 00:05:40 | 00:05:42 | |
| 00:05:40 | 00:05:44 | and stripes documentation which i mean |
| 00:05:42 | 00:05:47 | who's going to sit there and read |
| 00:05:44 | 00:05:49 | size font 8 50 pages |
| 00:05:47 | 00:05:52 | they can do whatever they want to with |
| 00:05:49 | 00:05:53 | you right and being that they are a high |
| 00:05:52 | 00:05:54 | risk payment aggregator and you |
| 00:05:53 | 00:05:55 | admitting that you're a high-risk |
| 00:05:54 | 00:05:57 | business |
| 00:05:55 | 00:05:59 | at any given point in time they can do |
| 00:05:57 | 00:06:02 | whatever they want to so |
| 00:05:59 | 00:06:04 | when they have like they don't have |
| 00:06:02 | 00:06:06 | upfront reserves |
| 00:06:04 | 00:06:07 | so like for us if you come on board with |
| 00:06:06 | 00:06:09 | us and you're a brand new company you |
| 00:06:07 | 00:06:11 | have no financial history you |
| 00:06:09 | 00:06:13 | know no bank statements no previous |
| 00:06:11 | 00:06:14 | processing statements |
| 00:06:13 | 00:06:16 | we'll still work with you we're going to |
| 00:06:14 | 00:06:19 | help you scale you know |
| 00:06:16 | 00:06:21 | uh responsibly or effectively right |
| 00:06:19 | 00:06:23 | we may ask you are you okay with the |
| 00:06:21 | 00:06:24 | reserve ten percent five percent we may |
| 00:06:23 | 00:06:26 | ask you that |
| 00:06:24 | 00:06:28 | up front and you have to sign to agree |
| 00:06:26 | 00:06:29 | we're never just going to |
| 00:06:28 | 00:06:31 | surprise you with a reserve where stripe |
| 00:06:29 | 00:06:33 | does they're totally different |
| 00:06:31 | 00:06:35 | if there and it's a bunch of computers |
| 00:06:33 | 00:06:38 | who really run stripe right |
| 00:06:35 | 00:06:39 | so if one of the algorithms notikes |
| 00:06:38 | 00:06:41 | something that |
| 00:06:39 | 00:06:43 | doesn't look right or feel right boom an |
| 00:06:41 | 00:06:46 | automatik whole will take place |
| 00:06:43 | 00:06:48 | i just toked to a guy today they just |
| 00:06:46 | 00:06:49 | started their company like maybe last |
| 00:06:48 | 00:06:51 | month they had a huge launch i think |
| 00:06:49 | 00:06:53 | they did 130k strike held all of it |
| 00:06:51 | 00:06:56 | they released it after i think like 45 |
| 00:06:53 | 00:06:58 | days but now they're holding 25 |
| 00:06:56 | 00:07:00 | of every cell and the reason they're |
| 00:06:58 | 00:07:02 | doing that is because |
| 00:07:00 | 00:07:03 | first of all now that we're bringing |
| 00:07:02 | 00:07:04 | them on board the terms and conditions |
| 00:07:03 | 00:07:08 | aren't up to date |
| 00:07:04 | 00:07:10 | the privacy policy is not up to date um |
| 00:07:08 | 00:07:11 | the marketing message does not match the |
| 00:07:10 | 00:07:13 | terms and conditions |
| 00:07:11 | 00:07:15 | right so all those things are what the |
| 00:07:13 | 00:07:16 | algorithm goes and checks |
| 00:07:15 | 00:07:18 | check one check two check three boom |
| 00:07:16 | 00:07:20 | you'll just automatikally hold it |
| 00:07:18 | 00:07:22 | and they can essentially hold it for as |
| 00:07:20 | 00:07:24 | long as they need to normally six months |
| 00:07:22 | 00:07:26 | but they can hold it longer now it's |
| 00:07:24 | 00:07:28 | easy for them to just |
| 00:07:26 | 00:07:30 | tell you do this do this to this to do |
| 00:07:28 | 00:07:31 | that but i don't think that's their |
| 00:07:30 | 00:07:34 | their business model from what i |
| 00:07:31 | 00:07:36 | understand strife isn't profitable |
| 00:07:34 | 00:07:37 | but and i'm not saying this to bash them |
| 00:07:36 | 00:07:39 | but if |
| 00:07:37 | 00:07:40 | you know you can hold funds and then |
| 00:07:39 | 00:07:43 | loan them out |
| 00:07:40 | 00:07:44 | to you know your competitor or to the |
| 00:07:43 | 00:07:46 | next person i think that's a pretty |
| 00:07:44 | 00:07:48 | profitable system |
| 00:07:46 | 00:07:49 | what we do is we don't want you to be in |
| 00:07:48 | 00:07:51 | business with us for a month |
| 00:07:49 | 00:07:53 | and then that's it we want a long-term |
| 00:07:51 | 00:07:55 | relationship so we're going to tell you |
| 00:07:53 | 00:07:57 | everything up front that you need to do |
| 00:07:55 | 00:07:58 | hey listen you visa mastercard doesn't |
| 00:07:57 | 00:08:00 | like these words |
| 00:07:58 | 00:08:01 | so please take that off um you know some |
| 00:08:00 | 00:08:03 | people may say |
| 00:08:01 | 00:08:05 | as seen on tv knowing they've never been |
| 00:08:03 | 00:08:08 | on tv or right |
| 00:08:05 | 00:08:08 | or they may say something like um you |
| 00:08:08 | 00:08:10 | know i have |
| 00:08:08 | 00:08:12 | 200 000 testimonies but they just |
| 00:08:10 | 00:08:15 | started the business last week |
| 00:08:12 | 00:08:15 | right um or they may say hey if you buy |
| 00:08:15 | 00:08:18 | this |
| 00:08:15 | 00:08:20 | your cure is cancelled it's just you |
| 00:08:18 | 00:08:22 | know you just can't say certain things |
| 00:08:20 | 00:08:24 | and then also sometimes they may have a |
| 00:08:22 | 00:08:24 | price point where let's say you have a 5 |
| 00:08:24 | 00:08:27 | 000 |
| 00:08:24 | 00:08:29 | price point but in terms of conditions |
| 00:08:27 | 00:08:31 | that may have been copied from shopify |
| 00:08:29 | 00:08:33 | there's nothing in there about it right |
| 00:08:31 | 00:08:34 | so it's really to protect you as a |
| 00:08:33 | 00:08:37 | business owner because |
| 00:08:34 | 00:08:37 | if someone buys your product right what |
| 00:08:37 | 00:08:41 | is |
| 00:08:37 | 00:08:44 | what controls that relationship |
| 00:08:41 | 00:08:45 | you know is it just a commercial where's |
| 00:08:44 | 00:08:46 | the contract |
| 00:08:45 | 00:08:48 | so we want to make sure that you're |
| 00:08:46 | 00:08:49 | protected by making sure it's a solid |
| 00:08:48 | 00:08:51 | contract as well |
| 00:08:49 | 00:08:52 | where strife may already know hey you |
| 00:08:51 | 00:08:54 | don't have a |
| 00:08:52 | 00:08:55 | leg to stand on if there's a charge back |
| 00:08:54 | 00:08:57 | and instead of telling you they just |
| 00:08:55 | 00:08:59 | hold the plugs |
| 00:08:57 | 00:09:01 | so that's a lot of times sometimes you |
| 00:08:59 | 00:09:03 | know it's just really |
| 00:09:01 | 00:09:06 | easy to get a site going especially |
| 00:09:03 | 00:09:07 | nowadays right it's super easy |
| 00:09:06 | 00:09:09 | but you really want to set up the |
| 00:09:07 | 00:09:10 | foundation properly for long-term growth |
| 00:09:09 | 00:09:12 | and that's what our focus is our focus |
| 00:09:10 | 00:09:13 | is on helping entrepreneurs grow their |
| 00:09:12 | 00:09:16 | business |
| 00:09:13 | 00:09:17 | yeah not with you know avoiding a bunch |
| 00:09:16 | 00:09:18 | of merchant accounts |
| 00:09:17 | 00:09:20 | yeah that that's huge because it's like |
| 00:09:18 | 00:09:20 | you know a lot of people you know |
| 00:09:20 | 00:09:22 | getting |
| 00:09:20 | 00:09:23 | any online business for that matter |
| 00:09:22 | 00:09:25 | right it's just like i just want to |
| 00:09:23 | 00:09:26 | start making money online right like |
| 00:09:25 | 00:09:27 | that's that's the only thought they |
| 00:09:26 | 00:09:29 | don't care |
| 00:09:27 | 00:09:31 | about you know terms and conditions or |
| 00:09:29 | 00:09:34 | privacy policies they'll say you know |
| 00:09:31 | 00:09:36 | you know say whatever right things that |
| 00:09:34 | 00:09:37 | might not be the most you know ethical |
| 00:09:36 | 00:09:38 | things to say |
| 00:09:37 | 00:09:40 | right you know in their advertisement a |
| 00:09:38 | 00:09:41 | copy and you know there's mismatch like |
| 00:09:40 | 00:09:43 | you said so |
| 00:09:41 | 00:09:45 | so you assist with that right you look |
| 00:09:43 | 00:09:47 | through the the terms and conditions of |
| 00:09:45 | 00:09:49 | privacy policy and make sure that |
| 00:09:47 | 00:09:51 | hey you're not saying things that you're |
| 00:09:49 | 00:09:55 | legally not even allowed to be saying |
| 00:09:51 | 00:09:57 | yes also well not just legally the fda |
| 00:09:55 | 00:09:59 | also can kind of jump in but you have |
| 00:09:57 | 00:10:00 | the fda the ftc then you have the car |
| 00:09:59 | 00:10:02 | brands |
| 00:10:00 | 00:10:03 | but another thing that some of the |
| 00:10:02 | 00:10:05 | high-risk payment aggregators do and we |
| 00:10:03 | 00:10:06 | can do it as well but they really |
| 00:10:05 | 00:10:08 | specialize |
| 00:10:06 | 00:10:09 | in this let's say if you make a hundred |
| 00:10:08 | 00:10:12 | thousand dollars right |
| 00:10:09 | 00:10:13 | but your bank account has a hundred |
| 00:10:12 | 00:10:16 | dollars in it |
| 00:10:13 | 00:10:19 | they can see that so from a risk |
| 00:10:16 | 00:10:20 | perspective they're like okay they made |
| 00:10:19 | 00:10:23 | a hundred thousand |
| 00:10:20 | 00:10:25 | what if they get just ten chargebacks |
| 00:10:23 | 00:10:26 | that equal up to say five thousand |
| 00:10:25 | 00:10:27 | dollars if you only have 100 bucks in |
| 00:10:26 | 00:10:29 | the bank account they know you're not |
| 00:10:27 | 00:10:31 | going to be able to cover it |
| 00:10:29 | 00:10:33 | so based upon risk they'll hold the |
| 00:10:31 | 00:10:35 | funds there as well |
| 00:10:33 | 00:10:37 | do you follow me this is why this is why |
| 00:10:35 | 00:10:40 | we say hey are you okay with |
| 00:10:37 | 00:10:42 | putting up a 10 reserve when i say put |
| 00:10:40 | 00:10:45 | up i mean we'll take 10 |
| 00:10:42 | 00:10:46 | out of each batch so that way there's at |
| 00:10:45 | 00:10:48 | least something if you have no previous |
| 00:10:46 | 00:10:49 | processing history if you have nothing |
| 00:10:48 | 00:10:50 | in the bank account |
| 00:10:49 | 00:10:52 | whereas they're just looking to your |
| 00:10:50 | 00:10:53 | bank account and they see nothing in it |
| 00:10:52 | 00:10:54 | you're like you know what there's no way |
| 00:10:53 | 00:10:55 | we're going to be releasing all these |
| 00:10:54 | 00:10:57 | funds to you |
| 00:10:55 | 00:10:59 | yeah and that's the thing i don't think |
| 00:10:57 | 00:11:01 | a lot of people realize that |
| 00:10:59 | 00:11:03 | right like they have access to this is |
| 00:11:01 | 00:11:05 | you know another this is even the top |
| 00:11:03 | 00:11:06 | for another time but to have multiple |
| 00:11:05 | 00:11:07 | business bank |
| 00:11:06 | 00:11:09 | accounts right because you know i've |
| 00:11:07 | 00:11:11 | heard horror stories even where |
| 00:11:09 | 00:11:13 | you know you'll have certain uh payment |
| 00:11:11 | 00:11:14 | processors that will pull it right out |
| 00:11:13 | 00:11:16 | of your account right like |
| 00:11:14 | 00:11:17 | right from your actual bank account |
| 00:11:16 | 00:11:19 | right your your your |
| 00:11:17 | 00:11:20 | your funds if they if they if they need |
| 00:11:19 | 00:11:22 | to um |
| 00:11:20 | 00:11:23 | and that's a that's a great point that |
| 00:11:22 | 00:11:24 | you actually mentioned because they they |
| 00:11:23 | 00:11:25 | can see |
| 00:11:24 | 00:11:27 | right they can see how much money you |
| 00:11:25 | 00:11:28 | have in your they'll link the cal like |
| 00:11:27 | 00:11:30 | they're sharp or whatever like they can |
| 00:11:28 | 00:11:30 | see how much money you have in there |
| 00:11:30 | 00:11:33 | right so if it's like |
| 00:11:30 | 00:11:34 | you know you you just close you know 100 |
| 00:11:33 | 00:11:35 | 000 a month or whatever and you have no |
| 00:11:34 | 00:11:37 | money |
| 00:11:35 | 00:11:38 | right in there right that's going to |
| 00:11:37 | 00:11:39 | that's going to flag whatever that you |
| 00:11:38 | 00:11:41 | know their |
| 00:11:39 | 00:11:43 | algorithm is doing and some people sweep |
| 00:11:41 | 00:11:44 | their bank accounts like as soon as they |
| 00:11:43 | 00:11:46 | make the money |
| 00:11:44 | 00:11:47 | they just move the money away really |
| 00:11:46 | 00:11:49 | really quick and |
| 00:11:47 | 00:11:51 | i mean you can do that temporarily but |
| 00:11:49 | 00:11:53 | that's not really a long-term strategy |
| 00:11:51 | 00:11:54 | i know people that do that they say if |
| 00:11:53 | 00:11:57 | they want to invest the money |
| 00:11:54 | 00:12:00 | that's cool but you have to look at look |
| 00:11:57 | 00:12:02 | at it from a risk perspective as well |
| 00:12:00 | 00:12:03 | like you cannot have no you can't have a |
| 00:12:02 | 00:12:04 | zero |
| 00:12:03 | 00:12:06 | bank account and then processing |
| 00:12:04 | 00:12:08 | hundreds of thousands of dollars |
| 00:12:06 | 00:12:10 | now if you do the right thing they |
| 00:12:08 | 00:12:11 | should not just go in and debit money |
| 00:12:10 | 00:12:13 | from your bank account |
| 00:12:11 | 00:12:15 | but you want to have something in the |
| 00:12:13 | 00:12:17 | bank account for sure |
| 00:12:15 | 00:12:18 | no absolutely so let's get into the next |
| 00:12:17 | 00:12:21 | big question we've toked about |
| 00:12:18 | 00:12:22 | you know uh the holds you know the bands |
| 00:12:21 | 00:12:24 | right and and how |
| 00:12:22 | 00:12:26 | how electronic commerce can actually |
| 00:12:24 | 00:12:27 | help with those things |
| 00:12:26 | 00:12:28 | um and kind of like ease those things |
| 00:12:27 | 00:12:29 | because in a way it's not you don't want |
| 00:12:28 | 00:12:30 | it |
| 00:12:29 | 00:12:32 | to be that stiker shock right and |
| 00:12:30 | 00:12:33 | that's a scary thing right it's like a |
| 00:12:32 | 00:12:34 | lot of people |
| 00:12:33 | 00:12:35 | you know they'll wake up in the morning |
| 00:12:34 | 00:12:37 | sometimes and they'll be like oh stripe |
| 00:12:35 | 00:12:38 | just held 30 percent of my funds paid |
| 00:12:37 | 00:12:39 | about 30 |
| 00:12:38 | 00:12:41 | of my funds right well with you it's |
| 00:12:39 | 00:12:42 | like okay well you know we have a |
| 00:12:41 | 00:12:43 | reserve on the side that in case |
| 00:12:42 | 00:12:45 | anything happens so |
| 00:12:43 | 00:12:47 | let's tok about another big thing in |
| 00:12:45 | 00:12:48 | drop shipping ecommerce |
| 00:12:47 | 00:12:50 | any online but i think everybody deals |
| 00:12:48 | 00:12:52 | with these is like disputes and |
| 00:12:50 | 00:12:53 | chargebacks and |
| 00:12:52 | 00:12:55 | and things like that right so like how |
| 00:12:53 | 00:12:57 | does electronic commerce kind of handle |
| 00:12:55 | 00:12:59 | those how do they help |
| 00:12:57 | 00:13:01 | oh really great question so one thing |
| 00:12:59 | 00:13:03 | especially for drop shippers you know |
| 00:13:01 | 00:13:04 | cobit wasn't good to some of the drop |
| 00:13:03 | 00:13:07 | shippers out there because |
| 00:13:04 | 00:13:08 | you're having a product ship from china |
| 00:13:07 | 00:13:09 | you know they weren't shipping on |
| 00:13:08 | 00:13:11 | anything |
| 00:13:09 | 00:13:13 | so unless you were really communicating |
| 00:13:11 | 00:13:14 | with your clients |
| 00:13:13 | 00:13:17 | they created chargebacks like crazy |
| 00:13:14 | 00:13:19 | right so some drop shippers |
| 00:13:17 | 00:13:21 | were basically essentially kind of put |
| 00:13:19 | 00:13:22 | out a business for a while |
| 00:13:21 | 00:13:24 | because they you know 300 percent |
| 00:13:22 | 00:13:25 | chargebacks i mean i mean i didn't even |
| 00:13:24 | 00:13:27 | know you can do that but |
| 00:13:25 | 00:13:28 | some kind of way yeah just crazy amount |
| 00:13:27 | 00:13:30 | of chargebacks |
| 00:13:28 | 00:13:32 | so what we do especially for drop |
| 00:13:30 | 00:13:35 | shippers is we want to make sure that |
| 00:13:32 | 00:13:36 | do you have a fulfillment contract we've |
| 00:13:35 | 00:13:37 | seen fulfillment contracts that were |
| 00:13:36 | 00:13:39 | blank we're like |
| 00:13:37 | 00:13:41 | this is a blank contract you don't have |
| 00:13:39 | 00:13:41 | an agreement so this fulfillment company |
| 00:13:41 | 00:13:43 | can |
| 00:13:41 | 00:13:47 | decide to do whatever they want to do |
| 00:13:43 | 00:13:50 | have a solid fulfillment company right |
| 00:13:47 | 00:13:51 | we also make sure that whatever you say |
| 00:13:50 | 00:13:53 | on the shipping times is at least close |
| 00:13:51 | 00:13:54 | to what you're saying |
| 00:13:53 | 00:13:56 | you don't want to have shipping times of |
| 00:13:54 | 00:13:58 | 60 days or 45 days |
| 00:13:56 | 00:14:00 | right because people are going to get |
| 00:13:58 | 00:14:02 | frustrated i mean we can't compete with |
| 00:14:00 | 00:14:05 | amazon and ship it in an hour |
| 00:14:02 | 00:14:05 | but you know have a reasonable shipping |
| 00:14:05 | 00:14:07 | time |
| 00:14:05 | 00:14:08 | and if it's going to be longer |
| 00:14:07 | 00:14:09 | communicate i'm telling you |
| 00:14:08 | 00:14:12 | communication is so important |
| 00:14:09 | 00:14:13 | communicate as much as you possibly can |
| 00:14:12 | 00:14:14 | now and there's a couple other things |
| 00:14:13 | 00:14:17 | that we can do as well |
| 00:14:14 | 00:14:19 | to make sure that um you are doing |
| 00:14:17 | 00:14:21 | everything that you can |
| 00:14:19 | 00:14:23 | but if none of that stuff works we also |
| 00:14:21 | 00:14:24 | have in-house chargeback protection |
| 00:14:23 | 00:14:27 | program |
| 00:14:24 | 00:14:30 | so it works like this well first of all |
| 00:14:27 | 00:14:31 | anytime you fight a chargeback win or |
| 00:14:30 | 00:14:32 | lose |
| 00:14:31 | 00:14:34 | it still counts against your chargeback |
| 00:14:32 | 00:14:37 | percentage unfortunately |
| 00:14:34 | 00:14:40 | and i learned that the hard way i i 100 |
| 00:14:37 | 00:14:41 | years ago i did not know that i was like |
| 00:14:40 | 00:14:43 | you know if i win that's not going to |
| 00:14:41 | 00:14:44 | count against me and like |
| 00:14:43 | 00:14:46 | i didn't even know that information |
| 00:14:44 | 00:14:47 | that's huge like if you win a charge |
| 00:14:46 | 00:14:49 | right it still counts against you |
| 00:14:47 | 00:14:50 | because you know somebody opened up a |
| 00:14:49 | 00:14:52 | chargeback right |
| 00:14:50 | 00:14:54 | so to limit because the goal is you want |
| 00:14:52 | 00:14:56 | to be in business you don't want to |
| 00:14:54 | 00:14:57 | deal with the tire kickers right in |
| 00:14:56 | 00:14:59 | business |
| 00:14:57 | 00:15:01 | so there's two ways to look at it you |
| 00:14:59 | 00:15:04 | can fight the charge back |
| 00:15:01 | 00:15:05 | and again it go against your percentage |
| 00:15:04 | 00:15:07 | or |
| 00:15:05 | 00:15:08 | you can just refund it before it even |
| 00:15:07 | 00:15:10 | becomes a chargeback and we handle that |
| 00:15:08 | 00:15:11 | automatikally for you i think that's the |
| 00:15:10 | 00:15:13 | best way |
| 00:15:11 | 00:15:15 | that's the best way yep yeah just refund |
| 00:15:13 | 00:15:17 | it before it becomes a chargeback |
| 00:15:15 | 00:15:19 | and then after we've been working with |
| 00:15:17 | 00:15:21 | you for a while we can then |
| 00:15:19 | 00:15:23 | possibly enroll you in our visa program |
| 00:15:21 | 00:15:25 | where they will also help fight |
| 00:15:23 | 00:15:28 | chargebacks you know it's pretty hard |
| 00:15:25 | 00:15:30 | to fight visa against themselves |
| 00:15:28 | 00:15:31 | right so we have a couple of different |
| 00:15:30 | 00:15:32 | ways but with just the first two ways |
| 00:15:31 | 00:15:34 | along |
| 00:15:32 | 00:15:36 | that'll bring your chargeback percentage |
| 00:15:34 | 00:15:38 | way down now we work |
| 00:15:36 | 00:15:40 | we don't do surprise holds and i'm not |
| 00:15:38 | 00:15:41 | saying that we would do this every |
| 00:15:40 | 00:15:44 | single time |
| 00:15:41 | 00:15:45 | but we do have drop shippers and it's |
| 00:15:44 | 00:15:46 | just kind of like the business or |
| 00:15:45 | 00:15:49 | whatever |
| 00:15:46 | 00:15:49 | who've had sometimes 20 in charge of it |
| 00:15:49 | 00:15:53 | i am not |
| 00:15:49 | 00:15:57 | make sure i am not advocating to have 20 |
| 00:15:53 | 00:15:57 | chargebacks right it happens |
| 00:15:58 | 00:16:04 | but it i mean we've seen it happen again |
| 00:16:01 | 00:16:05 | you know it'll fluctuate 20 percent nine |
| 00:16:04 | 00:16:06 | percent and then it'll go down to one |
| 00:16:05 | 00:16:08 | percent |
| 00:16:06 | 00:16:09 | it's just i don't know why that happens |
| 00:16:08 | 00:16:11 | but it happens |
| 00:16:09 | 00:16:13 | and we'll still work with you right as |
| 00:16:11 | 00:16:15 | long as you're communicating |
| 00:16:13 | 00:16:17 | now in that case if your bank account is |
| 00:16:15 | 00:16:19 | low we may say hey listen |
| 00:16:17 | 00:16:21 | we may need to hold a little bit more of |
| 00:16:19 | 00:16:23 | the funding for reserve |
| 00:16:21 | 00:16:24 | are you okay with that we'll do |
| 00:16:23 | 00:16:26 | something like that or if you make a |
| 00:16:24 | 00:16:28 | if you make change your web site up and |
| 00:16:26 | 00:16:28 | not tell us then that'll also create a |
| 00:16:28 | 00:16:30 | flag |
| 00:16:28 | 00:16:32 | but other than that we will continue to |
| 00:16:30 | 00:16:33 | work with you as long as you work with |
| 00:16:32 | 00:16:35 | us and if it is too bad |
| 00:16:33 | 00:16:37 | we'll say hey listen we need to maybe uh |
| 00:16:35 | 00:16:39 | relieve this partikular website |
| 00:16:37 | 00:16:41 | right let's try something let's try and |
| 00:16:39 | 00:16:43 | do it to that point you're just |
| 00:16:41 | 00:16:45 | you're just being i'm just not a good |
| 00:16:43 | 00:16:47 | business owner at that point |
| 00:16:45 | 00:16:48 | right like you know what i mean it |
| 00:16:47 | 00:16:50 | happens you know like |
| 00:16:48 | 00:16:52 | especially when you deal with people who |
| 00:16:50 | 00:16:53 | are newbies in business in general |
| 00:16:52 | 00:16:54 | because it's a business and |
| 00:16:53 | 00:16:56 | people may take it for granted because |
| 00:16:54 | 00:16:57 | it's an online business you don't have |
| 00:16:56 | 00:16:59 | to get like the physical location and go |
| 00:16:57 | 00:17:02 | through all those steps but |
| 00:16:59 | 00:17:03 | it is still the business and not |
| 00:17:02 | 00:17:06 | everyone has |
| 00:17:03 | 00:17:07 | coaching right which i think most people |
| 00:17:06 | 00:17:08 | should |
| 00:17:07 | 00:17:10 | once people learn how to start a website |
| 00:17:08 | 00:17:13 | i think they think that's it right |
| 00:17:10 | 00:17:14 | people need coaching consistently like |
| 00:17:13 | 00:17:16 | in order to |
| 00:17:14 | 00:17:18 | continue to grow their online and or |
| 00:17:16 | 00:17:19 | their brick and mortar business |
| 00:17:18 | 00:17:21 | and i think that's the missing component |
| 00:17:19 | 00:17:23 | so we try as much as we possibly can |
| 00:17:21 | 00:17:25 | to continually help them grow that from |
| 00:17:23 | 00:17:25 | that perspective but to answer your |
| 00:17:25 | 00:17:27 | question |
| 00:17:25 | 00:17:29 | we do handle that in household we try to |
| 00:17:27 | 00:17:31 | mitigate the charge banks we also have |
| 00:17:29 | 00:17:33 | fraud mitigation as well |
| 00:17:31 | 00:17:35 | and it's all handled internally that's |
| 00:17:33 | 00:17:37 | all i mean i think that right there |
| 00:17:35 | 00:17:39 | is the biggest thing guys like a hundred |
| 00:17:37 | 00:17:42 | percent like that is the biggest |
| 00:17:39 | 00:17:42 | that's what so look disputes in charge |
| 00:17:42 | 00:17:44 | that's why |
| 00:17:42 | 00:17:45 | stripe is typically holding your money |
| 00:17:44 | 00:17:46 | right that's why typically they're |
| 00:17:45 | 00:17:49 | banning you because it's |
| 00:17:46 | 00:17:51 | one percent one percent if you go over |
| 00:17:49 | 00:17:52 | one percent that's where |
| 00:17:51 | 00:17:54 | you flag you know in their algorithm |
| 00:17:52 | 00:17:54 | that's when they start looking at you |
| 00:17:54 | 00:17:56 | and |
| 00:17:54 | 00:17:58 | dude that's tough i mean i'm not i'm not |
| 00:17:56 | 00:17:59 | gonna lie with just in any online |
| 00:17:58 | 00:18:01 | business having |
| 00:17:59 | 00:18:04 | under a one percent chargeback rate is |
| 00:18:01 | 00:18:07 | not an easy thing to do |
| 00:18:04 | 00:18:08 | right it really isn't um you know if you |
| 00:18:07 | 00:18:10 | just even even software companies i |
| 00:18:08 | 00:18:11 | would imagine you know people yeah |
| 00:18:10 | 00:18:13 | and it's and here's the reason that you |
| 00:18:11 | 00:18:15 | know at least my thought about |
| 00:18:13 | 00:18:17 | chargebacks and disputes |
| 00:18:15 | 00:18:19 | you know these credit card companies |
| 00:18:17 | 00:18:20 | anybody american express visa whatever |
| 00:18:19 | 00:18:22 | you know capital whatever you're using |
| 00:18:20 | 00:18:23 | like they make it so easy to open |
| 00:18:22 | 00:18:24 | chargebacks now |
| 00:18:23 | 00:18:25 | right so let's say you're you know |
| 00:18:24 | 00:18:26 | you're subscribed to your you know some |
| 00:18:25 | 00:18:28 | sort of software or |
| 00:18:26 | 00:18:30 | you know some sort of subscription box |
| 00:18:28 | 00:18:31 | for your business or whatever right like |
| 00:18:30 | 00:18:32 | they'll see that and not necessarily |
| 00:18:31 | 00:18:34 | remember because you know we are always |
| 00:18:32 | 00:18:36 | you know we're distracted and things and |
| 00:18:34 | 00:18:38 | they can just click dispute like it just |
| 00:18:36 | 00:18:41 | it's so quick obviously |
| 00:18:38 | 00:18:43 | peter i would say this too so there's |
| 00:18:41 | 00:18:44 | different kinds of chargebacks |
| 00:18:43 | 00:18:45 | you're right because you can have a |
| 00:18:44 | 00:18:47 | hundred transactions you get two |
| 00:18:45 | 00:18:47 | chargebacks you're already over one |
| 00:18:47 | 00:18:49 | percent |
| 00:18:47 | 00:18:51 | i would say there's different kinds of |
| 00:18:49 | 00:18:53 | chargebacks so |
| 00:18:51 | 00:18:55 | there's a chargeback and then there's |
| 00:18:53 | 00:18:57 | the fraudulent chargeback but the |
| 00:18:55 | 00:18:59 | product was never received |
| 00:18:57 | 00:19:00 | so a fraud chargeback is a lot different |
| 00:18:59 | 00:19:02 | than a regular charge but you don't want |
| 00:19:00 | 00:19:03 | to get a ton of fraudulent chargebacks |
| 00:19:02 | 00:19:04 | where |
| 00:19:03 | 00:19:06 | people have ordered your product and |
| 00:19:04 | 00:19:07 | they just never received it and |
| 00:19:06 | 00:19:10 | you didn't communicate with them on top |
| 00:19:07 | 00:19:12 | of that right you wanted to avoid those |
| 00:19:10 | 00:19:13 | we i mean we'll work with you regardless |
| 00:19:12 | 00:19:17 | but when you get |
| 00:19:13 | 00:19:21 | too many of the fraudulent chargebacks |
| 00:19:17 | 00:19:22 | um then that can become an issue |
| 00:19:21 | 00:19:24 | but as long as like they're getting |
| 00:19:22 | 00:19:25 | their tracking numbers and stuff like |
| 00:19:24 | 00:19:27 | that like |
| 00:19:25 | 00:19:28 | they should that's the thing and i |
| 00:19:27 | 00:19:29 | stress this especially anybody doing |
| 00:19:28 | 00:19:32 | drop shipping is |
| 00:19:29 | 00:19:33 | you know especially over communicating |
| 00:19:32 | 00:19:35 | to them right making sure |
| 00:19:33 | 00:19:36 | even even if your shipping is gonna take |
| 00:19:35 | 00:19:38 | them 30 days right as long as you're |
| 00:19:36 | 00:19:39 | sending them the updated tracking |
| 00:19:38 | 00:19:40 | information just |
| 00:19:39 | 00:19:42 | over compensate on the customer service |
| 00:19:40 | 00:19:43 | till you get to the point where you can |
| 00:19:42 | 00:19:45 | like source your own inventory and |
| 00:19:43 | 00:19:46 | you know have faster shipping times |
| 00:19:45 | 00:19:49 | that's the key |
| 00:19:46 | 00:19:51 | communication yeah so let's i had a |
| 00:19:49 | 00:19:52 | couple questions that came up uh |
| 00:19:51 | 00:19:54 | yesterday |
| 00:19:52 | 00:19:55 | so um when i was speaking to somebody |
| 00:19:54 | 00:19:57 | about this so how are |
| 00:19:55 | 00:19:59 | fees right with electronic commerce |
| 00:19:57 | 00:20:01 | compared to like a striped paypal like |
| 00:19:59 | 00:20:02 | what do the fees look like per |
| 00:20:01 | 00:20:05 | transaction sure |
| 00:20:02 | 00:20:07 | so stripe and paypal they're like 2.9 |
| 00:20:05 | 00:20:09 | and 30 cents a transaction |
| 00:20:07 | 00:20:11 | um anything international for them i |
| 00:20:09 | 00:20:12 | think it's like an additional one |
| 00:20:11 | 00:20:13 | percent it could be one point five |
| 00:20:12 | 00:20:14 | percent |
| 00:20:13 | 00:20:15 | don't quote me at the look at their |
| 00:20:14 | 00:20:17 | website it's either one or one point |
| 00:20:15 | 00:20:21 | five percent extra plus thirty cents |
| 00:20:17 | 00:20:22 | with us our highest rate is 2.8 and 25 |
| 00:20:21 | 00:20:25 | cents a transaction |
| 00:20:22 | 00:20:28 | perfect um as far as |
| 00:20:25 | 00:20:29 | uh outside u.s right this is because |
| 00:20:28 | 00:20:30 | this is another big one right a lot of |
| 00:20:29 | 00:20:32 | people outside the u.s |
| 00:20:30 | 00:20:34 | you know wanting to start the online |
| 00:20:32 | 00:20:36 | business right how |
| 00:20:34 | 00:20:37 | can they apply for this right can can |
| 00:20:36 | 00:20:38 | they apply somebody that's outside the |
| 00:20:37 | 00:20:41 | usa |
| 00:20:38 | 00:20:44 | can they apply for electronic commerce |
| 00:20:41 | 00:20:45 | so we i used to fly over the world |
| 00:20:44 | 00:20:46 | meeting people |
| 00:20:45 | 00:20:49 | the only issue we have now they would |
| 00:20:46 | 00:20:51 | need a u.s signer because |
| 00:20:49 | 00:20:52 | um they have no social security number |
| 00:20:51 | 00:20:53 | so if any |
| 00:20:52 | 00:20:55 | like you could process two million |
| 00:20:53 | 00:20:58 | dollars and kind of like just keep that |
| 00:20:55 | 00:20:59 | you know evaporate into thin air so for |
| 00:20:58 | 00:21:00 | someone |
| 00:20:59 | 00:21:02 | if you have a u.s signer we can work |
| 00:21:00 | 00:21:05 | with them but if without that |
| 00:21:02 | 00:21:06 | not right now so if what if they you |
| 00:21:05 | 00:21:09 | know have an llc |
| 00:21:06 | 00:21:11 | set up in the in the states they still |
| 00:21:09 | 00:21:13 | need a u.s center because |
| 00:21:11 | 00:21:15 | here's the bigger issue is not that we |
| 00:21:13 | 00:21:17 | don't want to work with anyone offshore |
| 00:21:15 | 00:21:19 | but the banks in foreign countries |
| 00:21:17 | 00:21:22 | they don't integrate well at all we |
| 00:21:19 | 00:21:24 | can't ach the accounts we can't debit it |
| 00:21:22 | 00:21:25 | we can't even deposit into those |
| 00:21:24 | 00:21:29 | accounts |
| 00:21:25 | 00:21:30 | so we wouldn't even like we used to have |
| 00:21:29 | 00:21:32 | we used to work with people offshore |
| 00:21:30 | 00:21:34 | without social security numbers they |
| 00:21:32 | 00:21:34 | would have to wire us funds we couldn't |
| 00:21:34 | 00:21:36 | even |
| 00:21:34 | 00:21:38 | deposit money in their bank account |
| 00:21:36 | 00:21:40 | they'd have to come to the us |
| 00:21:38 | 00:21:42 | open up a bank account or you can go |
| 00:21:40 | 00:21:42 | online i think what the name of the bank |
| 00:21:42 | 00:21:44 | is online |
| 00:21:42 | 00:21:46 | you just have to find an institution |
| 00:21:44 | 00:21:48 | that will allow |
| 00:21:46 | 00:21:49 | you know deposits and withdrawals but |
| 00:21:48 | 00:21:50 | they're pretty tough uh that's a pretty |
| 00:21:49 | 00:21:52 | tough one |
| 00:21:50 | 00:21:53 | and it's really because of the banks in |
| 00:21:52 | 00:21:55 | foreign countries so that's why i say |
| 00:21:53 | 00:21:56 | get a u.s signer |
| 00:21:55 | 00:21:58 | and then have them open up a bank |
| 00:21:56 | 00:21:58 | account here and put you on the bank |
| 00:21:58 | 00:22:00 | account |
| 00:21:58 | 00:22:02 | and then take them off or whatever if |
| 00:22:00 | 00:22:03 | you need to and that that's kind of like |
| 00:22:02 | 00:22:04 | the workaround for it |
| 00:22:03 | 00:22:06 | there's always a way right there you |
| 00:22:04 | 00:22:07 | know there might be a couple and that's |
| 00:22:06 | 00:22:09 | why i mean i don't want |
| 00:22:07 | 00:22:11 | that to you know scare anybody it's the |
| 00:22:09 | 00:22:12 | same with stripe and paypal though right |
| 00:22:11 | 00:22:13 | they're still going to be asking for a |
| 00:22:12 | 00:22:15 | lot of these you know a lot of uh you |
| 00:22:13 | 00:22:16 | know stripe won't work with you know |
| 00:22:15 | 00:22:18 | certain you know |
| 00:22:16 | 00:22:20 | outside usa places depending where |
| 00:22:18 | 00:22:21 | you're at same with paypal depending on |
| 00:22:20 | 00:22:22 | where you're at that they will |
| 00:22:21 | 00:22:24 | not let you open an account but there's |
| 00:22:22 | 00:22:25 | always a workaround there's always a way |
| 00:22:24 | 00:22:26 | to figure out if you're not if you're |
| 00:22:25 | 00:22:27 | willing to |
| 00:22:26 | 00:22:29 | put in the effort to actually jump |
| 00:22:27 | 00:22:32 | through the hoops that you need to |
| 00:22:29 | 00:22:34 | right it's 100 worth it all right so |
| 00:22:32 | 00:22:35 | i know you kind of covered on this but i |
| 00:22:34 | 00:22:37 | i do want to hit on this because i think |
| 00:22:35 | 00:22:38 | it's so important i think the support |
| 00:22:37 | 00:22:40 | i mean just for more conversation |
| 00:22:38 | 00:22:42 | obviously the support is amazing |
| 00:22:40 | 00:22:44 | uh that electronic commerce gives from |
| 00:22:42 | 00:22:45 | chargebacks to helping just like making |
| 00:22:44 | 00:22:47 | sure your business is |
| 00:22:45 | 00:22:49 | you know you know even advertising |
| 00:22:47 | 00:22:52 | properly like with the terms and |
| 00:22:49 | 00:22:57 | privacy policies and all those things um |
| 00:22:52 | 00:23:00 | now for somebody just starting out right |
| 00:22:57 | 00:23:02 | why should they go directly |
| 00:23:00 | 00:23:04 | to a like an electronic commerce as |
| 00:23:02 | 00:23:06 | opposed to |
| 00:23:04 | 00:23:07 | stripe or paypal or whatever why should |
| 00:23:06 | 00:23:08 | they just be like hey you know what |
| 00:23:07 | 00:23:09 | start it off |
| 00:23:08 | 00:23:10 | on the right foot with electronic |
| 00:23:09 | 00:23:12 | commerce as opposed to that and then |
| 00:23:10 | 00:23:15 | also let's let's kind of tok about |
| 00:23:12 | 00:23:16 | what does the process look like you know |
| 00:23:15 | 00:23:18 | we'll leave a link down below guys so |
| 00:23:16 | 00:23:19 | you can you can apply and and get |
| 00:23:18 | 00:23:21 | yourself uh all set up with electronic |
| 00:23:19 | 00:23:22 | hours but how long does that process |
| 00:23:21 | 00:23:23 | even take |
| 00:23:22 | 00:23:25 | right to get a payment process because |
| 00:23:23 | 00:23:26 | you know stripes ruined it for everybody |
| 00:23:25 | 00:23:27 | it's like oh within |
| 00:23:26 | 00:23:29 | within an hour you could be taking |
| 00:23:27 | 00:23:30 | payment so why should first question why |
| 00:23:29 | 00:23:32 | should they |
| 00:23:30 | 00:23:33 | uh go with electronic commerce as a as |
| 00:23:32 | 00:23:35 | opposed to a stripe |
| 00:23:33 | 00:23:36 | right out of the gate and then also like |
| 00:23:35 | 00:23:37 | how long does it take to be up and |
| 00:23:36 | 00:23:41 | running |
| 00:23:37 | 00:23:43 | sure so i say like this you know |
| 00:23:41 | 00:23:44 | do you want to build your house on the |
| 00:23:43 | 00:23:46 | solid foundation or do you want to build |
| 00:23:44 | 00:23:50 | it on sand |
| 00:23:46 | 00:23:52 | right and that's the way i look at it um |
| 00:23:50 | 00:23:54 | you can go with we'll also be able we |
| 00:23:52 | 00:23:57 | can do instant boarding as well |
| 00:23:54 | 00:23:58 | we can do that but we have not found it |
| 00:23:57 | 00:24:01 | to be beneficial |
| 00:23:58 | 00:24:02 | for business owners over the long term |
| 00:24:01 | 00:24:06 | because and i don't i guess you got |
| 00:24:02 | 00:24:08 | i wish i could share the stats but the |
| 00:24:06 | 00:24:09 | accounts that stay on board with say a |
| 00:24:08 | 00:24:13 | striper paypal |
| 00:24:09 | 00:24:15 | um you know not many are able to last |
| 00:24:13 | 00:24:16 | and it's because a lot of things just |
| 00:24:15 | 00:24:18 | aren't set up properly |
| 00:24:16 | 00:24:19 | and once your funds get held i mean you |
| 00:24:18 | 00:24:20 | have no cash flow especially as a new |
| 00:24:19 | 00:24:22 | business |
| 00:24:20 | 00:24:23 | you really can't afford not to have cash |
| 00:24:22 | 00:24:24 | flow coming in so you're going to be out |
| 00:24:23 | 00:24:27 | of business |
| 00:24:24 | 00:24:29 | if you want something that's long term |
| 00:24:27 | 00:24:32 | where it's going to be here tomorrow and |
| 00:24:29 | 00:24:33 | possibly next year as well then you need |
| 00:24:32 | 00:24:34 | to come with |
| 00:24:33 | 00:24:36 | a system where they're going to help you |
| 00:24:34 | 00:24:38 | grow the business if you're just looking |
| 00:24:36 | 00:24:39 | for a quick thrill almost like a |
| 00:24:38 | 00:24:41 | one-night stand |
| 00:24:39 | 00:24:43 | you don't care what happens the next day |
| 00:24:41 | 00:24:45 | you don't ever want to see her again or |
| 00:24:43 | 00:24:46 | see him again boom you know you do that |
| 00:24:45 | 00:24:48 | because there |
| 00:24:46 | 00:24:50 | is no personal connection with any of |
| 00:24:48 | 00:24:51 | those entities either right you speak to |
| 00:24:50 | 00:24:54 | someone |
| 00:24:51 | 00:24:55 | maybe they're in the u.s maybe not right |
| 00:24:54 | 00:24:58 | maybe they give |
| 00:24:55 | 00:25:00 | give you information maybe they don't so |
| 00:24:58 | 00:25:01 | with ec you're going to speak to people |
| 00:25:00 | 00:25:03 | who are right here |
| 00:25:01 | 00:25:05 | uh there are headquarter offices in |
| 00:25:03 | 00:25:07 | california you're going to also get a |
| 00:25:05 | 00:25:11 | relationship manager |
| 00:25:07 | 00:25:11 | so once you come on board what happens |
| 00:25:11 | 00:25:13 | is you get this |
| 00:25:11 | 00:25:15 | we start to go through your website |
| 00:25:13 | 00:25:17 | working on it to ensure that it's car |
| 00:25:15 | 00:25:19 | brand compliant |
| 00:25:17 | 00:25:20 | a relationship manager will reach out to |
| 00:25:19 | 00:25:23 | you and say hey |
| 00:25:20 | 00:25:27 | i need you to do this this this and this |
| 00:25:23 | 00:25:28 | or send me this this this and that right |
| 00:25:27 | 00:25:31 | these are all the things that schlep |
| 00:25:28 | 00:25:34 | could tell you in order to |
| 00:25:31 | 00:25:35 | stop or prevent holding your funds but |
| 00:25:34 | 00:25:36 | like i said it's just not the business |
| 00:25:35 | 00:25:37 | model |
| 00:25:36 | 00:25:39 | so as long as you get that information |
| 00:25:37 | 00:25:41 | back sooner rather than later |
| 00:25:39 | 00:25:42 | that's how long it takes to get your |
| 00:25:41 | 00:25:44 | your site up |
| 00:25:42 | 00:25:46 | or you get your site approved so it |
| 00:25:44 | 00:25:47 | could take two days |
| 00:25:46 | 00:25:49 | it could take four days it really just |
| 00:25:47 | 00:25:51 | depends on the person |
| 00:25:49 | 00:25:53 | like some people they're like whoa terms |
| 00:25:51 | 00:25:56 | and conditions like |
| 00:25:53 | 00:25:58 | how do you do that right so you know |
| 00:25:56 | 00:26:00 | you can ask and maybe we will direct you |
| 00:25:58 | 00:26:01 | like go look here go look there or maybe |
| 00:26:00 | 00:26:03 | they'll come back to you and say hey |
| 00:26:01 | 00:26:05 | peter how do we determine conditions |
| 00:26:03 | 00:26:07 | right what should go in it or they may |
| 00:26:05 | 00:26:09 | say the private privacy policy |
| 00:26:07 | 00:26:10 | we may ask for bank statements or |
| 00:26:09 | 00:26:12 | merchant statements if you have them |
| 00:26:10 | 00:26:14 | we may say hey listen don't start off |
| 00:26:12 | 00:26:16 | with such a high tiket don't start off |
| 00:26:14 | 00:26:18 | you've never been in business before |
| 00:26:16 | 00:26:18 | maybe you shouldn't start off with the |
| 00:26:18 | 00:26:20 | 20 |
| 00:26:18 | 00:26:22 | 000 tiket especially if you have zero |
| 00:26:20 | 00:26:25 | dollars in the bank account |
| 00:26:22 | 00:26:26 | let's get you in the door maybe drop it |
| 00:26:25 | 00:26:30 | down to a thousand |
| 00:26:26 | 00:26:31 | right and then let's have you scale up |
| 00:26:30 | 00:26:32 | from there based upon performance or |
| 00:26:31 | 00:26:34 | something like that |
| 00:26:32 | 00:26:35 | yeah so that's going to be however but |
| 00:26:34 | 00:26:36 | you get assigned a relationship manager |
| 00:26:35 | 00:26:39 | as well that works with you |
| 00:26:36 | 00:26:40 | we have 24 7 tik support as well you |
| 00:26:39 | 00:26:42 | can call it any time of day |
| 00:26:40 | 00:26:44 | right here in the u.s in our customer |
| 00:26:42 | 00:26:46 | service support i think |
| 00:26:44 | 00:26:47 | i think they take the last clause about |
| 00:26:46 | 00:26:49 | 8 p.m eastern |
| 00:26:47 | 00:26:52 | i think that's huge and i think that's a |
| 00:26:49 | 00:26:53 | a great way to end this and this kind of |
| 00:26:52 | 00:26:56 | conversation is always |
| 00:26:53 | 00:26:57 | look at like like stripe is not a team |
| 00:26:56 | 00:26:59 | member of yours right |
| 00:26:57 | 00:27:01 | it's a tool that you use right but you |
| 00:26:59 | 00:27:02 | have to kind of like change that mindset |
| 00:27:01 | 00:27:03 | the way you look at it right because at |
| 00:27:02 | 00:27:04 | the end of the day like if you can't |
| 00:27:03 | 00:27:06 | make s if you're |
| 00:27:04 | 00:27:07 | if you can't process payments like what |
| 00:27:06 | 00:27:08 | are you going to do right and having |
| 00:27:07 | 00:27:11 | like an actual |
| 00:27:08 | 00:27:12 | team there that's helping you with that |
| 00:27:11 | 00:27:14 | with that somebody you can actually |
| 00:27:12 | 00:27:17 | communicate with regularly |
| 00:27:14 | 00:27:18 | right that's on your side and helping |
| 00:27:17 | 00:27:19 | you i think that's |
| 00:27:18 | 00:27:20 | that's the biggest benefit and |
| 00:27:19 | 00:27:21 | especially coming out right out of the |
| 00:27:20 | 00:27:22 | gate |
| 00:27:21 | 00:27:24 | right and i i love that analogy that you |
| 00:27:22 | 00:27:26 | met or you know |
| 00:27:24 | 00:27:28 | you said right building your house you |
| 00:27:26 | 00:27:29 | know on a solid foundation or on sand |
| 00:27:28 | 00:27:31 | right one's going to be temporary one's |
| 00:27:29 | 00:27:33 | going to you know |
| 00:27:31 | 00:27:34 | last year long term so kaiser i just |
| 00:27:33 | 00:27:36 | want to say thank you so much for |
| 00:27:34 | 00:27:37 | for jumping on here educating everybody |
| 00:27:36 | 00:27:39 | you know this is something especially |
| 00:27:37 | 00:27:39 | the e-commerce and dropshipping space |
| 00:27:39 | 00:27:40 | like |
| 00:27:39 | 00:27:41 | you know not a lot of people want to |
| 00:27:40 | 00:27:42 | tok about it because it's not like the |
| 00:27:41 | 00:27:45 | sexiest subject that |
| 00:27:42 | 00:27:46 | by any means right at all but it's it's |
| 00:27:45 | 00:27:48 | actually the most important if you think |
| 00:27:46 | 00:27:49 | about it right because how are you going |
| 00:27:48 | 00:27:50 | to make money if you can't you know |
| 00:27:49 | 00:27:52 | process payment so |
| 00:27:50 | 00:27:53 | we will leave a link down below in the |
| 00:27:52 | 00:27:55 | description of today's video guys if |
| 00:27:53 | 00:27:56 | you're listening on the podcast it'll be |
| 00:27:55 | 00:27:58 | in the show notes as well |
| 00:27:56 | 00:28:00 | um you'll see a quick video of me on |
| 00:27:58 | 00:28:01 | there and then down below you'll be able |
| 00:28:00 | 00:28:03 | to quickly fill out your information |
| 00:28:01 | 00:28:04 | jump on a call with uh with kaiser's |
| 00:28:03 | 00:28:05 | team over there and then within a few |
| 00:28:04 | 00:28:06 | days you'll be set up with electronic |
| 00:28:05 | 00:28:08 | commerce but |
| 00:28:06 | 00:28:13 | uh khasra thanks again for for jumping |
| 00:28:08 | 00:28:13 | on here thank you peter for having me |
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