Paypal, Stripe, Square vs Merchant Account - Which One Is Better - Merchant Account Processing

[@hadid1092]

What can't more videos be this clear, comprehensive AND engaging? Well done sir.

[@Bancardsales]

Thank you and thanks for watching !

[@MerchantMaverick]

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.

[@christenepoore2239]

@@videotoday8226 thank you

[@maryann2954]

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.

[@baltazarcarpio4447]

Completeness of vision, ability to execute, to understand the enterprise, strategic focus. God bless

[@lauramerrill7429]

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.

[@Bancardsales]

@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: kzbin.info/www/bejne/qmrEe5WbndxqrsU and here's another video dedicated to merchant account pricing: kzbin.info/www/bejne/a5vOXmOOrdCciJI Hope this helps you and anyone else who reads this comment thinking that something might have been left out. -Brian

[@briansmith3785]

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.

[@trinhnga2123]

Please avoid PayPal at all costs.

[@cleardestiny9023]

THANK YOU

[@welcometoreality3450]

you should be screaming your comment in caps!

[@changjunlim5705]

Why?

[@welcometoreality3450]

@@changjunlim5705 they are VERY evil to sellers. buyers are in the dark about it

[@sent4dc]

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.

[@infinitegods9699]

This vid is gold. thanks for taking the time to create it.

[@enn8791]

Honestly this has been the most researched video I have watched on you tube.thanks a lot guys

[@Bancardsales]

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

[@brandylynn5089]

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.

[@chicharon8171]

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.

[@chicharon8171]

@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...

[@frijolechingon5713]

Some don't have that option right away, it's a process...

[@450o054]

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.

[@aslmastertutor1670]

Which true merchant account do you recommend?

[@electromagnet1171]

The animations paired with your clear communication really made this video easy to follow and to learn from, thanks boss!

[@Bancardsales]

Thanks for watching. Glad you enjoyed it.

[@SharingTheBliss]

OMG I feel like I took a course! So many questions I had for years answered! Bless you!

[@Bancardsales]

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

[@SharingTheBliss]

@@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

[@brandylynn5089]

Absolutely the best information I have seen on payment platforms and risks involved. Thank you for sharing.

[@Bancardsales]

Thanks for watching Brandy!

[@mRahman92]

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.

[@Bancardsales]

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

[@keenaghanmd]

This was super helpful. Broke it down to help me understand how I should start and where my goal should be.

[@Bancardsales]

Thanks for watching Michael. If you have any questions just comment back or schedule a consult. Www.bancardsales.com/call

[@IAmQuandraLee]

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!

[@Bancardsales]

@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!

[@reneestroud1776]

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.

[@Bancardsales]

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

[@Noah_Aguilar]

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.

[@Bancardsales]

That's great Noah. Thanks for watching and glad the video helped. !

[@worldoffshorebanks]

Exactly. Look for the best solution for your business.

[@bencr53]

I never like videos... But this one truly deserves it. Thanks for the clear explanations

[@Bancardsales]

Thanks Ben. That's for the comment and I'm glad it helped. 👍

[@Rolanditou]

This Video worth Money !!!

[@miguelfranciscojavierbarro4207]

Uu×29/:4%%/^__^

[@coreybryant184]

Thank you so much for this video! This was exactly what I was looking for and answered so many questions for me.

[@Bancardsales]

You're welcome. Thanks for watching and commenting.!

[@mikeadams110]

Nice meeting you Brian! This was the very best educational video I've ever accessed to date on KZbin. 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 KZbin videos. Bravo and well-done.

[@Bancardsales]

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

[@californiabearrawr1689]

My thoughts are exactly the same.

[@DanishAnton]

@@Bancardsales So what software was used?

[@Bancardsales]

@@DanishAnton All of my videos are edited in Adobe Premiere Pro! Thanks for watching! ~Brian.

[@Bancardsales]

@@californiabearrawr1689 Thank you and thanks for watching. Let me know if you have any questions about payment acceptance in your business. ~Brian

[@Chante-]

This is very, very informative and essential to know and still relevant today January 2024, thank you for making this video.

[@Bancardsales]

Thank you. Thank you for watching!! -Brian

[@AddviceWorld]

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)???

[@AndyRocket1000]

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

[@KymmberlyMarshae]

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?

[@Bancardsales]

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

[@InterhoodionalTV]

I just started my e-commerce business but because of what I watched I rather look for a true merchant instead of PayPal, Stripe, or Square. If I want the best results, I have strive for it. Even if I just started my e-commerce business.

[@lilychu8912]

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.

[@frijolechingon5713]

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...

[@parktaejoon1777]

@@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😮

[@keywestbarcard]

I left PayPal because they do not refund transaction fees on refunds. I've been using Stripe for years now for an online business where I ship products directly to customers and have no complaints. But I may do enough to consider a merchant account now. Thanks.

[@overlord4811]

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

[@henryninegraphics7533]

PayPal is notorious for blocking many customer purchases which in turn reduces your sales volume, Stripe on the other hand provides a much smoother checkout experience for your customers but requires you to have a registered business before you can create an account with them..

[@1414141x]

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.

[@brianmurphy8051]

Great name Brian! This question is for you or anyone else here who has some info. We have formed an LLC and will be coaching/teaching a sport in a physical place in a strip mall, and they will pay their monthly fee via Autopay month after month hopefully. Very simple. We also will sell some related products from time to time (hopefully a lot, but our key is the monthly autopay membership charge). We hope to get to 100 members ASAP and top off from 200-300. So that's not a high quantity of charges, but the amount would be over $5000 per month if we are to survive. From this video, it sounds like a MERCHANT account is the way to go right? MONTHLY AUTO-PAY is the key here......

[@Bancardsales]

Brian, thanks for watching! In your scenario a merchant account with mobile capabilities and a virtual environment is what you need. I can help you set it up. Go ahead and schedule a call with me here: www.bancardsales.com/call and we can have a conversation about your situation !

[@brianmurphy8051]

@@Bancardsales Brian, I started to book that, but nowhere do I see any where to PAY..... was I doing it wrong?

[@Bancardsales]

Hey Brian, Sorry I missed this reply until now. There's no where to pay. The strategy is free. If you want to set up a payment system (after we talk) then there is a cost to that! Talk to you soon! you can book here: www.bancardsales.com/call

[@GETREALLYRICH]

Thought this was going to compare the three directly with more details of each.

[@Bancardsales]

Which detail of each were you specifically looking for ?

[@GETREALLYRICH]

A pros and cons review of each compared to each other for usability, cost, softwares,hardware, customer service and things like that.

[@Bancardsales]

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.

[@dankierson]

With aggregators, you have just a value % charge and a fixed transaction fee charge. But with merchant account providers, you have not only value and transaction charges but a whole host of other charges, some known and fixed but others unknown and variable. I'd like to get a full breakdown of merchant account charges. Ideally, it would be great if an actual merchant account bill could be recalculated as an aggregator bill.

[@Bancardsales]

Dan, Interesting question you have. In your ideal solution, if an actual merchant account bill could be recalculated as an aggregator bill, wouldn't it just BE an aggregator at that point? :) I realize there's other variables that I've talked about in other videos like onboarding, risk, technology, terminals, etc... but fi the pricing for a merchant account is billed like an aggregator, it is just referred to as a single flat rate pricing structure. They exist and they're out there. Let me know if you want to talk about it sometime. Feel free to reach out here: www.bancardsales.com/call/brian

[@vicentaclaudio2329]

do I get a monthly statements and a year end statements for tax purposes

[@michaelrainesjr1135]

Most informational video out of the videos i watched and I'm starting with stripe but i will be getting a merchant account. Thank you.

[@Bancardsales]

Thank you and thanks for watching! When the time comes to get a Merchant account comment back and I'll help you get set up. And you can schedule with me here: Www.bancardsales.com/call

[@zaylodidthis7664]

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

[@lorenzogiovanni4541]

Interesting video thank you so much, but I want to asked a question please

[@basiccodingwithadam8125]

6:47 stripe has great customer service.

[@edwardhacklbain1827]

But they do not operate in many countries unlike PayPal. So it is not a viable alternative.

[@xelahot]

Very instructive video, thank you! I didn't even know the difference between the two and I'm having troubles with Paypal for the second time. I'll go with a merchant account.

[@beartemusic]

Great value delivered in an entertaining manner. 🙂 Thanks Brian!

[@thedropout2684]

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?

[@MarcoTatta]

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?

[@jasminetorres1683]

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 ?

[@liubomyr5050]

hey did you solve the problem?

[@lanceramsdell4921]

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

[@Bancardsales]

Thanks for watching and yes I can help you. If you want to talk, schedule a call with me. Www.bancardsales.com/call

[@kerrigantaylor3187]

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

[@zachkaeser8320]

Quick and informative overview of the different payment solutions available. Your video really helped me narrow my focus for setting up my band's merchandise page on our website. Thank you!

[@Bancardsales]

Thanks Zach. I have a couple specific software tools for you if your open to it. Lmk and I'll send them to you. Thanks for watching! ‐Brian

[@partyrentalcreation]

This is one of the best videos by far. Thank you for your explanation.

[@Bancardsales]

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

[@silverbison88]

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?

[@Bancardsales]

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

[@MrJf300z]

Super informative. Thanks for the video man. That was dope 🔥

[@Bancardsales]

Glad you liked it and thanks for watching!

[@SaraMeeks-hy5tx]

Omg so which one is best?! 😳

[@jevonmcpherson8054]

These comments are correct, Avoid PayPal.

[@melvinasmith3096]

Great information I received a lot Thank You!

[@Bancardsales]

Thank you and thanks for watching !

[@baliyogatravelretreats]

Wow! What a thorough video~~ Thank you so much!!!

[@superdupe8]

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.

[@Bancardsales]

Hey. Thanks for the comment. Reach out and let's talk. Www.bancardsales.com/call/brian

[@briennaishkuntana9165]

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!

[@Bancardsales]

Where is your business geographically located ? The U.S.?

[@frijolechingon5713]

Good for the ones who care, sadly many people have way too much trust in banks, and they will take advantage of it...

[@cavallopazzo340]

Which one works for non-US residents running a US LLC?

[@empireprotege]

Stripe is best. They even have Stripe Atlas where they set up a US LLC for anyone from any country.

[@cavallopazzo340]

@@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.

[@empireprotege]

@@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.

[@cavallopazzo340]

@@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?

[@empireprotege]

@@cavallopazzo340 yeah invoices. And big payments over 2000+.

[@LATOHOUSTON]

Difference is if you’re doing less than 2k monthly-go with square or paypal. If doing more, it’s almost always beneficial to get out your comfort zone and save money while getting better customer service.

[@Itsrealtv313]

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!

[@ВіталійКовзаленко]

Clear and informative - very helpful.

[@Bancardsales]

Thank you. Thanks for watching !

[@kingathepalace6270]

thank you very much sir u open alot of answers to my questions

[@adityaverma5764]

Wow! Awesome video 🙂

[@Bancardsales]

Thank you and thanks for watching! -Brian

[@eamonshields2754]

Phenomenal video !!

[@2bitranch1]

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.

[@Bancardsales]

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

[@UsefulThings_UT]

Low volume as just starting. Subscription service business. Which would be the best option for my business

[@LosCardenitas]

Glad to have across this video, thank you for the info. It has been very useful.

[@Bancardsales]

Glad you liked it! - Brian

[@normag8135]

@@Bancardsales Hola

[@Grump_B]

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.

[@Bancardsales]

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.

[@rwjumah]

Interesting and insightful, high-level video Brian. Thank you

[@Bancardsales]

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

[@StudioGalvan]

A lot of good info delivered efficiently! 👍🏼 (2nd Watch)

[@Bancardsales]

Carlos, thanks and thanks for watching!

[@MD-nt9nv]

Great material and very informative. Thank you!

[@Bancardsales]

Thank you and thanks for watching!

[@GuidoLoko]

Very informative! Unfortunately I had to learn all of those things the hard way! I hope alot of small business owners come across your video. They do have some very shady people out there setting up merchant accounts and just care about 1 thing... There commission and/or bonuses for setting up new accounts.

[@Bancardsales]

Unfortunatley that is true sometimes. Thanks for watching and commenting. If there's any topics you'd like to see more of, feel free to leave a suggestion by commenting back or filling out this form: www.bancardsales.com/ask

[@LadyVonBarber]

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.

[@Bancardsales]

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

[@Bancardsales]

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

[@rayrowland2967]

Good informative video. What should I use to take payments over the phone?

[@Bancardsales]

Thanks Ray. Glad you liked the video. For over the phone payments, use a compliant virtual terminal option. I have a couple options that I'm happy to show you if you'd like ( and if you're a U.S. based company) Schedule with me here: Www.bancardsales.com/call Just reference this comment thread in the notes of the appointment.

[@ahsanm8748]

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

[@theresasosandro]

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[@traceplace]

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:)

[@Bancardsales]

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

[@jeffclemons2192]

Hello, I would like to know what are your recommendations for payment options for Dropshipping companies?

[@Bancardsales]

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

[@mjsdp]

Excellent video! Thank you for the clarification

[@paradisecostarica4986]

thanks a lot man!! Thanks!!

[@Bancardsales]

That is for watching !

[@j.m.3752]

What about home-based businesses (not store fronts)? Merchant accounts charge more for non-store-fronts, more than the payment aggregators.

[@Bancardsales]

It really doesn't matter whether your a home based business or not. It matters (in terms of the cost) whether you have the ability to have a card present transaction vs. A card not present (i.e. over the phone or internet) card present rates are always cheaper. The question of which one is more expensive has everything to do with average ticket and the amount of volume that you process along with the type of credit or debit card that is being processed so we would need those factors to determine whether a merchant account IS more expense or whether an aggregator is more. Thanks for watching!

[@j.m.3752]

Oh, and good video. I shared it with my industry group.

[@williamjamesrapp7356]

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.

[@salvatorepuccini4261]

It appears that the merchants sound good at first glance until you get the adjusted rate for rewards cards. For example they also look at average ticket sale which isn't as important as the mean. If you have a $0.20 swipe fee and run 10 $20 transactions that's 2% right there plus the 1.6% plus 1% for a rewards card for 3.6 to 4.6% and it would be best in that example to run square

[@Bancardsales]

I understand your argument but it's a bit flawed in your assumptions. First off, that +1% for a rewards card that you reference is a bit high and not always going to be the be applied. And 2ndly, it's not always and rarely is, a 1% adjustment. (Often much lower) This is a much deeper discussion than just a quick answer because there are many (most) merchant account providers that will average out to a lower effective rate thank Square. Perhaps you just haven't found the right one yet. :) If you want to talk let me know and I'd be happy to do a case study for you.

[@digitalgold2097]

Merchant account is better because they do the onboarding in advance rather than like square or stripe its later and you risk losing your account with them because they refuse to do it before hand like real merchants. Authorize.net is best

[@babikhoja1331]

thanks for the video and info good delivered, a friendly advice the video is too long especially the introduction.

[@Bancardsales]

Thank you for watching and glad you enjoyed it!

[@MalenasBazaArte]

The video is perfectamente well done!!!

[@skarthick6]

We are a PoS Solutions Provider and are currently in the process of launching our product for a specific market segment in the US. As part of this, we are exploring payment solutions that we can integrate with our PoS Solution. Specifically, from the PoS Terminal, we would like to integrate with a payment device, to which the sale value can be pushed. The sale value will then appear on the payment device for the customer to make the payment. Once the payment is made, successful message along with a payment reference should come back into our software for us to print the receipt. Any recommendations on which solutions will be suitable?

[@Bancardsales]

Karthick, I have 2 options for you. Depending on your sales process and client onboarding process there's 2 solutions that I would recommend. Let's talk when you have time. Schedule a time with me personally here: www.bancardsales.com/call/brian Just reference this video/comment in the notes section and I'll look forward to talking with you.

[@RumakInaph]

What about authorize.net?

[@Bancardsales]

What about it? What is your question ?

[@Tawny593]

Authorize.net is a gateway that connects you to a processor. They charge $30 a month. You must also get a payment processor.

[@KayDejaVu]

I'd like to add that Shopify users that no longer want to use Paypal can look into google Pay and Amazon Pay. I just connected Amazon and I am pleased. I forgot they process using your AMZ ID.

[@AnonymOus-dp3jj]

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..

[@PesTusMuas]

You should've read the fine print on Lyft and Uber on how they process and pay.

[@parktaejoon1777]

Ok ... hopefully this is what is going on with us. If we made $100.31 net, and only $71.66 actually come over as available, which is more than 2.6 plus $.10.it’s more like 30%. Is that what’s happening to us? Funds are being held? How do we set up a merch?

[@Bancardsales]

Did you get this resolved? Lmk. It sounds like you had a reserve added to your account. Let me know if you would like to discuss further. My call link is here: Www.bancardsales.com/call

[@gbrietzke]

Ur sound effects are epic my dude

[@Bancardsales]

Haha :) thanks! Glad you enjoy them!

[@FeatherstoneApothecary]

all these complaints on Paypal yet I've been using them for nearly 20 years with no issues.

[@siddharthsid3638]

Please close it immediately 🙏, recently 1 week back my account got shutdown and all the money got wiped out without any prior notice, most importantly I used PayPal for nearly 20 years just like you. I run the digital marketing business and do freelancing but they themselves decided that I violated their policy and never told me a reason. Please ma'am be careful with your money, I lost 77k I repeat please be careful.

[@katvond1125]

@@siddharthsid3638 thats theft and is very courtcase worthy! i hope u get a lawyer

[@siddharthsid3638]

@@katvond1125 I got the lawyer and case has been settled and I won the case I got my money back

[@aardvark9119]

Thank you.

[@Bancardsales]

Thank you for watching!

[@russjones3656]

I would like something for a youth sports program. The problem is that it is only 2 months out of the year. I would like to accept online payment for registration in February (@$4,500 in 2 weeks), then there is a gap until the games start mid April and end mid June. During the games I would like to accept payments for the concession stand ($200-500 per night). Additionally, we may host a tournament in May where the concession stand would bring in $1500/day for 3 days. There is also talks of another tournament in August. What would be a good option to use in this scenario?

[@russjones3656]

Forgot to mention we are a 501(c)(3) non-profit organization

[@Bancardsales]

Russ, thanks for watching. This might come down to a hard numbers comparison. It'll be a comparison between your software functionality requirements and the cost of merchant account vs. Aggregator option. Feel free to schedule with me here and we'll go through everything. Www.bancardsales.com/call/Brian

[@Bancardsales]

Not a problem!

[@BitsandTokens]

ughh anything but first data

[@Bancardsales]

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

[@scienceshow4311]

Can you please guide us about clover merchant? How to setup?

[@Bancardsales]

Sure can. Schedule with us here: Www.bancardsales.com/call/Brian

[@jaxkk1119]

i can't transfer my money from paypal to debit card, for no reason damn

[@xCARPx2014]

Can you still use it? To buy stuff online

[@valentinechris2706]

What Merchant company works in Africa. I've had trouble receivibg payment from clients in US and UK

[@sergejsvisnevskis7787]

Anything is better than PAYPAL !!! Avoid !!!

[@NH-hl5eb]

My volume each month is consistently less than 5,000.00 so it looks like I should go with the aggregate. Thank you.

[@Bancardsales]

Thanks for watching! If your volume grows, be sure to check back and visit the Get Started tab on the website: www.bancardsales.com/get-started ~Brian

[@audreymitchell836]

thank you so much. you just help me make a decision and stop stressing.

[@Bancardsales]

Great. Thanks for warching.!