Shows
Payments Ground GameAcquiring Sponsor Banks: The Necessary Bridge to the Card NetworksIn this episode, hosts Kevin & Elaina Smith are joined by special guest, Ken Musante, Founder and President of Napa Payments and Consulting. We explore the necessary relationship between acquiring sponsor banks and card payment processors, as well as how sponsor banks and independent sales organizations (ISOs) share different levels of responsibility and risk for the merchants they serve. We cover the game-changing role of automated tools in risk monitoring and underwriting as well as the vital importance of operational compatibility over mere cost in bank relationships. We also cover the kinds of things that can go wrong in sponsor...2024-10-0149 minPayments Ground GameThe Power of Tech: Adding Value Across the Payments EcosystemIn this episode, hosts Kevin and Elaina Smith dive deep into the transformative power of technology in the payments ecosystem. We explore how to leverage scoring solutions, identity verification tools, and automated processes to enhance risk management and operational efficiency. We also discuss evaluating new tools, balancing cost vs. value, and ensuring scalability for future growth. Tune in to explore how these strategies can transform operational tactics in your business.2024-09-1639 minPayments Ground GameCollaboration and Creativity: Keys to Successful Payments MarketingIn this episode, hosts Kevin and Elaina Smith welcome payments industry marketing leader, Rebecca Walden. We address critical issues plaguing current marketing efforts in our industry—lack of creativity, excessive jargon, and a focus on self-congratulatory tactics. Our conversation explores why marketing in the industry often falls short of engaging potential clients and the perils of relying on pay-to-play awards.We underscore the importance of authentic marketing and the benefits of humanizing a brand through its employees, as well as the careful management of personal and professional personas on social media platforms. Moreover, we touch upon the sig...2024-07-0140 minPayments Ground GameDecoding Acquiring BINs: From Setup to Daily ManagementIn this episode, hosts Kevin and Elaina Smith unravel the complexities of Acquiring Bank Identification Numbers (BINs) and their pivotal role in the payment processing ecosystem. This episode is perfect for payment ISOS and professionals eager to deepen their industry knowledge!
Three Key Takeaways:
Understanding BIN Responsibilities: Managing a BIN involves underwriting, risk management, and meticulous reconciliation. It’s not just about having a BIN; it’s about managing it effectively to safeguard your operations and maintain compliance with card networks.
Strategic Importance of Owning a BIN: Owning a BIN can drastically increase the...2024-05-1428 minPayments Ground GameDisrupting the Payment Industry's Legacy Tech Stack: An Inside Look with Secure Bancard CTO Billy BoozerOn this episode of Payments Ground Game, hosts Kevin and Elaina Smith are joined by guest, Billy Boozer, the new CTO at Secure Bancard. Billy shares his expertise on the vital role of customizable, API-oriented payments and the importance of prioritizing merchant experiences. He highlights the benefits of integrating AI, maintaining operational efficiency, and the necessity of adapting rapidly to technological advancements. We also delved into how businesses can leverage agility to outmaneuver larger enterprises and the significance of close collaboration among technical teams.
Join us as we unpack the challenges and opportunities facing the payments industry toda...2024-04-3047 minPayments Ground GameThe Power of Intentional Growth in the Payments Industry: The SONA StoryIn this episode, we delve deep into the core of what makes a business thrive. Join us as we unpack the journey of Ryan O'Leary, owner of SONA, based in Nova Scotia. We shed light on the art of scaling with soul, diving into the differences between the Canadian and U.S. ISO market, and unpacking why quality always trumps quantity.
Key Takeaways:
- Maintaining Values at Scale: Learn how SONA upholds exceptional service and clings tightly to its founding values, even as it navigates the complexities of expansion.
- Insights into Canadian Pay...2024-04-1749 minPayments Ground GameNavigating Industry Shows: Networking, Transition, and Tradition with John McCormickIn this episode of Payments Ground Game, we welcome John McCormick, a seasoned industry connector who played a pivotal role in establishing the Southeast Acquirers Association (SEAA.) The SEAA revolutionized the way Independent Sales Organizations (ISOs) engaged with products and networks when it was founded back in 2001.
The inception of this initiative was driven by a practical need: the challenge for salespeople to reach and connect with the numerous ISOs scattered across regions. The Annual SEAA Conference became a space where ISOs could convene to explore offerings, share industry insights, and enjoy a communal atmosphere without the ty...2024-03-2838 minPayments Ground GameThe Evolving ISO Model: A Look at Payment Processing's FutureIn this episode of Payments Ground Game, hosts Kevin & Elaina Smith are joined by a special guest, James Shepherd, a well known industry expert who’s behind a few different successful businesses including ISO Amp and CCSales Pro.
In this episode, we talk about the significant shift in the ISO model over the past few years and do some forecasting about what’s to come.
We talk about the trend of point of sale systems transitioning from being predominantly processor agnostic to now favoring integrated payment solutions.
Private equity firms are honing in on th...2024-03-2231 minPayments Ground GameBuilding a Lasting Payments Business: Strategies for Sustainable GrowthIn this episode of Payments Ground Game podcast, hosts Kevin and Elaina Smith explore the rugged terrain of long-term strategies and goal setting. We delve into the art of building your business with patience, prioritizing strong foundations over flash-in-the-pan success. We talk smart financing—equity, debt, and key partnerships—while highlighting the inevitable trade-offs, like maintaining control versus aggressive expansion. Always remember, align your business aspirations with personal values and long-term visions. And never underestimate the power of a well-matched business partner. Whether you're gearing up for growth or eyeing an elegant exit, it's your game plan that dictates your...2024-01-2230 minPayments Ground GameDeciphering Customer Acquisition Cost for ISOs and Agents: The Math Behind Sustainable GrowthIn this episode, hosts Elaina Smith and Kevin Smith take a close look at the crucial component of sales strategy: customer acquisition cost. They share insights on how to calculate this important number and discuss the implications for strategic decision-making. Using real-life examples and practical tips, they guide ISOs and agents on understanding the cost of acquiring new clients and balancing it with potential revenue. Tune in to learn how to effectively manage marketing spend and ensure a positive return on investment in the pursuit of new business.2023-11-2921 minPayments Ground GameSoftware for the Payments Industry: Insights on Building vs BuyingIn this episode of Payment Ground Game, we hash out this pressing question for payments companies: is it better to build or to buy software?
We cover potential pitfalls, highlight the must-asks when outsourcing, and share our personal experiences with our own software products for underwriting and merchant settlement, Prospector and Pioneer. We take you deep into the realities of costs, timeline uncertainties, customizability, and why constant reinvestment is essential.
We also talk about planning, testing, and user feedback.
Join us in unraveling the complexities of software development in the payments industry. No...2023-11-1331 minPayments Ground GameRisky Business: Understanding and mitigating risk in merchant servicesIn today's episode, we'll be exploring the concept of risk in merchant services. Why do applications get declined in underwriting? Why do merchants get terminated after they've been processing for a while. It all comes back to risk, so we discus the different types of risk, what makes one merchant account riskier than another, and ways that you can help your chances to get riskier accounts approved.2023-10-3036 minPayments Ground GameThe Case for Quality over Quantity: Choosing the Right Processing Relationships for ISOsOne common misstep for ISOs is trying to manage too many processing relationships. While having diversification is important, spreading thin often leads to lack of leverage in any of the relationships. ISOs need to focus on building strong relationships with their processing partners, as commitment and trust are the foundations for growth. Managing merchants across multiple platforms becomes inefficient and time-consuming, making it difficult to streamline processes and provide excellent customer service. With each relationship having unique platform and product nuances, ISOs spend too much time learning the ins and outs of each processor. Consolidating residual downlines also becomes...2023-10-1619 minPayments Ground GameStreamlining Processes for Improved Profitability: Insights for ISO OwnersHosts Elaina Smith and Kevin Smith dive into the world of operational improvements for ISO owners. In this episode they tackle five key areas that present massive opportunities for enhancement. From the application process to deployment, Elaina and Kevin share their insights on how to streamline operations, eliminate redundancy, and maximize efficiency. They stress the importance of automation, proper documentation, and focusing on strengths to create a smooth and seamless experience for both ISO owners and their merchants. Get ready to learn how these operational improvements can significantly impact the bottom line. 2023-10-0616 minPayments Ground GameThe Secure Bancard Formula: Mentorship, Risk-Taking, and Operational ExcellenceAs entrepreneurs in the payments industry, we've experienced the highs and lows of building and running an Independent Sales Organization (ISO). In this episode, we share our personal stories, memorable moments, and the pivotal role mentorship has played in our success. Here are three key takeaways from the episode:
1️⃣ Embrace Opportunities for Growth: Our decision to start our own business was driven by the desire to escape the limitations of a corporate environment and build something meaningful. We explore the power of saying "yes" to new experiences and taking on challenges that stretch our capabilities.
2️⃣ Cultivat...2023-09-2130 min