Payments Ground Game

In this episode, hosts Kevin and Elains Smtih unravel the complexities of Aqcuiring 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 value of your business by providing control over processing relationships and the flexibility to manage financial transactions, contributing to a robust exit strategy when selling your business.Risks & Rewards: The pursuit of your own BIN is laden with considerable responsibilities and risks. However, for the right business model and with the proper financial backing and expertise, it can be a game changer, providing independence and competitive advantages in the marketplace.Whether you're contemplating getting your own BIN or simply want to understand what your partners may be handling behind the scenes, this episode is packed with valuable insights!

On 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 today, and learn how businesses like ours are staying ahead of the curve by prioritizing flexibility, customization, and a holistic merchant experience. Get ready for an episode filled with practical advice, personal stories, and strategic insights that could help propel your business forward.

In 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 Payments and Sales Models:  Ryan O'Leary gifts us with an exploration of the Canadian market's banking infrastructure and sales strategies, contrasting them with the U.S. approach. - Future-Focused Partnerships: We discuss the shift toward tech-forward payment solutions, emphasizing the synergy between ISVs and payment providers. Tune in to hear about Ryan's transformative leadership practices, SONA's approach to sales that focuses on solid customer relationships, and the exchange of some fine Canadian whiskey and lobster promises.   And, if you enjoy our conversation around charting a course through authentic growth and staying true to your service ethos, don't forget to support us by sharing this episode and leaving your ratings and reviews. To learn more about SONA, visit https://sonapay.ca/ To connect with Ryan O'Leary: https://www.linkedin.com/in/ryanoleary1/

In 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 typical hustle of their sales routines. In the episode, we talk about why the regional shows are great for networking for a variety of different professions, ways you can use the shows to stay fresh on updates in our industry, and we even give a few recommendations on how you can get the most out of the upcoming show.  So tune in, go ahead and register right after you listen, and we’ll look forward to seeing you in New Orleans!

In 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 this, which is changing the profitability landscape for processor-agnostic POS companies. James shares details around his venture into the self-storage sector, unveiling the lessons learned from an initial failure and then, his strategic comeback. This example really helps shed light on the specialized focus required in our industry today and the growing importance of vertical solutions. We'll explore the changing ISO model and the future of payment processing, delving into the necessity for operational efficiency and scale. Plus, we'll cover the recent industry shifts, such as traditional gateway and terminal providers directly entering the market, upending old strategies and prompting a rethink on partnerships. So, get ready to challenge the way you think about the ISO model and uncover what it takes to navigate this industry moving forward. Stay with us as James Shepherd brings his perspective to the Payments Ground Game. 

In 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 success. 

In 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.

In 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 one said it would be easy, but with the right balance, success is within reach! Tune in, get smarter, and let’s turn challenges into opportunities!

In 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.

One 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 complicated and costly, as different processors may have varying reporting formats. Additionally, having numerous income streams can significantly reduce the value of an ISO's business, especially when it comes to selling. Therefore, ISOs should aim to narrow down their processing partners to a select few, ensuring efficiency, better customer service, and increased business value.

Hosts 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. 

As 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 Cultivating a Collaborative Culture: At Secure Bancard, we value mentorship and believe in providing learning opportunities to our team. We discuss the importance of fostering a collaborative culture where employees are encouraged to explore different areas of the business and continuously expand their knowledge. Together, we've built a team that is not afraid to embrace change and drive innovation. 3️⃣ Lessons from the Past: Our past experiences at various companies and environments have shaped our approach to building Secure Bancard. We reflect on the valuable skills, knowledge, and insights we gained throughout our journey, and how they have influenced our current practices. We emphasize the importance of learning from the past while adapting to an ever-evolving industry. Make sure to tune in to the latest episode of Payments Ground Game to discover the untold story of Secure Bancard and gain valuable insights into building and running an ISO. Stay ahead of the game and join us on this exciting podcasting journey!