E123: Making Payment Transactions Easier with Brad Weimert
Brad Weimert is a mountain climber, adventurer, and entrepreneur at heart. He developed his entrepreneurial and marketing spirit from rich life experiences. At the age of 20, Brad began breaking national sales records as the #1 sales representative in a company of more than 30,000 and continued to do so year after year. Brad is the Founder of Easy Pay Direct, a platform that is both a merchant account provider and a payment gateway.
Here are some power takeaways from today’s conversation:
- What makes Easy Pay Direct different than other merchant account providers
- What’s a high-risk merchant
- Setting up your backup merchant accounts
- The importance of building history
- The current state of the economy from Easy Pay Direct’s persepctive
What is Easy Pay Direct?
Easy Pay Direct is a mechanism to accept payments predominantly online. They're both a merchant account provider and a payment gateway. They work with established eCommerce brands to optimize the way they're accepting payments.
What Makes Easy Pay Direct Different From Other Providers
If you set up Stripe or PayPal, you can process payments immediately. But they don't know who you are, what you do, what you sell, how you sell it, how you deliver it and if you deliver it. So the only recourse they have is to control risk for themselves.
The alternate way to accept payments is with somebody like Easy Pay Direct that wants to understand who you are, what you do, how you do it, how the business operates, and what the marketing model is. They underwrite that on the front end and get to know the models that have that higher likelihood so that you don't run into a problem as a business owner where they’ll have to close your account or hold your money later.
What's a high-risk merchant?
On one end of the spectrum, it means that the expectations are going to be met. It's a face-to-face transaction. It's a small dollar amount, and you know what you're getting when you go in. On the exact opposite end of the risk spectrum, is a supplement company that sells pills guaranteed to enhance your manhood in seven days or less. It's free, and then after seven days, they automatically bill you $99 a month. It's not FDA-approved and it's based in India. As soon as you go online, the likelihood of fraud spikes. If you're a person that wants to commit fraud, you don’t walk into a Best Buy. You order them online. So all e-commerce has a risk spectrum. It's just a question of the variants there.
One of the fundamental tenants is that the gateway that they built allows you to have more than one merchant account present, and then split the volume across them. So if you have a problem with one, the others are still up and running. They want to help business owners have control over this problem.
The Current State of Our Economy
Everything went from retail to online. In fact, 95% of its portfolio is online. Then money will start to leave the economy. There are a lot of opportunities, but at the same time, it's not going to sustain. So you have to be prepared. There are industries that are going to do better, and also industries that are going to have challenges. But within each of those, there is still opportunity.
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