How banks can remain relevant in the new world of payments
In the lead up to EBAday 2021, Jens Audenaert, SVP, and GM of Payments for Diebold Nixdorf speaks to Finextra TV on the current state of the payments industry, and how the acceleration of alternative payment methods is changing the payments landscape. Audenaert provides insight into some of the challenges banks are facing and how modern technology can help banks adapt and stay relevant.
What is a Merchant Account Rates, Pricing, Terminals and how it works
#merchantacount #paymentprocessing #whatisamerchantaccount
What is a merchant account? In today’s video we’ll discuss the details of a merchant account and go into depth on merchant account pricing, merchant account equipment and provide references to helpful resources.
@1:25 What is a merchant account
@2:46 Credit Card Terminals
@4:11 Merchant Account Rates – 2 main rate categories
@7:41 Underwriting and Account Approval
@8:40 Faq’s and common questions about merchant accounts
@10:48 How to pick the best merchant account for your business
►Sign Up For CardConnect Merchant Account Here: https://www.bancardsles.com/cardpointe/application
►Video reference #1 – Paypal, Stripe Square vs. Merchant Account :
https://youtu.be/eA6RUWYZ97Q
►Video reference #2 – Merchant Account Pricing (rates and fees):
https://youtu.be/5jk-0XxkiR0
►Best fit survey – Find out what’s best for you: https://www.bancardsales.com/lp/best-fit/
★Book a call with Brian and/or his team:
https://www.bancardsales.com/call
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https://youtu.be/nLfsn6tUZh4
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Sign Up For a Merchant Account: https://www.bancardsales.com/cardpointe
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https://www.youtube.com/watch?v=nLfsn6tUZh4 &feature=youtu.be
Transcript:
What is a merchant account and how does it work?
Let’s talk about that today and in addition to that title content, we’ll talk about the following:
Credit card terminals Point of sale equipment and software available to you,
the 2 most popular (general) credit card rate categories that apply,
underwriting approval and account setup
guidelines tips and important things to remember when applying,
Frequently asked questions
And toward the end, I’ll tell you how to go about figuring out the best merchant account option for your business.
Put a channel notice countdown bar on this section
So as we get started, this video is time stamped for your reference.
All of the information is important and pertinent to setting up and maintaining a merchant account so please do watch the entire video and at the same time I always try to make my videos easy to navigate so for some of my videos on this channel, I’m going to link the time stamps for the various sections of the video, in the description.
So if you wanted to skip to a certain section, you can just pop the description box open and click the section link. And if you use these time stamps to navigate the video, let me know if that is a helpful thing to do in the comments below.
Now, on with the lesson.
What is a merchant account?
Let’s start with a simple definition: A merchant account is a specialized bank account that exists for the sole purpose of allowing a business to accept electronic payments through the use of credit cards and debit cards, from their customers. .
The term merchant account is often used interchangeably with terms like: “credit card processing account” or “merchant processing,” “payment processing” or “payment service provider” OR “payment aggregator” and I’ve even heard people refer to it simply as a “Merchant”… and speaking of that,
A payment aggregator account is different than a true merchant account.!
We’re going to stay focused on the merchant account in todays video so if you’re interested in comparing the aggregator companies like PayPal, Stripe and Square to merchant account providers, click the link in the description (or the card on the screen) for that detailed comparison video after you’re done watching this one.
HBAR Weekly Update – Mike Maloney, Shark Bites Premiere, Pangolin HBAR Rewards and Much More!
Maloney Interview – https://www.youtube.com/watch?v=vdrQXkrsHig
0:00 Intro
0:29 Mike Maloney Teaser
2:52 Unthink AI
6:59 Shark Bites
7:42 Liithos
17:09 Fresh Supply Company
20:26 Twigital
26:06 Pangolin
33:11 Developer Corner
39:14 Community Highlights
43:06 Water Ledger
45:01 Gulf Food
46:26 Bambu Meta
47:27 Calaxy
49:32 Network Analysis
52:36 Hedera DeFi
5422HBAR Market
What are payments rails? | Decoding: Banks | Episode 2
Ever wanted to know what’s going on behind the scenes every time we make a payment? We break down what a payments rail actually is, the different types, and why achieving real time payments is so difficult.
Watch the full series: 11fs.com/decoding
#DecodingBanks #Banking #FinancialServices
In association with Jack Henry Digital, the pioneer of personal digital banking, helping financial institutions strategically differentiate their digital offerings from megabanks, big techs, and fintechs.
Find out more: https://discover.jackhenry.com/digital/
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How Banks Create Money
You can’t make money out of thin air…unless you’re a bank.
Today we learn the surprising truth behind the vault and learn what happens to the hard-earned money we deposit.
The basics of banking has always been that banks connect people in need of money with people holding excess money in need of a safe place to store it. As we learn in this video, banking goes way beyond this simple transaction.
Another major form of income for banks that was not heavily covered in this video includes fee income. This includes things like account service fees, credit/debit card fees and more.
Many concepts in this video were simplified for the sake of explaining concepts. For example, in the real world, people that borrow money typically don’t hold on to it as cash and will instead use it to buy goods and services. The person/company receiving that payment will then deposit the money in their own accounts. Feel free to ask questions in the comments below for a deeper explanation on anything covered (or not covered) in the video and I will try my best to answer.
This video was influenced by the following:
https://www.frbatlanta.org/education/classroom-economist/fractional-reserve-banking/economists-perspective-transcript
https://www.investopedia.com/articles/investing/022416/why-banks-dont-need-your-money-make-loans.asp
https://www.cnbc.com/id/100497710
DISCLAIMER: The information provided by Five Minute Finance and from any communication related to Five Minute Finance is for education purposes only. The creator(s) of Five Minute Finance is not registered to provide investment advice and as such does not make any recommendation or endorsement as to any investment, advisor, or other service or product or to any material submitted by third parties or linked to this channel. Five Minute Finance does not hold itself out as providing any legal, financial, or other advice. No content provided by Five Minute Finance constitutes – or should be understood as constituting – advice and you should not rely on any material by Five Minute Finance to make (or refrain from making) any decision or take (or refrain from taking) any action. We make financial suggestions and it is up to our visitors to make their own decisions, or consult with a registered professional.
Music: https://www.bensound.com/royalty-free-music
