How Does a Startup Get Robbed?
Will Black
CEO at Sharing The Credit l Payment Specialist l Philanthropist l Charitable Funding Strategist l International Best-Selling Author
I get asked all the time... CORRECTION I get told all the time by people they know the card rate is 3% or so. To be frank, I wouldn't pay 3% to keep my mother out of the hospital. OK, maybe Mom...
Still, I am constantly amazed at what people think is the going rate to pay MC/Visa so their business can take plastic as payment. But then, I am in the industry. I don't get insurance. I understand the concept, but I have had to fire insurance reps before (after multiple explanations, then warnings) to not speak in jargon. Alex Hormozi says it best. Pretend (when speaking to him) you're talking to a Golden Retriever that only speaks Spanish. That is why I look for a good rep, and then keep them.
This is also why Sharing the Credit takes an obscene amount of time to educate someone as much as they want. Most don't want it. They just want it done. I get it. I don't want a 2-day insurance seminar. The problem with a startup is they know they're a startup and advertise it heavily. This means people in my industry look and listen for that. The issue existing businesses have is they are so busy chasing fires, they often pay no attention to their merchant rates.
Some people will tell you startups can't even get a merchant account for their business. That you must go with something like Stripe, Square, or PayPal that will charge you through the nose. This is simply not true. They can, and not with a sleazy, back-alley group, but with one of the top three processors in the US. What they really means is they don't do startups. Too much paperwork and risk for too little return. Humbug.
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