The Payment Technology Newsletter
Allen Kopelman
Your Payments Solution Expert @ Nationwide Payment Systems | New Business Development * Payment Processing Software
July 2022 Edition?
A Message from Dave & Allen?
Welcome to Payment Technology Newsletter, your source for payments, financial services, B2B and B2C commerce trends. June kicked off the payments industry’s summer season with a steady stream of summer conferences. This year marked the 21st year in business for Nationwide Payment Systems (NPS) and The Southeast Acquirers Association (SEAA) conference, and the past 21 years have been momentous for both NPS and SEAA.??
In this issue, we reflect on the everchanging world of cryptocurrency in interviews with The Green Sheet, a trade publication established in 1983, and on our podcast. We also cover a range of topics in our podcast during this busy time of year for small and midsize business owners.??
We’re glad to have you with us on our journey and look forward to hearing from you. Send your feedback, questions about our services, and any suggestions on future podcast topics.??
Until next time, follow us on LinkedIn, Facebook and Twitter and we wish you an enjoyable, profitable summer season.??
Carpe Diem!?
FEATURED YOUTUBE VIDEO
Recent market volatility is sparking lively debate among cryptocurrency fans. Justin and Allen explore the cryptocurrency market and blockchain technology in Episode 87 of the B2B Vault. It’s no secret that crypto pricing is jumping up and down but what’s more interesting is the Big Picture of where we’re going. This episode covers Alt-Coins and what’s going on with these companies. We also explain Crypto staking and loan concepts. Clearly, the days of trading crypto are over, thanks to new regulations, but there are other opportunities in the space. If your customers want to pay in crypto, Nationwide Payment Systems provides a crypto-to-cash solution that protects your business from price volatility. As we mentioned in Episode 58: Cash, Credit or Crypto – cryptocurrency is here to stay. Find out how you can leverage this trend.??LEARN MORE
FEATURED PODCAST EPISODE
If your business is ready to accept payments at your business, this episode will guide you through everything you need to know, from choosing the best pricing and partnership model to how to establish a productive and mutually profitable relationship with your service provider. It’s important to accurately represent what you’re selling and fully research companies, their risk tolerance, technologies and terms of agreement before you make a commitment. Popular companies like Square, Stripe and PayPal are what’s known as aggregators and may be a good solution for small startups but may not offer the level of service and expertise that larger enterprises need. Nationwide Payment Systems can help you find the best possible fit in merchant services and payment processing.??
Follow us on Social Media: @b2bvault
Commenting on cryptocurrency acceptance today in June 27, 2022 Green Sheet interview, Allen, who serves on the magazine’s advisory board, shared his perspective on this rapidly growing global trend:?
Have you added or are you adding cryptocurrency acceptance to your suite of offerings, or are you waiting until demand increases and/or extreme volatility is brought under control? Please elaborate.?
AK:?While currently, cryptocurrency prices are down, they will rebound. Bitcoin was at approximately $20,000 in 2017 and then went down to around $3,000 in December 2018; then it rose back up to $19,000 in November 2020 and went to an all-time high of almost $70,000 in October 2021, and then began tumbling down: as of May 26, it's around $29,000.?
People continue to make money and use bitcoin as a way to do business. People are getting paid in bitcoin and other coins. With international business being touted as a big deal in the news, using bitcoin for international payment is a good idea. It's fast and safe, and there are no chargebacks. It is difficult for U.S. businesses to take a credit card from someone in another country; the risk is high to the acquirers in the USA.?
Some people are buying and selling cryptocurrency just like stocks, so there are people who are day trading and making money in the crypto markets.?
What type of crypto payments do you see working best for your merchants? Native e-wallets that bypass the card brand rails? Visa- and Mastercard-branded crypto payment cards? Something else??
AK:?We did get a call from a merchant who had a customer with a Coinbase credit card and wanted to know what to do. We told them it has a Visa logo; you are good to go. There are many crypto exchanges that are issuing credit cards. The rewards for the cardholders is usually crypto.?
There are merchants out there who are using crypto wallets—and doing wallet to wallet transactions. This is not a great idea. The new tax laws for cryptocurrency/virtual currency are strict. If you sell it in the first 12 months, you have to pay capital gains; the tax goes down after a year.?
There are services where the merchant can ask the customer for $100. The customer scans a QR code, opens their crypto wallet, and then sends the business the cryptocurrency. It is converted to "fiat" U.S. dollars, and they get a deposit to their bank account similar to their merchant account in 24 to 48 hours. This is happening now, and it is going to keep growing. As the price of bitcoin goes up, it will become more and more popular. And in the future, we might see stablecoins being used for this.?
领英推荐
This article originally appeared June 27, 2022, in The Green Sheet.?
For more thoughts on payments industry technology and trends, visit Episode 86: The Future of Credit Card Machines & How We Take Payments of B2B Vault: The Payment Technology Podcast. Check out B2B vault.info and subscribe to our YouTube channel. Access our recordings on all the podcast networks, including Spotify, Apple, Stitcher, Amazon Music, and Pandora.?
JULY'S FEATURED PRODUCT
As Allen Kopelman explains, cash discounting has been around for a while but not everyone knows how to leverage it. As a consultant with more than 20 years of payments industry experience, Allen shares advice on how to navigate payment card interchange, including his “interchange-busting” strategies. If you need help with taxes, you can call your CPA but when it comes to payment processing, Allen is your guy. He will show you how to pay the lowest possible interchange fees using programs like Cash Discount, Surcharge, and more.?
Kopelman and his team have been helping merchants accept payments for more than two decades. All types and sizes of businesses use NPS software and hardware solutions, which can be customized and scaled to the precise needs of your business.?
“We are focused on the merchant having the right technology and pricing along with getting customer service when they need it,” Kopelman explains. “We are your consultants and we help you figure out what type of account you need whether you are a start-up company or in business for 50 years.”?
Here are some topics covered in the book:?
Are cash discount programs legal??
How to choose between cash discount and surcharge programs?
Cash discount program requirements?
Cash discount, surcharge programs in the news?
Recent regulations and industry trends affecting cash discounting and surcharging?
Download your free copy here:?https://payzero.info/?
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Want to stand out this summer? Sidewalk signs are an eye-catching way to promote your special event, grand reopening or extended store hours. These high quality, professional signs are built for outdoor use and their sturdy easel foundations protect them from overturning in windy conditions and crowded sidewalks.?
Our graphic designers can help you create a slick design with your colors and branding that will stand out and grab attention. When your sign brings new customers inside your business, NPS Printer offers an array of other products designed to keep their attention and give you more time to sell. Here are a few examples:?
Indoor Signs?
Banners?
Direct Mail?
Brochures?
Advertising Specialties?
Post Cards?
Email us at [email protected] or call 954-772-9008 for a custom quote.?
Find more inspiration in our product index.??