Daryl Urbanski, Dr. Glenn Livingston and David Oliver discussed the importance of managing merchant accounts to avoid mortgage and ensure long-term success. They emphasized the need for strategic planning, cost savings, and proactive risk management. 

The conversation also touched on the complexities of credit card processing fees and the challenges of obtaining merchant accounts for small businesses in industries with strict regulations or controversial products. The speakers collectively emphasized the value of seeking professional guidance in navigating these complexities.

Here are the reasons why you should listen to the full interview

• Learn how to navigate the crucial challenge of chargebacks and understand its potential impacts by mortgage.
• Discover different types of credit cards, mortgage, their particulars, and the proprietary risks each poses.
• Understand the importance and strategy of effectively handling situations such as reviewer calls, along with actionable steps for success.

Resources

1. LinkedIn & Instagram of DR. Glenn Livingston
2. Psychology Today | Books on Amazon
3. For more Informative Interviews Click Here

Interview Highlights

Merchant account fees costing businesses thousands of dollars

• Daryl Urbanski interviews Dr. Glenn Livingston on marketing and business.
• David Oliver highlights merchant accounts as an area where businesses often lose money due to overcharging in various ways.
• David's client was wasting up to $40,000 per year in fees from their merchant account over several years before analyzing their statements.

Saving money on merchant accounts for businesses

• Glenn Livingston underscores the importance of considering the long-term impact of small decisions in business, such as saving on merchant accounts.
• Glenn Livingston highlights the potential for significant growth in business revenue through problem-solving and optimizing marketing funnels.
• Glenn Livingston explains the importance of setting up a merchant account properly to avoid financial risks.
• David Oliver shares a personal story of how he faced financial difficulties due to a lack of proper planning and risk assessment.

Merchant accounts and their potential to cause problems for businesses with sudden spikes in sales

• Daryl Urbanski shares his experience with merchant accounts, highlighting the importance of understanding the fees and terms associated with them.
• Daryl Urbanski emphasizes the potential negative consequences of not properly managing merchant accounts, such as losing money due to high fees or being unable to fulfill orders.
• Daryl Urbanski encourages listeners to take action and protect themselves by carefully evaluating their merchant accounts and seeking professional advice when needed.

Credit card processing fees and lack of transparency

• Daryl Urbanski and David Oliver discuss why credit card processing fees are so high, with David explaining that there is no transparency in the industry and most people don't question the fees because they don't understand the complexity of the issue.
• Glenn Livingston adds that people are not aware of the long-term value of the fees and how it affects their business, and there is a lack of competition in the industry, leading to a lack of understanding and agitation of the problem.
• Big fat guy in white suit laughs at me for handing over money.
• Bank of America/PNC Bank demand 5 years of tax returns for high volume processing.

Mortgage and chargebacks leading to business shutdowns.

• David Oliver shares his personal experience of losing a fortune due to a supplier issue.
• Many others have also lost millions of dollars due to the same problem.
• They shares a story of a merchant who got shut down due to high mortgage chargeback, despite having a low percentage of chargebacks.
• David and Glenn explains that underwriters have different motivations and needs than traditional business common sense would dictate, leading to different rules for chargebacks.

Credit card chargebacks and their impact on merchant accounts.

• David explains chargeback rates and how they vary for different credit card companies.
• Merchants risk losing their account if chargeback ratio exceeds 1% for MasterCard and 50 chargebacks in a month, or 100 for Visa.

Chargebacks and how to handle them in a business.

• David Oliver explains how chargebacks work and the factors that can lead to account revocation.
• Glenn Livingston questions the fairness of the chargeback system and its impact on businesses.
• David Oliver suggests being nice and thanking reviewers for their feedback, then offering a plan to resolve issues.
• David Oliver advises using Google to research how to set up a customer service department and keep customers happy.

Merchant account management and potential financial risks

• David provides tips for dealing with a merchant services provider that is not meeting expectations.
• David recommends getting an analysis of current merchant account fees and having backup accounts.
• David shares his experience with a merchant account, describing it as a "nightmare" that could potentially destroy a business in a decade's worth of work.
• Glenn Livingston asks David how much he makes per month, with David responding that he stopped counting at $7 million.

Merchant account issues and challenges

• David shares his experience of scaling down operations due to merchant account issues, resulting in lost sales and job losses.
• Glenn agrees, emphasizing the importance of statement analysis and backup accounts to mitigate such problems.
• David recounts his experiences with merchant account providers, including one who demanded cash for information and another who was rude and shameful.
• David found a helpful bank through his CPA, where the staff was friendly and efficient, with no shame or ridicule.

Merchant accounts, credit scores, and banking for small businesses

• The offer provides a site for sign-up and a free rate analysis to compare current merchant account costs and security risks.
• David believes that a percentage of people helped may get shut down due to chargebacks, but the company offers customized advice to mitigate this risk.
• David emphasizes the importance of transparency and respect in dealing with clients who have made mistakes in the past.
• David provides advice on how to navigate different banks based on their individual requirements and credit scores.
• David provides valuable insights for small businesses looking for merchant accounts, highlighting the importance of understanding the industry and the challenges of processing payments in certain countries.
• David advises businesses to consider alternative payment methods, such as cash transactions or gift cards, when facing expensive and difficult processing options in certain countries.

Saving businesses money through merchant account analysis

• Daryl Urbanski emphasizes the importance of merchant account protection, citing potential financial decimation.
• David explains that analyzing statements is the easiest part of the process, with the hardest part being finding statements in the first place.
• David shared his experience of struggling to understand a business opportunity, leading to a comical moment with his mom.
• Glenn Livingston and David discussed the importance of taking care of the audience and saving businesses from potential scams.
• Host encourages listeners to take action and overcome challenges to achieve success.

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