B2B Vault Episode 10: News Round Up

Hey, this is Allen Kopelman with the B2B Vault. So we're here today going to go over the news Roundup for the week. There's a lot of stuff going on, some crazy stuff, which maybe we'll talk about in another week when things kind of settle down with that, but let's get into the three stories of the week. So first thing, a lot of people are talking about QR payments. So QR payments, are they good or are they bad for the merchant? So there are quite a few restaurants that are out there and they print out a receipt and then they bring you a QR code and you get out your phone and you take a picture of it. You're able to make a payment on your phone. So is this good or bad for merchants? Merchants are finding out that these are noncard present transactions and it's costing them anywhere from 50 to a hundred basis points. So maybe it's good if you can't get to the tables fast enough to facilitate payment. But you know, it's also, uh, because it's noncard present, there could be charged backs that you won't be able to defend. So people need to get educated about this. Also, there's a lot of third-party services that offer QR codes, but there's probably a way to do it within your existing point of sale device. And QR codes are really easy to make and we'll post the link down in the, in the, uh, in the notes, in the show notes. So you can see how to make a free QR code. Our next story, alternative payments. Everybody's talking about alternative payments and how are they going to reach the everyday business so that it's all consolidated, you know, and your credit card processing. So buy now pay later cryptocurrency, um, Venmo, PayPal, since they're like partners together. Now there's a lot of talk from a few different equipment companies and some credit card processors on how to facilitate that. So at the point of sale, somebody wants to pay the merchant with Venmo or pay with PayPal. I mean, some people have PayPal credit cards, so that's easy to do, but more, I think that in 2022, we're going to start to see a lot more options at the point of when you're checking out at a store. I mean, right now we're currently offering buy now pay later and we're offering cryptocurrency. So those are available now from NPS bank, but there's more to come. It's gonna depend on, you know, how quickly the equipment companies move, you know, slash software companies, how they moved to get that going.