Going Cashless in a Post-Covid Era

by boldpay | Jan 24, 2023

Handwriting text writing Cashless Society. Concept meaning financial transactions are executed in electronic format.

Going cashless in a post-covid era

The COVID-19 pandemic has accelerated the shift toward a cashless society. With concerns about the spread of the virus through physical currency, more and more consumers have turned to digital and contactless payment methods. In this blog post, we will explore the benefits and challenges of going cashless in a post-covid era and its effects on the payments industry.

Benefits of going cashless:

Increased hygiene: One of the most obvious benefits of going cashless is the reduced risk of transmitting germs and viruses through physical currency. Digital payment methods, such as contactless cards and mobile payments, eliminate the need to handle cash and coins, reducing the risk of infection.
Convenience: Digital payments are faster, easier, and more convenient than cash. With the tap of a card or the click of a button, you can make a payment without fumbling for change or worrying about running out of cash.
Increased security: Digital payments offer increased protection compared to cash. Transactions can be tracked, and fraud can be more easily detected and prevented. Additionally, digital payments can be more easily refunded or disputed if there is a problem.
Better record keeping: With digital payments, transactions are recorded electronically, making it easier to keep track of spending and budgeting.

Challenges of going cashless:

Digital divide: While digital payments are convenient for those who have access to them, many people, particularly older adults, low-income individuals, and rural residents, may not have access to the necessary technology or financial services. This creates a digital divide that could further marginalize certain groups.
Privacy concerns: Digital payments can raise privacy concerns. For example, the use of mobile payments can be tracked and used to create detailed profiles of customers’ behavior and spending habits. This data can be used for targeted advertising or sold to third parties.
Dependence on technology: Digital payments rely on technology, which can be vulnerable to outages and hacking. This dependence can lead to problems such as system failures, which can cause inconvenience and loss of funds.
Limited acceptance: While digital payments are becoming more common, not all merchants accept them yet, which can be a problem for people who want to use them.

Effects on the payments industry:

The shift toward cashless payments has significantly impacted the payments industry. Here are a few ways in which it has affected the industry:

Increased demand for digital payment solutions: The shift towards cashless payments has led to an increase in demand for digital payment solutions, such as contactless cards, mobile payments, and e-wallets. The Global State of Digital Payments and Fintech report published last month found 78% of consumers have used digital payment services over the past 90 days. This has resulted in an increase in the number of companies offering digital payment solutions and the number of merchants accepting digital payments.
Growth of fintech companies: The shift towards cashless payments has also led to the development of fintech companies, which provide innovative digital payment solutions. These companies have disrupted the traditional payments industry by providing more convenient and cost-effective payment options.
Increased competition: As more companies enter the digital payments market, competition has increased, leading to a decrease in prices and an increase in the number of features and benefits offered by digital payment solutions.

In conclusion, going cashless in a post-covid era has many benefits, including increased hygiene and convenience. However, it also has challenges, such as the digital divide, privacy concerns, and dependence on technology. As digital payments become more prevalent, it is essential to consider the potential consequences and work to ensure that everyone has access to the benefits of digital payments.

Want to learn more about taking on digital payments?

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Analyzing Merchant Statements: Let Technology Do the Hard Part

by boldpay | Jan 5, 2023

Analyzing merchant processing statements can be a simple process with the right tools. Those who stay ahead of the curve are taking advantage of software that powers the payment processing industry. We recognize that statement analysis is essential, and we want our partners to use technology to accelerate their business. If you need to incorporate statement analysis in your sales approach, we encourage asking merchants for current processing statements. However, understanding statements and time spent analyzing them can be frustrating and time-consuming. To maximize profit and efficiency, we rolled out a new statement analysis tool for all our partners.

How it Works

BOLD’s Statement Analyzer Tool is designed to take the grunt work out of statement analysis, freeing our partners to do what they do best; prospecting and sales. A closer look at statements will reveal information about current payment processing fees and identify growth opportunities.

Product Features:

Fast Turnaround Times (Avg under 20 minutes)
Accurate Analysis (Data Entry / Categorization issues are detected and fixed by an expert)
Interchange Padding Detection
Level 2 and Level 3 Optimization Potential
Custom Pricing Templates
Proposal Templates with Custom Branding
Residual Calculation & Margin Control
Full Feature API

Benefits of Using Our ISO Quote Tool

Identifying various aspects of a statement takes time, some can take up to a couple of hours. For example, assessing price models, processing fees, and chargebacks may be strenuous. With all of these different factors, it is easy to miss hidden fees. We certainly don’t want our partners to waste their time with complex statements. BOLD’s Statement Analyzer Tool allows you to manually generate an analysis without a statement in case your merchant is unable to obtain theirs. An estimated savings proposal will pique their interest if that’s the case.

Here is an example of a proposal template!

Click here to register for a LIVE demo on 01/17/2023 presented by BOLD!

Current partners can gain access to BOLDs Statement Analyzer Tool today. Simply contact the Partner Experience Team @ prm@boldpay.io for user credentials and training. You’ll be analyzing in no time!

Not a BOLD Partner and want to learn more? Fill out the form below!

Building An Attrition-Proof Book of Business

by boldpay | May 10, 2021

Join Gary Liu, President of ISV/VAR Channel, as he sits down with James Shepherd, CEO and Founder of CCSalesPro, to discuss building a powerful, attrition-proof portfolio.

CLICK THE IMAGE BELOW TO WATCH THE VIDEO

WANT TO LEARN HOW TO PARTNER WITH BOLD?

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BOLD Benefits for Partners and Merchants (A Case Study with Total Merchant Supply)

by boldpay | Mar 16, 2021

This post is applicable to both partner processors and merchants. In this post, you will find examples of two case studies that show how impactful a switch to BOLD can be. Learn more about how Total Merchant Supply swooped in to save “Smokers Depot” by collaborating with us.

THE BEST OF BOTH WORLDS

BOLD presents the full package. Learn about the benefits as a partner processor or as a merchant. We are here for you! It’s the best of both worlds.

THE BENEFITS FOR A PARTNER PROCESSOR

Let’s say there is a multi-site company who has worked with a partner processor for roughly 3 years, but they are currently looking to save money. The company feels they had a disservice from the payment processor, and are asking a dealer who works alongside payment partners.

Overall, if we say they have 3-4 chip reader stations at each of their locations, there is going to be a significant cost to make the change across all of their locations if they work with their bank. Realistically, it could be anywhere from $4-6K per location to maintain what the company is getting for free. That comes from adding up the retail value on the hardware; POS, machines, card readers, etc. The total cost from the processor would be around $5K, with an additional $13K to change over.

However, if the dealer brings the company to BOLD, as a partner processor, the raw cost would be more to switch over but the monthly profit is greater. To give specific numbers, the switch over would cost about $11K, but the monthly profit would be $9K. After a few months and investing in equipment, the change with BOLD would result in larger financial gain than would be expected with a processor.

THE BENEFITS FOR A MERCHANT (A Partner Case Study)

One of our partners, Total Merchant Supply, recently ran into a sticky situation with their customer, Smokers Depot. During a routine service call, Total Merchant Supply was made aware of neglected computer backups, inflated fees, unclear merchant statements, and a True Effective Rate of 3.76%.

Understanding the urgency of the situation at hand, Total Merchant Supply immediately backed up the database, switched to a subscription based POS software, and kickstarted a merchant account with BOLD

You can find the full case study linked here.

BOLD offered a straightforward merchant statement, no additional unnecessary fees, 100% return on dealer’s line. Ultimately, BOLD brought the True Effective Rate down to 2.50% saving the merchant more than enough money to cover the cost of a new POS system. The savings per month came out to be $630.00.

Presently, Smokers Depot successfully stays 10 steps ahead of the game. Not only are they taking advantage of system updates, they are doing so with the elimination of monthly subscription fees. With that under control, they can now focus on growing their business and leave the tedious reports and statements to the ones who handle it best.

SOCIALS

Looking to find more information about the benefits of working with BOLD? Our team would love to answer any questions you may have! Give us a call at (877) 515-8472 or fill out the form below.

BOLD Supports We Help Merchants

by boldpay | Jan 11, 2021

WE HELP MERCHANTS

While on the brink of building a brand new business, Leith Danou found himself searching for a more efficient payment processor due to a lack of support. BOLD stepped in, adopted his company as one of their own, and helped in every way possible to set Leith and his team up for success.

For anybody looking to get in the industry or how to get started, and the go-to process, I can honestly say that BOLD has been phenomenal. With me, they have taken somebody who has zero merchant processing experience, completely held my hand through the process, and have gotten me to the point of potentially opening and doing sales.

— LEITH DANOU

THE BACKSTORY

Leith Danou, Principal CEO of We Help Merchants, spent years enamored with sales. He acquired his experience specifically in Real Estate, however, after a shift in the industry, he decided to embark on a brand new journey. Toward the end of 2019, Leith relocated to Las Vegas, Nevada, and kicked off We Help Merchants.

Previous to BOLD, Leith partnered with two other processors in hopes they would support his endeavors. Unfortunately, this wasn’t the case. Due to a lack of support, Leith began searching for additional options. That’s when he connected with Kelley Ganas, the VP of Business Development at BOLD He clearly explained what was most important to him, and Kelley and the team said they could provide what he was looking for. When asked about his initial impression of the team members that assisted him, Leith mentioned there were a number of different benefits. The BOLD Partner Relationship Management team was amazing, answered any questions he had, joined in brainstorming strategies, and were consistently supportive.

SEE A NEED, FILL A NEED.

Leith Danou |

For anybody looking to get in the industry or how to get started, and the go-to process, I can honestly say that BOLD has been phenomenal. With me, they have taken somebody who has zero merchant processing experience, completely held my hand through the process, and have gotten me to the point of potentially opening and doing sales.

Previously, I was not able to receive this level of support quickly and I felt like we were just a number. However, with BOLD, it’s totally different. It’s a “Hey, what do you need? Let’s talk about what you need and get comfortable, and then go out there and gain accounts one merchant at a time.”

ON THE HORIZON

While BOLD has proven to be reliable in supporting Leith and We Help Merchants on their venture thus far, the journey doesn’t stop there. Kelley, Nic, and Nichole partnered in laying the foundation and building the bridge, and are determined to continually pour into Leith’s future goals of officially launching the company.

Whether you have 25 years of experience or 2 months, BOLD is determined to listen to your needs, walk alongside you in the process, and help to build and grow your business.

Curious about all the facets to BOLD? We’d love to connect with you. Ring us at (877) 900-4511 or fill out the form below.