Mastering Payments: Unlocking the Secrets to Sustainable Growth in Business
Podcast: Living The Red LifePublished On: Mon Mar 25 2024
Description: In this episode, we dive deep into the world of payment processing, where stability is king. Discovering that payment processors prefer steady growth over sudden spikes, emphasizing the need for consistency in business performance. Financial stability and risk management are top priorities for processors, requiring startups and ecommerce businesses to prove their financial strength to gain trust. We also discuss how useful it can be to communicate everything to you're processor, so when they see huge spikes, they will be less inclined to hold your money, and how building a reliable track record, known as "seasoning," is a key factor in earning approval. By understanding these principles, businesses can form solid partnerships with payment processors, paving the way for sustainable growth in the digital marketplace.In This Episode:Payment processors prioritize consistency over rapid growth.Rapid growth can be alarming to payment processors, as it raises questions about its origin and sustainability.The ideal growth rate for payment processors is around 5 to 8%.Sudden spikes in growth may raise concerns about financial stability.Understanding the financial capacity to support growth is essential for startups and ecommerce businessesSeasoning of the account (i.e., demonstrating a track record of consistent performance) is critical for approval by payment processors.Payment processors value transparency and communication from businesses regarding their financial status and growth plans.Connect with Rudy Mawer:LinkedInInstagramFacebookTwitter Connect with Ruben:https://www.goatpayments.com/
The note was deleted
The note was saved
Your message was sent