The Site Shed | #1 Podcast For Tradies & Contractors

The Hidden Cost of Getting Paid | ft. Jimmy Moore | Ep. 507

July 14
49 mins

Episode Description

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Free payment processing scorecard & consult: https://flobizsolutions.com/

Most tradies can tell you their hourly rate and their material margins off the top of their head. Ask what it actually costs them to take a card payment, and you get a shrug. That shrug is where the money leaks. Matt Jones sits down with Jimmy Moore from FLO Business Solutions to pull apart the machinery behind every transaction: where your fees really go, why the "3.4%" on your statement is often the least of your worries, and how proprietary software quietly inflates what you pay year after year. 

Jimmy has worked with more than 20,000 businesses and helps oversee over a billion dollars in annual processing volume, so he knows exactly where trade business owners bleed cash. You'll learn how to work out your true effective rate in under two minutes, the three compliant ways to pass fees on to customers without copping a fine, and why chargebacks and "friendly fraud" might be costing you 2 to 4% of revenue a year. If you take card payments, and you do, this one pays for itself. 

🎥 Watch the full episode: https://youtu.be/m3SqkAHOzuk 

KEY CHAPTERS 00:00 - Introduction 

02:04 - Meet Jimmy Moore 

02:29 - The Payment Topic Nobody Covers 

05:26 - Still Keying Cards By Hand 

08:10 - Pay Links Speed Up Cash Flow 

09:08 - Surcharge, Discount or Dual Price 

11:54 - The Compliance Crackdown 

14:21 - Three Hands In The Cookie Jar 

16:05 - The Million Dollar Fee Bill 

16:56 - Know Your Effective Rate 

23:53 - Staying PCI Compliant 

26:55 - Card Not Present Risk 

33:47 - Breaking Free From Software Lock-In 

37:13 - Start With Your Statements 

40:54 - The Rewards Card Maths 

43:46 - Chargebacks And Friendly Fraud 

49:42 - Jimmy's Free Scorecard 

51:24 - Closing Remarks and Resources 

About the Guest: Jimmy Moore Jimmy Moore is the driving force behind FLO Business Solutions in Columbia, South Carolina, where he helps field-service businesses get paid compliantly, at a fair cost, without the fee creep. Across his career he's worked with more than 20,000 businesses and helps oversee over a billion dollars in annual processing volume. He knows the payments world from the inside, which is exactly why he's good at spotting where trade business owners overpay. 

Website: https://flobizsolutions.com/
LinkedIn: https://www.linkedin.com/in/moorejimmy/ 

CONNECT WITH THE TRADIE WEB GUYS! Website: https://www.tradiewebguys.com.au/ YouTube: https://www.youtube.com/@TradieWebGuysOfficial?sub_confirmation=1 Facebook: https://www.facebook.com/TradieWebGuysOfficial Instagram: https://www.instagram.com/tradiewebguys/ LinkedIn: https://au.linkedin.com/company/tradie-web-guys Matt's LinkedIn: https://www.linkedin.com/in/iamthemattj/ 

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