Unlocking Payment Success: Best Practices & Check Cherry's New ACH Feature

0:31 we'll wait for Matt to come he's going to do most slides today so he'll be here soon hey Lisha thanks for coming um if you have questions um you know you can um feel free to put in the chat um he's got a lot of slides so I don't know that we'll have time for uh just interrupting with questions but just put them in the chat and I'll kind of try to find times to sneak it in um

1:00 and we'll cover the uh the payment stuff and there's Matt hey guys thanks for coming just on time not a minute late that's right so we're broadcasting you know we're we're recording we're all good over on my end um are you the host I'm even sure can you reclaim it do I to do anything let's see here you should just be able to share your screen share share my whole screen

1:28 we'll get play all good I can see it cool well yeah thanks everybody for joining us so um 601 so we'll start on time um and basically I guess our topic is unlocking payment success and really it's just all about payment processing um so feel free to you know throw questions in the chat um we've got some slides we've got a few things we'll be showing off um so yeah and I guess the the reason

1:58 we're we want to do this is um basically it comes down to you know smooth smooth payment process increases sales um it's a really important thing uh part of Chet Cherry uh something we really prioritize and we want to make it as easy for you to you know collect money from your customers um easy for your customers to pay um and just kind of make make the processes as smooth and simple as

2:28 possible and um and yeah that's a big focus on on what we do you know we try to try to make it as easy as possible so we've kind and we've always done that we've always really felt that the you know when money's changing hands like that's you got you're at risk of losing a sale you know so it's really important to make it easy basically for somebody to pay um and so yeah and so few

2:50 key kind of takeaways or um you know just some high Lev things to keep in mind um you know offer um it can be helpful to offer multiple payment methods um you know different different payment options can accommodate different buying preferences and they boost conversion rates so um you know so it can be helpful to to give a few different options to your customers um you

3:16 know one thing we we definitely recommend and and we try to do with Check Cherry but you know make sure you're you're kind of keeping in mind um is to optimize for mobile um right before the the webinar I I looked up the stats and over the last uh 30 days 42% of all payments that happened on CH Cherry war on mobile so people are you know they're using their phone they're using they're

3:40 doing things on the road and um and that's you know that goes for corporate too A lot of times you know even uh even the corporate clients are are making those um are finishing you know uh from their device and so and you just want to streamline the whole checkout process you know that includes um you know what happens on check ching and it also includes what happens on your

4:02 own website as well so just make that that entire checkout process from beginning to end as simple as possible um and in particular some things that help are you know some some things like the the oneclick checkouts with Apple pay and Google pay um you know they help a lot with uh reducing friction and leading to fewer abandoned cards you know customers don't want to type in a credit

4:23 card number particularly on their phone um but really you know even on your computer you don't want to and um payments are really sensitive so you just want to make sure that you know you're kind of enhancing security and trust and so um you know you want to feature trusted payment methods you know things that your customers trust and um you know that they're going to feel comfortable

4:48 making a payment with and I think I say this on during every webinar but know your Market um you really want to focus on the payment methods that your customers want uh without overwhelming them you know if you have 40 different payment methods that just gets overwhelming um but if you know kind of you know where your customers are coming from you have a variety of of things that you

5:09 know accommodate different customer profiles you'll be in good shape so um you know if you do a lot of corporate or things like that you know the a might be great whereas if you're doing a lot of leads from Instagram um you know some of the the venos and zels and things like that might might be more effective for you and so check Cherry integrates with um we have a number

5:32 of different payment processors that we integrate with um different ways you can take payments and as we kind of go through this we're going to look at some of the pros and cons and and why you know why you might choose to offer something or not and so we're going to start with what we call cck Cherry payments um check charry payments is the preferred processor in the US so if you've you

5:59 know signed up in the last last few years um and you're in the US uh within your account you'll see the CH Cherry payments button um and that's going to give you access to credit card um and uh new we're just launching uh a bank integration so people can make payments directly from their bank account um that includes an integrated payment dashboard so uh you can see all of your

6:24 payments your payouts things like that directly within CET cherry and it's powered by stripe so um you know if you're using stripe uh you know if you've got our Legacy stripe integration or if you're International it's real similar um the main thing is that the uh the payment dashboard and um the AC Bank integration is going to be specific to chech Cherry payments yeah just real quick you

6:48 can see payouts within Check Cherry we can see the payments that happened it helps us with support so if customers have problem making a payment there's more information it's just a better customer experience and Mike's asking in the chat do we need to do anything with PCI compliance even though use a third party processor like stripe and the short of it is no um stripe handles at Square

7:12 handles it um so we have to be PCI Compliant um and so we meet the the PCI Compliant um I forget what the level is but um because it's happening on our website you know your domain. sherry.com um it's going to be you know we're the ones that have to be compliant and that's you know kind of another reason that we we do the domains the way that we do as well um that I guess the the one

7:38 caveat to that if you're taking credit cards over the phone or doing things outside of cck cherry um now you're starting to fall into right if you're like yeah it might not be good to be like yeah and I don't I don't even think you can do it with check you can't print print receipts with full card numbers or anything we try to make it easy basically so yeah so um getting started

8:00 real simple you know if you're just signing up if if you haven't enabled it yet um just go to manage payment settings um and you'll click the Big Green enable Payment Processing um that's going to walk you through a um through the setup process and basically what you're going to be doing is providing your business information um you know the payments are going to deposit directly to

8:25 your bank your business bank account so so as long as you have a business bank account um you know you should be able to uh to go through it and generally it's approved within a few minutes um sometimes if details don't match up or something you know it can take longer but generally you're able to get approved within you know not too long few minutes maybe couple of hours at the most um

8:46 but but it's generally a a fast process you know you're not if you're kind of more familiar with like the old days where you would wait weeks for a payment process or to to go through everything um it's not that so I have a question um you say business bank account I if if my personal bank account was my business bank account that would also work right or does it have so if you're set

9:07 up as a sole proprietor um and you've got like a DBA basically what they're going to look at your business name has to match in some way you know correlate to your bank account so if you're John Smith doing business as um you know extreme photo booth as long as you have that BBA set up and your bank knows about that you're fine um it would only be if uh yeah and chat anytime you need help of

9:32 course yeah if you have any problems let us know um you know we can kind of help you get to the bottom of it um it is worth knowing you know the the kind of the know your customer laws have have increased over the last few years um you know the government doesn't want you sending money to uh to people that don't that shouldn't be getting it so um you know so the the verification has gotten

9:55 a little bit more over the last few years years but as long as the names and everything match are usually fine and so when you go to actually accept a payment uh there's two main times that that's going to happen um you know either during the initial you know when they're going through your online booking or your proposal um you know you might call that the deposit the initial payment

10:18 things like that um basically what's going to happen is they're going to be presented with two choices uh they can pay the deposit the retainer whatever you call it they're going to uh be able to pay that or the full full balance at that time and then um one of the things we we always try to do with Chet Cherry is to connect collect that signature and that initial payment um at

10:46 the same time so what we don't want is for you to have to you know you've got a sign booking where you're trying to hunt down payment or vice versa on um ideally if you're using the online booking if you're using the proposals that's all going to happen at once and so you'll have the signature you'll you know it'll be confirmed and you'll have that that deposit at that time uh questions

11:05 here Larry saying I use Square integration do I have to switch for a acceptance the short answer is yes um and Michael says if we wanted to incorporate a transaction fee to offset credit card payments is there way will be that as well so uh yes you can you can do it and you can set different rates for things like a and credit card um check with your state laws that type of thing

11:29 um but you can absolutely add uh transaction fees basically and then they'll only apply when a customer chooses to use credit card so when they go to the next step to actually use a card it'll outline you know 100 bucks and $3 to a processing fee mic real quick when a customer accepts the terms and conditions in check is there a new update for E signature and to collect an address

11:54 um you mean like a physical address no there's no new update um to share on any of that um chat with us you know for feature requests that type of stuff um but nope there's a PO this a little bit later so you as well so um and you can also save the payment details for later so um you know if if you are doing a credit card um this will apply to e as well uh there's a checkbox um you

12:22 know by default uh we do have some options there but by default uh the customer we're going to opt them in and then they can uncheck it if they don't want to save their payment details um and you're welcome to charge that card later if if you have um you know for various reasons and during the the proposal or the booking process um we are going to take in your deposit date settings into account so

12:44 if you're um if you have it set up to take payment say 14 days before the event and somebody comes in three days before the event we're not going to have that immediately go past due we're going to take that full um full payment amount up front um generally you know we find that's what people want um the only time that it's it's sometimes a little unexpected when people are first testing so and

13:07 after you get that first payment um that deposit you know you're going to have subsequent payments um you know as the event gets closer or maybe even after the event and for those subsequent payments the customer can enter any payment amount we're going to default it to the balance but they can select an amount that they want to apply to the balance and then they can even leave a tip if

13:30 they want as well and so um so let's take a look at credit cards in particular um and this is what it's going to look like with check Cherry payment um you know there's going to be whatever payment options you have uh once you get to that payment screen um you know in this case we've got the Google pay showing up credit card check and cash and then once they click that credit card button

13:53 um they'll be able to put in their card we'll collect the expiration security Cod code and zip code um that zip code lets us do the um the ABS verification and um I'm losing my title here but one of the things um you know as we talk about there we go as we talk about credit cards in particular um you know they're really convenient for customers and we're going to

14:23 talk a lot about other payment methods as well um but I would really you know recommend enabling credit card um credit cards as an option um you know for your customers they let them pay it off over time automatically you know they're going to they basically have a credit account open already and so um you know that can increase the amount that they're willing to pay and things

14:46 like that um they also have a lot of strong fraud protections which means your customers are going to feel more comfortable making that payment um personally I won't use my bank account on a lot of things because I don't want somebody pulling straight from my bank account um but credit card is is great you know I have those fraud protections if there's an issue I don't

15:05 need to worry about it a lot of people get cash back and things like that so it can be an incentive for them to uh to want to use credit card and um you know some stats we found beforehand so uh credit cards are the most popular method online um you know for online purchases they count for around 40 to 50% of global online transactions um I don't know what that number is

15:28 for the us but I would guess it's even higher here Y and some of the advantages um accepting major credit cards lead to uh 30% higher conversion rates than not offering them so something keep mind and consumers often spend more with credit cards increasing average order values so um Che shies credit card integration

15:51 um you know we use support all the major ones uh if you're in the US that's going to be Visa Mastercard AMX discover um in the US those are going to be the same rates um I think strip charge is different for AMX and Canada now but by and large the rates are going to all be the same um and one of the advantages with credit card is you have a real-time authorization you know

16:18 the um stripe servers going to connect to the customer bank and everything is going to make you know basically everybody's you know those funds are available when when um when you make that transaction and the payment amount will be automatically applied to the bookings balance so you don't need to go in and do anything on your end when you get a payment um and the payouts

16:39 typically typically going to happen two to three business days after a credit card is received and the fees on that are uh with check Cherry payments 2.9% plus 30 cents per transaction and basically you'll find pretty comparable rates um through um in the US for all the all the different processors and check sh does support a lot of the newer standards now so um some of the

17:05 things like SCA and secure 3D 3D that are rolling out um where basically it allows uh parts to be redirected to another site where they can do some additional verification um CH Cherry will handle that uh seamlessly for you um if you have check Cherry payments enabled with with credit cards uh you're automatic going to get Apple pay and Google pay as well

17:29 and from your perspective that's going to be treated like a credit card transaction so um you'll see it in the you know exactly the same place um it's going to go still go to your bank account um it'll look exactly like a credit for a transaction and those will be dynamically shown when available so that means if I'm on my iPhone and I have Apple pay set up I'm going

17:52 to see the Apple pay option whereas if I'm on an device I'm not going to and they're highly effective for mobile checkout so some stats we found um Apple pay you know very common um over 80 85% of mobile users in the US have used it and Google pay um not as popular but it seems like it's expanding pretty rapidly um I just want to just chime in like

18:22 I love Apple pay and Google pay from like the proposal standpoint Point like it's a really it's a really really easy way for customers to enter a card number and make a decision and a commitment and like I just think they're awesome um so and they you they just make it easier you know it's just one less thing to do go grab out my card enter it in it's just basically a really easy way

18:46 to enter a credit a credit card number and um yep exactly and they're you know they continue to grow so uh the use of Google pay increased 19% in 2023 so continue to be more popular and so um and then so you know that's credit cards um and then a uh that's you know we we just launched that um we're still calling it beta but um you know we've run a fair number of transactions through it at this

19:13 point and um so we're continuing to keep an eye on that and um you know see how that goes but uh so far it's been working really well and so let's take a quick look at what that looks like um so I mean what is a you know what I mean if I don't even know you can explain that nope go for it okay so um with a it's it stands for I think automated clearing house but it's basically in the US how

19:42 like funds are transferred between bank accounts is my understanding um and so it's not a wire it's different but basically you can transfer money from your bank account um to another bank account and so I've seen it more popular by like corporate clients I think we see in support people say hey um I've got a corporate client that wants to pay with the bank account that type of thing um

20:05 and the fees generally are lower and takes longer I guess in some ways right to get the funds and so on um so it's a little bit it's not as smooth in many ways as credit card U but allows you to avoid it's an electronic payment without card kind of bank to bank bank account to bank account how I would say it exactly yeah yeah a few um I can jump into this before we we get into the demo but um

20:30 the transaction cost um it's about half the cost of um credit cards so 1.5% per transaction um it deducts from the customer's bank account and so that can be helpful with um certain corporate certain nonprofit um sometimes they don't have a you know even a credit card to use or um you know there are just certain restrictions they have and so uh paying via um a can be more convenient for

20:56 them and that's going to automatically be applied to the bookings balance and that can be retained on files so um that's helpful and then yeah the the cons are um you know the settlement takes up to four business days so with a credit card you know immediately whether it's successful or not a is going to take uh up to four business days before you have that that settlement and then

21:21 you're still you know an additional call it two business days for payout so it's a lot slower of a process while it's um in progress you know until you've gotten that final confirmation it's going to show up is processing in your account so you know we'll treat it as if as if it's going to work um we'll let them sign the proposal and do everything but um you know but keep in mind you

21:42 know there is a chance it's going to going to come back and connecting accounts is more complicated than um than using uh a credit card um because you're basically logging in to your bank so um so if we wanted to enable that for our account um as Jud mentioned you do need to be on CH Cherry payments but if you go to manage and then payment settings you know you can see if you're on Chet

22:08 Cherry payments here it's going to show up on the top left here we can add that as a payment option and you'll see uh a uh direct debit and so we'll add that and you can give it a different name if you want um I think we default to bank account you can call it you know US bank account call it a whatever you think um your customers might know and then a couple of options that you're going

22:36 to see as well um if you do want to pass along payment process if me you can so let's go ahead and do that while we're here and then we can decide do we want to allow our customers to um to save this on file for future use and we can say yes allow them uh require them or um or not so I'll leave that as allowing them to and now if I go back to um now that it sends me back to the the

23:01 payment processing page and after credit card I see bank account and you can even change the order on these you know they're just drag and drop so feel free to kind of move them around and reorder them as you want um but let's go take a look at what making a payment looks like so if I go to one of these um payment P or fake bookings I have here let me do one with the [Music] balance is it

23:29 negative 72 yeah is that possible so this uh booking you know kind of a garbage name but um you know it's got an outstanding balance of 18922 so that's great and um you know let's say that I'm a customer and I want to go ahead and leave a tip Vol in here as well so the customers going to come to their make a payment page um get make a payment and at that point they're going

23:56 to see all the different payment options that we have set up so we've got some saved cards on file we've got Google pay we've got credit card PayPal is set up and here's the new US bank account option that we just added let's go ahead and click this and so what it's going to ask for at this point is um their email address and um we'll come back to that a little bit

24:19 later but um sample their first and last name and they'll be able to basically um you know search for their bank at that point so we're in a in kind of the the test environment but I can search for Bank of America uh you know Chase whatever it is um and then once I do that um then it's going to have me um log in so let's go ahead but I chose Bank of America I'm going to choose

24:52 this test institution instead um agree continue and then it's going to basically show me the login page for my bank account so we're going to choose this successful one because we want it to succeed here so it's possible somebody's bank account wouldn't be wouldn't be supported in that login page right if you had a small Credit Union or something like that yeah um and you might have

25:16 to manually enter your bank account and routing number I'll show what that process looks like as well so um and so there are some additional terms um you know can read those or not they coming from stripe though and then um there are um basically some requirements with a processing so you need to have specific disclosures for um you know certain things about you know that they can contact you

25:43 to remove this and things like that so um we do comply with kind of the suggested text on that so um so you should be good to go on that and then once I submit that payment um you know that's it from the customer's perspective it's going to look like just a normal payment um you know I'm going to have a bank or a um payment receipt I'm going to have bank account as the payment method um in

26:07 this case because I did my 19286 uh applied to the booking I did my $50 tip for a total of 242 um if I go back to my invoice it's going to include that on the invoice so I've got this credit card transaction and this bank account transaction um if I go back to say I go to my um my payment history in uh you know my account wide payment settings under sales and then payments um it's

26:37 going to show up this processing and so um like I say that's going to be up to about four business days um once we get the final word on that um you know in generally it should go through since you know they're providing they're logging in with their bank account and everything um then that's going to change to succeeded um J mentioned another possibility which is that

27:01 you know somebody has like a credit union or something like that where um where their bank account or their bank is not supported um we do also support entering Bank details manually and so um you know if they click this link what they can do is basically provide their own routing number and account number um we're going to go ahead and use a test account here and

27:26 this process is a little more of a pain um what's going to happen is basically stripe is going to do a couple of micro deposits so it's going to you know deposit a couple of cents in their account um and then once they get that then they have to come back and finish the payment um you know we don't think that'll be super popular but um but that is an option and then once

27:51 they come back to the payment page um then um then they're going to have a prompt to kind of finish where they left off uh they will also get an email from stripe as well kind of prompting them to uh to finish that so um you know if they never if they don't do it themselves if they don't come back to the page themselves um then when they uh get that email from the stripe

28:14 they'll be able to do that and um let's see so I think that's kind of the gist of the a um any other questions before we kind of move on well Michael I thought you had a question there about zel uh but I don't see it anymore but he said he didn't see zel in his account he was logged in okay yeah we can um we'll get into some of the other payment options

28:40 oh he figured it out okay hey it was a good question I I didn't want to feel dupid but uh I figured it out awesome and so um yeah and definitely chat with us um you know like I say we are the Laing the A's beta at this time um you know we haven't done nearly the processing volume with that uh that we have with credit card so if you do run into any weird edge cases or

29:04 anything definitely chat with us we'll make sure we get them resolved um I I have a comment which is you know I don't think like regular say if I if I'm set on using a bank account I could see for whatever reason I want to use ACH and like you know it's like important to me as a customer but I think most people they you know they're going to probably prefer credit card because it's going to

29:24 be easier if if you are passing along processing fees to them there might be incentive for them to save some money by going logging into their bank account you know and doing an a transaction I could also see that but another thing on that subject yeah so um so that's a good point so the you know customers are generally going to want I think credit card um you know unless there's some

29:48 reason for them to choose something else and those Payment Processing fees will will help um one thing to to kind of be aware of as well um you can turn on or off you know if I want to turn this off during checkout but still kind of have it in my account so to speak I can do that um and then what's going to happen is when somebody goes to make a payment they're just going to see credit

30:10 card PayPal check things like that but um one feature that cck cherry does support um under the proposal settings or the booking settings uh we do have an option to um to limit the payment methods so by default you know this person is going to see you know whatever the the defaults are credit card PayPal check Etc but if you go in and change those settings um you know you can kind of I could

30:39 require somebody to do a basically exactly so I could turn off credit card and PayPal you know and just leave a um and so if you got you know maybe a real high dollar event maybe that's one that maybe if you don't pass on processing fees you're not comfortable taking credit cards um you may want to turn that off and then what's going to happen is um you know when they go to make that payment and

31:03 they're just gonna see um Lisha is saying she had a bad experience with a I'd be curious to see hear what happened um feel free to unmute yourself or just chat in there with what happened but um it's been an open feature request at Check Cherry um I don't know pretty much since day one and I think it's you know the lower processing fees people are in that um you know and it's here now um it

31:28 is it's just more of a little bit more work I think for customers um but we do see in support what people say is that I think uh more common is Corporate clients want to pay with bank account um I have seen that quite a bit um yeah and like I say it may be something you want to you know go ahead and enable as an option on those where cases you need it but maybe you leave that turned

31:54 off for most of your customer so that you know so you don't need to deal with the hassle of it and so with that said um processing fees and how do I play here here we go so you know I used to be pretty dead set against processing fees um I think I'm you know probably softening my stance as time goes on um just because they're just getting a lot more common um I still don't love them I you know

32:22 as a customer I get a little bit of o when I when I have a fee uh you know another fee to to pay so um but it is a lot more common you know even I think the DMV charges them now like it's just something you see a lot more um my doctor they did the other day so you just see a lot more the payment process fees um but with cck cherry um you know basically what the way we handle it um

32:48 is if you do have processing fees set up um you know we try to be real smart about it and so what that means um you know events are a little bit different than something like you know a checkout at a grocery store or something in the a lot of times you're only taking part of the payment up front and so what check Cherry does with that is we're only going to apply the processing fees

33:13 to the portion um that they're paying at that time and so if they're doing a partial payment um you know a a deposit things like that the payment fees will automatically reflect that and so we'll we won't show those until they're on the page and then we're going to break it out separately so um the customer can see just what the you know what the fee is for each payment method and that can be

33:35 a big incentive for them to maybe choose something else you know if they're really cost sensitive you know maybe it's worth the hassle of going through the bank account verification or you know using something like zel and then on the flip side if you know you're less price sensitive maybe you're you're fine uh fine paying those processing teams I've got some chats here um Len is saying she

33:56 basically had uh someone who disputed the charge client who disputed the charge the bank took more from my account than they were supposed to it was back and forth chaos trying to prove the actual amount the communication between the client and it's interesting right because like you're talking debits and all that stuff yeah I mean I think that that's um yeah no fun Mike

34:15 says our CPA was telling me that if we charge processing fees that is counted as revenue and taxes have to be collected on the fees so um I don't have any comment on that I'm not quite sure um how all that works um and then Marty says I don't see zel venmo nor cash app as options in my account um and so Marty the zel doesn't give us an API to integrate with

34:43 um and so you can create custom payment methods and then just list your zel information and so back to that a little bit more later so yeah so yeah um so on those processing fees if you do want to pass along Payment Processing fees uh manage payment settings and again those are going to be on each payment method so I can come into credit card I can say 2.9 plus 30 cents if I want

35:11 to make sure that I'm I'm um a comment here I think isn't there maximum amounts you can do on credit card processing fees too and so there are maximum amounts I don't know that there maximum it's going to be loc location dependent so um I would say 4% maybe 5% but 4% is probably a good rule of thumb I wouldn't go over 4% um unless you're really sure that's okay um you know another

35:40 caveat with processing fees is um um oh shoot what was I going to say um so you've got your um oh so some states are passing laws about fee disclosure and basically saying that you know the California being one of them that basically the the price that you disclose to the customer needs to include all of all fees up front that you're not allowed to tap on fees after the fact um so again you know

36:10 you're going to want to make sure that whether it's your website wherever you're showing that price the first time you know if you are going to be passing along processing fees that may be something to consider and um and consider it may just kind of leave a bad taste in the mouth of your customer um you know when nobody's happy about uh you know about paying processing fees and

36:31 so um you know still the default in cherry and and what I would recommend is to leave them turned off and um you know I feel like if if like you know if 3% is making you lose sales you know what I mean like you're better off bumping your prices 5% and just making it easy for people to pay that's kind of been my position but know and there's a lot of benefits to cards you know you don't have to go

36:55 collect uh it's like accounts receivable they can Finance um they have some Protections in there that with you know disputes and chargebacks which we call cover earlier um but I just think like and you know it's just credit cards in the US at least are like just so prevalent um exactly and there was a comment about the the sales tax treatment so um one thing to keep in mind with Chet Cherry

37:22 so basically part of an event may be taxable um you know we may have an event that's you know 37% of it is taxable because of the add-ons that were chosen and the packages and things like that um you know um once they go to make a payment they may only be paying uh you know the deposit portion of that um and so we're not going to charge sales tax on those processing fees once you get to um

37:51 you know we'll have it broken out but um but I don't believe yeah those are not going to be we're not going to collect sales tax on those which doesn't mean you can't you know do it yourself and and keep track of it but it is something to consider if you know if your accountant is telling you that um processing fees are taxable um you know it may just be more trouble than it's worth

38:13 um because I don't you know it almost recursive thing like then we're charging sales tax and then there's more processing fees and then um so there's not really to do that so um and the um yeah so just kind of a point to keep in mind on that um and so and then uh payouts so you get the money that's great uh it goes into your uh you know basically kind of sits in

38:43 check Cherry payments for a little while um and that's going to be the same for regardless of whichever payment processor you're using um and how that works um that's going to go into basically take about two to three business days and then it's going to be deposited directly to your bank account after that um worth mentioning the first payout may take longer uh you know

39:02 we tend to see around seven business days on that first one and then uh we do support instant payout available for additional cost um and so you can access all of your payment stuff in Chet Cherry by going to sales payments and click the payouts button we'll have a history of all the payments you know where they're at what what we know about them um and things like that so so um

39:24 you know lots of good info there if you're using uh a regular stripe account or Square or something like that then you're going to have to go to uh to those places and you can also if you're eligible for the instant payout you'll see a payout funds button there as well just real Qui L Lisha is saying processings processing fees are supposed to be a tax credit for your business but clarify with

39:47 your accountant you know the fees are included Revenue merchandise um the processing fees are included as revenue for merchandise like square or stripe actually I just got a big tax notification about that here in Florida so yeah I mean I don't you know it's you know it's like seems like a game of cat and mouse always right like you know processing fees become more you know popular and

40:08 then it's like it's just yeah so um but if you do if you do absorb cost in accepting payments yeah that will reduce your profit and you should have less less tax liability and so strip connect um real similar to the check Cherry payments um and so our International accounts and older us accounts might have that um you know it's going to be real similar to CH Cherry payments it's

40:31 going to have credit card Apple pay Google pay it's not going to have the dashboard integration so if um you want to see what's happening in your in your account you're going to need to go into um you know indust stripe.com and it's going to automatically apply to the customer balance just like chiter payments um PayPal you know chiter integrates with PayPal um that's going to allow

40:51 acceptance make this bigger here of um PayPal payments it can be used in conjunction with your card processor you know you can have them both you can have neither it's up to you um and it's going to have comparable rates to credit cards as well so that's not going to include Apple pay or Google pay um and then you're going to have to any refunds things like that you're going to have

41:12 to um handle outside auring payments um one thing we do see we do kind of see as you know slightly higher rejection rate you know more slightly more likely that there are errors or issues with PayPal um reject people whether it's fraud or or whatever the reason um it's just something to keep in mind and they do have a a pay Leger feature built in which is kind of nice and that as well it's going

41:33 to automatically apply to the customer balance um and so one stat about PayPal so PayPal accounts for about 25 to 30% of online payments globally um I've never been a big PayPal fan but you know people still do use it so and then we do um we do integrate with square as well um currently so um that is going to have credit card Apple pay Google pay um fairly comparable rates um it's not going

41:59 to have all the features but it is an option as well too and just a comment on square is um Larry was saying basically like hey do I have to switch over from Square to check trade payments SK CH the answer is yes and basically saying hey I use other services like payroll within Square so it makes it less attractive to switch just for the A and I think that makes sense I mean I think

42:19 everybody's going to have a different business perspective um you know there's other there's also other um uh Payroll Services out there so take a look at that as well um we've been using Gusto and we're fans of that um but certainly get it yeah um and so uh manual payment methods so that's going to be things like your venmo your zel your cash app stuff like that and those are going

42:46 to be um you know they people sometimes like those um primarily because they have lower processing fees um I no hey no processing fees at some point right I don't know I mean we'll see how long that party last um but as Jed kind of mentioned they have to be manually applied to the bookings balance so we don't know if you get a payment via zel um we don't know

43:10 that you're going to have to you know take that payment you're going to have to figure out who's that is and and you know apply that manually so that the balance is correct and things like payout times processing times Etc can vary um and they may have limits on transaction amounts as well so something to keep in mind like um I was looking apparently zel for personal has like

43:32 a $500 a week limit so you know if somebody's doing uh um you know a lot of event types that's that's not going to work so I feel like uh venmo was asking whether this was for personal or business use and if I selected business use when paying somebody they were going to charge a transaction fee yeah the the fees kind of or the advantages kind of go away um as you mentioned so

43:53 venmo charges 1.9% on business transactions so um you know if you can kind of you know pretend it's not business maybe it's fine but you know but you might uh you might get hit with processing fees there as well and so venmo um popular among you know kind of the younger crowd I think um and um you know some people say that kind of the social sharing features you know things where it shows

44:23 up in your in their timeline and things like that can kind of help with uh um encourage sales um zel is is another one that we see a lot more the last few years um that one has limited e-commerce use it tends to be used more for personto person transfers um but it does have a a real large US user base apparently um 500 million users in the US um which is more than

44:45 the population of the US so I'm not sure how they so a lot of accounts uh one way or another funny yeah um and so again it's kind of more for person to person but you know it can be useful and uh for certain demographics um it can be helpful and that one to my knowledge does not have Payment Processing fees um I think some of the again you know as a customer I don't I don't

45:12 love using zel because you know I'm always kind of scared that I'm screwing something up you know I'm paying the wrong person I've paid the wrong person before yeah so um was like it was like Bonnie with an iie versus a y it was they the same last it was for my kid soccer it wasn't a lot of money but yeah um and so with those manual payment methods um basically how you do those is

45:40 if you go to manage and then payment settings um we're going to add a payment method and so we're going to see this manual payment option and so we'll go ahead and click add there and all you're going to do is basically put whatever instruction you think are going to make your customer uh kind of understand what's going on there so um we don't really even provide a recommendation on that but

46:02 you know send me you know uh send to you know at my address at you know whatever service um you can kind of change the colors and buttons and all that as well I mean I to be frank my recommendation would be don't use these be professional use cards and a you know like yeah and if somebody wants to send send PayPal or venmo and they ask for it well absolutely here's how you do it send them

46:28 you know how text email whatever the information but we had a lot of we had people that really wanted these type of features in check Cherry though yeah yeah it's a it's a popular thing that people do have enabl so um and then you do have an option whether you want to show that as a um on your invoices as well so up to you and so um so anyway so I think uh anything else on canelle

46:53 venmo no Marty does Marty does that make sense to you I mean maybe there's some questions there but the I think just to to clarify there's not a true integration um with zel they don't provide an opportunity for us to do that the customer will basically get a message to say hey here's where you Zell the money they'll confirm the booking and then you're in a position where you have a signed

47:15 contract without technically having the money and so then they Zell the money you manually log the payment on the invoice and then you're good to go okay cool thanks Marty and so um you know in an ideal world everything would always work fine and you know your customers would be nice and and uh you know but um there are a number of things that can go wrong of course um probably the most

47:41 common is just simple decline so somebody goes to make a payment and it doesn't go through for whatever reason um a lot of times they're you know they'll be frustratingly vague oh my payment's not working and you know there there are a number of reasons for declines um incorrect information um you know there's a certain amount of real time validation that happens as they're typing that

48:02 helps a lot with that so if they get the uh you know expiration date in the past or something like that um that's going to show up in real time but other things you know if the expiration date is in the future but it's wrong um you know they're not going to know until they hit submit and so the payment processors tend to be real vague for privacy reasons as to why it's declined

48:23 um they'll pretty much just say hey you know your payment was declined um another common reason insufficient funds over credit limit you know maybe somebody's using a card and and didn't you know didn't realize something um sometimes they have internal restriction set up so maybe the corporation has a daily limit or they have a daily limit or they have um International you know

48:48 transactions blocked and they're you know paying from Canada or something like that so um fraud detection systems can pick up stuff um you know sometimes incorrectly you know if they don't usually buy a photo boo you know it's a again it's a corporate account or something like that and then all of a sudden one day they they buy a photo booth it can be you know maybe something

49:10 the fraud detection systems pick up on and block and sometimes it's a matter of you know some kind of Bic information out of date you know maybe an address changed or they didn't verify something they were supposed to do or things like that and so with declines what you want to do um again the the reasons are often pretty vague um so there's not a lot that you have to work

49:33 with but um you know try to get as specific of information as you can from the customer you know can you send me a screenshot can you you know copy and paste the error message things like that um just to get a little bit better idea of where they're getting hung up um you know and um again A lot of times um they're just going to need to use a different card either use a different card or

49:59 um and I suppose like worst case scenario I mean obviously chat with us if you have questions there yeah yeah it was it say is to a lot of times hey give give your bank a call or um if you're still running an issues like hey you know like let's do a three-way call with the bank and find out what's going on and it'll typically that probably won't happen they'll probably use another card

50:22 or something of that nature but you could get you know the information right from the bank as to why it's being declined um check Cherry I mean it's it's something on the customer side it's not really something that you or check Cherry or strike or anybody else can deal with we're just passing the message along the bank it's on the customer side so refunds um so of course

50:43 you know sometimes you get a deposit uh and then something changes you know you need to issue a refund um so for any credit card payments um you know you can do that and same with a those can be issued directly through check Sherry um they cannot be more than the original payment amount um so you know if you took in $1,000 $1,000 is the most you can refund if you took in

51:10 a payment method via zel you can't refund that via credit card because you know that's not how it was taken in so um so it has to be back the same you know back to that same payment method and even if uh that fund is still going to go through even if their card number changed even if the expiration is no longer valid even if their Bank you know they no longer deal with that bank

51:32 it's still going to go to that card um and so uh one way or another they will be able to get that money so if you have somebody reaching out and hey can you uh um that card doesn't work for me can you send me a check instead uh frankly it's probably fraud so don't do that um but um but it will go get back to them eventually and um generally with most payment processors

51:58 um the original fees are not not returned so um you know if they charge 2.9% during payment you're probably not getting those fees back um to my knowledge nobody charges an additional fee for refunds though so right um and so issuing a refund in Chet Cherry it's real easy um if you go to sales payments um you know or you can go to the booking and look

52:25 at the the payment history um you can start it from this page if you want you know I can find if I want to refund this $100 I can do that right here I can do start a refund and um I can select the amount to refund if there was a tip amount um you know it'll ask me how much of the tip amount how much of the full amount and again the most I can do is is however much is outstanding on that

52:48 balance I don't have stats but my impression is that not a lot of refunds going out of check Cherry thankfully um it's pretty rare yeah um say the refund process Michael says the refund process is terrific clients love that they get it immediately yeah they get an email and I don't in terms of deposit I mean I think it happens my guess is it might take two business days I don't

53:13 know though right does it does we say immediate I mean obviously it doesn't show up in their account you know it depends actually yeah I'm sorry I just easier to talk a lot you call a business for a refund they're like oh it's going to take you know two to three weeks to process like none of that [ __ ] I'll tell them hey I just I just gave you refund you probably just got an email should

53:34 be in your account in a couple of days right and that's like that's a good that's a good way to do business like I'm not trying to hold your money and play games like we're just yeah that's great I love that and that kind of leads into the next thing which is disputes and charge back so um that's what you don't want to happen so so say uh your customer contacts you they're

53:56 like hey I want a refund and you're like no too bad they can contact their bank and basically ask for a refund and when that happens um the money is immediately pulled from your account and additional fees are assessed I think it's like 15 bucks extra regardless of the dollar amount and then um and that does have a negative impact to your dispute rate um so if you have an an

54:21 unusually high number of disputes um that going to put your ability to process credit cards at risk and um that's actually something that's going to follow you across payment processors as well so um you know if you it's not going to be just a matter of like oh I'll just set up a square account um that's kind of a Visa Mastercard thing they'll see that you have too high of a dispute

54:44 rate and you're not going to be able to get on anywhere so um you want to keep those disputes low um and something I learned today I knew that you could uh do disputes quite a while after um I'd always heard 120 days um it's actually 100 days after the event not the payment so just something mind well I didn't know that that's good to know yeah that's kind of a clarification they have

55:08 there so we don't see a lot of disputes overall on Check Cherry uh thankfully I think the fact that people show up at events and they you know it's we but they do happen um absolutely and so um but I also think that yeah telling somebody no I'm not going to refund you if they're unhappy or something like that could result in a chargeback um absolutely and there are three three ways you

55:29 can get hit with disputes uh number one is fraud that can be somebody you know using their own card and then reporting it as you know that it didn't happen um it doesn't happen a lot since it is kind of a personal industry um you know somebody's showing up to your event like you kind of you know probably know uh you know I was at your house um it can Al be fraud where

55:52 somebody is uh you know steals credit cards and they just want to you know maybe run a transaction through you and see if they can get you to send a check or something weird like that so fraud is is a a big one so if you do see something suspicious coming in um you know don't send a proposal to him don't you know don't let it go through and think hey I'm I've got some free money um it's

56:17 probably not going to work out for you in the long run um the number two reason is uh mistakes or misunderstandings so you know you see something on your credit card statement and you just you you don't know what it is you're like I don't think that's a real charge and you know um as a result you know you want to make sure that that your descriptor your pay your uh payment descriptor

56:38 you know matches your business name um if you've got like an LLC that you do under business under that's completely different than um you know than what your business name is you know then what people are seeing that's going to be confusing for people so um and I see you know big companies do that too you know you'll see even like a paddle or something on your account and it's like

56:59 what is that um and you know the third reason is a dissatisfied customer and so with those um you know you want to get that before they're at the the stage where they're issuing um issuing disputes um and so if you do get a dispute you know you're going to see an email in your inbox um it's going to have instructions um basically the first thing you want to do is contact the

57:24 customer you know figure out why why you know what's going on here why are you reporting this as a as an issue um you know figure out why that is and just to just to uh the best outcome is to say oh I didn't realize or it's a mistake let me contact the bank and let them know that it was a mistake so to speak you see what I'm saying they can contact the bank and and pull the charge back

57:47 I don't know the terminology there yeah they can but that would be your best outcome exactly you know oh it's a planning okay go ahead and just call the bank and tell them you know and I'll keep an eye on it yeah um and then you're going to you know if you do decide to dispute it um there is a process where you can dispute it you can provide you know the information that um you know that is

58:09 requested and try to fight it um frankly it's a pain in the in the butt um you know it's there's a lot of information they want you know they want to see your your agreement um you know proof that you you provided the services things like that yeah what's kind of annoying too is you only get one shot um everything gets submitted and it get sent over to the customers Bank to make the decision

58:33 and and it is the customer bank that makes the decision it's right I just say like two things one yeah it's the customer's bank it's their you know it's their bank so they tend to side with the customer which is understandable at some level but and then also it's just like it is painful to submit all the information um and you probably well and you prove them wrong and and you get your

59:00 money back it still will take about two to three months um can take two to three months to resolve so um you know it it kind of sucks um some people will accept the dispute and instead you know build a customer um you know for the for the amount plus a a processing charge so if you need that money you know quicker uh that is an option as well and so yeah then again try to resolve it before

59:27 it gets to that point um you know you're only you're not going to get Justice through the dispute system or anything like that at the end of the day the you know it's an issue between you and the C all that stuff is is court so yeah that's another thing I see online people are like oh Square you know they there was a charge back and they you know and I lost it and so now they

59:48 don't like square but it's like square is just in the middle of passing along the message of the Bank said and really it's an issue I mean square is not a a court you know what I mean like they're just passing along information they're making decisions based on what they have they're probably favoring customers especially if they don't issue a lot of chargebacks they're

1:00:07 going to believe them and obviously there's small claims court for stuff that probably most of our customers um would fall under with the amounts that we see charged obviously at that point you got to decide is it even worth it um because then you're going to waste time and energy and all that stuff so yeah and so few tax applications we'll just go through this real quick but um as

1:00:31 um kind of discussed it a little bit sorry my uh so um all payments are are taxable regardless of the payment method so just because somebody uses you know credit card anything else it's still you have to pay taxes on it um but if you hit certain Thresh holds then you'll receive a 1099 K from the processor um you'll get that um from strip you know if you're using chear payments

1:01:02 you'll get that from stripe you'll get it from venmo if you cross the threshold there um whoever you use if you cross the threshold you'll get that to 99k and that number is from to my understanding going down this year so that's going to be a $5,000 um Limited in uh for payments received in 2024 and what wasn't it uh isn't there like different Federal State limits too States will

1:01:25 have different different um thresholds as well to to make complicated so yeah um generally speaking you know obviously talk to your accountant we don't know but in most States processing fees would be deductible and so what I mean by that if you're spending money on processing fees that would be something you can deduct it's a business expense right I me at the end of the day

1:01:50 you're bringing in $ thousand dollar you're you're receiving you know 950 you've you've got um you know that can be deducted and you can access those reports under um inch cherry under sales reports um just chat with us if you need help and um and yeah some of the tax implications if you're charging your customer processing fees you know it may get it may get complicated so um that may be

1:02:14 a reason not to so um so I didn't want to end on tax stuff you know that's a horrible way to end so I say it's 701 get me out of here right so a few things forward um you know what's kind of coming down the the pipeline um you know we are going to be um doing some uh uh some of the buy now pay later stuff uh we have support for that built in we're just um we're looking to do some testing on

1:02:40 that so if you're interested um you know reach out to us um and uh maybe clar Andor after pay will be coming soon do those have processing fees and are they less than credit card no they are more than credit C do I pay them as a merchant or does the you would pay them as a merchant unless you pass them on okay yeah um payment plans is something you know it's high highly uh requested it's I

1:03:07 think we're getting close closer kind of our own payment plan feature which would be awesome yeah yeah um tap to pay that's something we want to add to the app so um so in other words I'm at an event customer brings the credit card over I open the check Cherry iPhone app and I just tap and accept the payment exactly that would be cool so those are probably you know in the payment World some of

1:03:30 the things we're looking forward to maybe longer term maybe like kind of a security deposit feature um I think that one's a ways off I think I think the other three are are um you know particularly the uh the buy now kator stuff um we're pretty much ready with that we just need to you know do some some uh I had some thoughts on that security deposit feature because authorizations only last

1:03:50 for so long and then there's the processing and refunding I had some thoughts I'll share with you other the call awesome so so I think that's that's all we got for the for the slideshow um I know we kind of went a little bit long so it's 73 but pretty good though anybody wants to stick around for you know any any questions comments feel free yeah yes love the buy uh yeah she like uh

1:04:10 lenisha is saying she wants to buy buy now pay later features so that's awesome Yep makes sense AC is live go to your account you have to be on check trade payments Michael so double check that you see a check trade payments logo if you're not chat with us on support we'll show you how to disconnect and get connected back it's

1:04:34 different than Legacy stripe integration it's a different account and it's a tighter integration you can ask questions right now but it's easy it's not you know it's easy everything else seems the same but yeah uh um oh no lenisha said she broke her handbone um well heal uh fast and you know maybe it's an excuse not to exercise no I'm joking already

1:05:08 taking credit cards is something that has to be changed yeah Michael I'll take a look at your account um and and send you a note that that works yeah so but thanks for coming everybody and we're excited about more payment stuff um it's important and um you know we'll we'll there's more stuff coming um around this area and we're looking forward to helping you

1:05:31 guys be successful I think is really the the short of it so thank you for coming and and we'll be in touch thank you guys all thanks bye