Episode 140: What You Need to Know About Payment Processing

What We Cover In This Episode: What exactly a payment processor is and how it works within fitDEGREE [1:47] Rates to be considered during the integration of the payment processor [3:08] What to be aware of in terms of chargeback fees based on your business practices [5:09] Tips for initializing your application as a small business to set up Payably [8:38] Our thoughts on PCI compliance [9:25] Quotes: "In fitDEGREE's situation, where we're a software company that has many businesses underneath of us, we need to work with a payment processing partner to pull this relationship off." Nick [2:21] "It's a seamless process inside fitDEGREE. After you fill out your merchant application when you sign up with us, you will probably forget there even is a payment processor, but it is not fitDEGREE processing those payments, it is a third-party integration that we just hired in the background." [Nick, 2:53] "When you're working with fitDEGREE, you just have to worry about a transaction rate. If you're not on fitDEGREE, check your merchant statement. There's going to be monthly fees, annual fees, different fees for different cards being used; it's a messy, messy world." [Nick, 4:42] LINKS:   Payably  fitDEGREE's Business Portal https://calendly.com/fitdegree/support  [email protected] https://www.instagram.com/fitdegree/ ​​https://www.instagram.com/fitspot_guru/  https://www.instagram.com/whycoachingandconsulting/  https://www.fitdegree.com/blog  https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q