opinion

Channeling Your Entrepreneurial Spirit Into a Profitable Venture

Channeling Your Entrepreneurial Spirit Into a Profitable Venture

Entrepreneurs comprise the very backbone of this industry, especially in the payments space. That’s why it was especially validating when so many colleagues in the online merchant industry supported us with the 2021 XBIZ Award for Payment Services Company of the Year in the Merchant Services category; in the spirit of exploring the grit and tenacity it takes to thrive in adult, we wanted to tackle entrepreneurism in this month’s column.

Being an entrepreneur is something with which most readers of this magazine are intimately familiar. And after 2020, which can easily be defined as “The Year of the Hustle,” we’ve seen first-hand how people and companies contended with rapidly changing economics, spending habits and mandatory shutdowns. This perfect storm of opportunities inevitably leads to a baptism by fire. Many of us know people who launched their own business or developed innovative ways to continue doing their work in 2020.

Fortunately, there are many payment options available to companies of every size; a business owner is spoiled for choice.

It’s with such entrepreneurism, bravery and innovation that we all look forward to 2021 with enhanced confidence and certainty. Being faced with trials that make you question whether you possess “the right stuff” or whether you “have what it takes” to succeed is undoubtedly a daunting prospect. Still, so many people answered this question with a confident and resounding, “Yes, I do.” There are many, many aspects to launching and sustaining a business, but through this article we will hopefully elucidate what some consider the most crucial element: getting paid.

Without money, it’s not a business, it’s a hobby. And while a consumer might think payment processing is a simple matter of collecting credit card information and forwarding it along to a card association for the transaction to be completed, merchants are aware that all too often, the transaction moment at the point of sale is just the start of what it takes to obtain revenue in the real world.

Fortunately, there are many payment options available to companies of every size; a business owner is spoiled for choice. And there are payment service providers that take a holistic approach to every business, shunning the cookie-cutter approach in favor of a white-glove, bespoke solution. Learning about your business, what you sell or what services you provide, how you deliver, whether your company offers a one-time product or service, or if it’s recurring, are just a few of the essential aspects to consider when deciding on how to accept payment from your current and future customers.

Managing your customer database, managing subscriptions, fulfilling orders, preventing fraud, retaining and growing your customer base are all equally important and can seemingly be an insurmountable task, but never fear! Forging strategic and mutually-beneficial bonds with the right business partners can not only help manage these aspects but can also open your business to a network of opportunities. “It takes a village,” after all.

Our XBIZ family is wealthy with decades of experience, countless resources and a great network of potential clients and suppliers. So once your business is ready to accept payments, or if your business is already established and receiving payments and you’d like to add another billing company, or simply get a cost-analysis checkup to ensure you’re getting the best value for the fees you’re paying, the first step would be to contact a payment service provider.

The primary distinction you should make as a business owner is whether you want a direct merchant account or a payment service provider, the primary difference being that a direct merchant account belongs to the business and the company alone and connects to a single financial institution. A payment service provider offers a shared merchant account and can connect to multiple acquiring banks, and is fully managed. It’s a bit of an over-simplification, but with that said, if you don’t mind a little bit of learning and growing, the direct merchant account is typically the more cost-effective route.

Applying for a merchant account is relatively easy and straightforward. Typically, minimal documentation is required, and the underwriting process is effortless. For most new businesses, the following documents are required: Articles of Incorporation (highly recommended, but sole proprietors are typically welcome too), voided check where you’d like your payments deposited, photo ID for the signer and then we’re off to the races. If you sell your product or service on a website, the URL and access credentials, if applicable, are required. If you sell your product or service in person, a copy of the business or tax license will suffice.

Another element to consider when evaluating payment service providers is what other services are offered, or even included, with the cost of your account. Fraud mitigation, customer database management, tokenization, chargeback prevention and software integration compatibilities are just a few of the many varied facets to consider when selecting a payment service provider.

Entrepreneurs are individuals who are vital to our industry. They are the innovators, forward thinkers and shapers of tomorrow. Without that entrepreneurial spirit, conducting business becomes a matter of protocol and grows stagnant. Where’s the fun and excitement in that? As we all heard horror stories from one segment of the economy or another, the pandemic’s turmoil found its way into every corner of the internet, yet many clients and colleagues still found ways to do even better than they had done in any previous year of their existence. That’s what makes me excited to come to work every day. That feeling that is pervasive throughout our industry, that in the face of adversity, we will adapt and we will continue to thrive because that’s what we all do best.

The process of starting on your own and accepting electronic payments for what you sell may all seem insurmountable. Still, if you’ve made it this far, chances are you are someone who is looking for a biller – either because you’re starting your own business, or you’d like to add a backup to your business toolbox – regardless of the circumstance, there are providers ready to help.

Jonathan Corona has 15 years of experience in the electronic payments industry. As MobiusPay’s EVP, Corona is primarily responsible for day-to-day operations as well as reviewing and advising merchants on a multitude of compliance standards set forth by the card associations. MobiusPay specializes in merchant accounts in the U.S., EU and Asia. Follow them @MobiusPay on Twitter, Facebook and IG.

Related:  

Copyright © 2024 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More Articles

profile

WIA Profile: Patricia Ucros

Born in Bogota, Colombia, Ucros graduated from college with a degree in education. She spent three years teaching third grade, which she enjoyed a lot, before heeding her father’s advice and moving to South Florida.

Women In Adult ·
opinion

Creating Payment Redundancies to Maximize Payout Uptime

During the global CrowdStrike outage that took place toward the end of July, a flawed software update brought air travel and electronic commerce to a grinding halt worldwide. This dramatically underscores the importance of having a backup plan in place for critical infrastructure.

Jonathan Corona ·
opinion

The Need for Minimal Friction in Age Verification Technology

In the adult sector, robust age assurance, comprised of age verification and age estimation methods, is critical to ensuring legal compliance with ever-evolving regulations, safeguarding minors from inappropriate content and protecting the privacy of adults wishing to view adult content.

Gavin Worrall ·
opinion

Account-to-Account Payments: The New Banking Disruptor?

So much of our industry relies upon Visa and Mastercard to support consumer payments — and with that reliance comes increased scrutiny by both brands. From a compliance perspective, the bar keeps getting raised until it feels like we end up spending half our time making sure we are compliant rather than growing our business.

Cathy Beardsley ·
profile

WIA Profile: Samantha Beatrice

Beatrice credits the sex positivity of Montreal for ultimately inspiring her to pursue work in adult entertainment. She had many friends working in the industry, from sex workers to production teams, so it felt like a natural fit and offered an opportunity to apply her marketing and social media savvy to support people she truly believes in and wants to see succeed.

Women In Adult ·
opinion

Understanding the Latest Server Processors

Over the last decade, we mostly stopped talking about CPU performance. Recently, however, there has been a seismic and exciting change in the CPU landscape, due to innovation by a chip company called Advanced Micro Devices (AMD).

Brad Mitchell ·
opinion

User Choice, Privacy and the Importance of Education in AV

As we discussed last month, age verification in the adult sector is critical to ensuring legal compliance with ever-evolving regulations, safeguarding minors from inappropriate content and protecting the privacy of adults wishing to view adult content.

Gavin Worrall ·
opinion

Maintaining Payment Processing Compliance When the Goalpost Keeps Moving

VIRP is the new four-letter word everyone loves to hate. The Visa Integrity Risk Program went into effect last year, and affects several business types — including MCC 5967, which covers adult and anything else with nudity, and MCC 7273, dating services that don’t allow nudity.

Jonathan Corona ·
opinion

Making the Most of Your Sales Opportunities

The compliance road has been full of twists and turns this year. For many, it’s been a companywide effort just to make it across that finish line. Hopefully, most of us can now return our attention to some important things we’ve left on the back burner for months — like driving revenue.

Cathy Beardsley ·
profile

YourPaysitePartner Marks 25-Year Anniversary Amid Indie Content Renaissance

For 25 years, YourPaysitePartner has teamed up with stars and entrepreneurial brands to bring their one-stop-shop adult content dreams to life — and given the indie paysite renaissance of the past few years, the company’s efforts have paid off in spades.

Alejandro Freixes ·
Show More