B2B Vault Episode 6: B2B Vault News Round Up

Written by Allen Kopelman

October 22, 2021

Today’s news round-up brought to you by Nationwide Payment Systems/ NPSBANK and The Payment Advisory Board

The Three topics that were covered

#1 Buy Now Pay Later – 44% of consumers have used this on the web!

NPS- now has multiple products that can be used in-store, on your website, or thru a link sent to a customer.

‘Buy Now, Pay Later’ Players Step Up Advertising Spending In Market Grab

#2 Cryptocurrency to be regulated by the Government
A new agency under the Department of Justice has been formed – National Cryptocurrency Enforcement Team

https://www.justice.gov/opa/pr/deputy-attorney-general-lisa-o-monaco-announces-national-cryptocurrency-enforcement-team

#3 – If you have $600 in your bank account or deposit $600 – the IRS could be looking at your bank account.

This is hidden in the “Infrastructure Bill” – I suggest that you write your congressperson and get them to vote NO
Along with this, they want to expand the IRS and hire 87,000 new agents to go after small businesses and expand
We do not need this kind of tax reform that will affect everyday American’s, Small and Medium Business owners!

https://www.atr.org/biden-s-87000-new-irs-agents-will-generate-cash-democrat-campaign-coffers

Hi, this is Allen with B2B Vault, which is brought to you by NPS bank, Nationwide Payment Systems, and The Payment Advisory Board. So, B2B vault is now a podcast, so you can listen to us on Apple, Google, SoundCloud, Spotify, you know, put in your headphones and get, this educational information for business owners. So today we’re bringing you the B2B Vault News Roundup. I want to talk about three top stories that are in the news that’s going on today. So first is buy. Now, pay later. This thing is taking off like crazy and a recent survey. 44% of consumers said that they used Buy now pay later services. So we have Square that just bought the company called Affirm. PayPal was offering this, we have many other things. You go to websites now, and there are different services that you can install on your website that allow people to pay for goods and make four payments. So we have products for that. If you’re interested in having buy now pay later in your retail store or having buy now pay later on your website, we can help you with that then. The industry is growing tremendously and, in one of the articles, I read there’s over $50 million a month being spent on advertising to promote buy now pay later. And the advantage of buy now pay later is, is let’s say you have a high-interest credit card where you’re B you’re paying, let’s say like 14% or 10% or 12% interest on your credit card. You can use this method of financing and pay much, much less entrust problem. You know, it’s around usually a four to 5%. So it is a very effective way to get some financing. First smaller type purchases, you know, 2000, 3000 on the high end, or even a smaller purchase that usually the minimum is around 250 $300. So it is a great thing.

The next news article is this one is a little bit crazy, cause I just did a podcast on a cryptocurrency. So the DOJ department of justice started a new agency to regulate cryptocurrency called the national cryptocurrency enforcement team as a very long name and the, and the, and the, uh, typed out portion of this, uh, blog posts. You’ll see what they’re doing, but they’re just talking about monitoring the illicit use of cryptocurrency and, they’re talking about regulation and the government all the time of cryptocurrency has been mentioned by Janet Yellen, you know, who’s the head of the fed. And it’s been mentioned by other people in the FED, you know, are there going to be, um, regulations on cryptocurrency and yesterday, or two days ago, you know, on the news, it was a big story because the stock exchange, uh, released the first EFT that’s backed by Bitcoin. So it’s going to be very interesting. I was watching it for a little while the price was going up and down like a yo-yo. So that remains to be seen if that’s going to be a solid investment tool for people who maybe want to invest in a stock and the stock has invested in cryptocurrency, but I would watch very carefully. If you’re invested in cryptocurrency, I would start to watch to see what kind of, uh, monitoring is going to be going on with cryptocurrency.

The next thing that’s in the news is this story about this $600 bank monitoring. That’s buried in this infrastructure bill. Uh, this, I would suggest you write to your Congresspeople and tell them you want that ripped out of the bill. This $600 thing is, uh, crazy. Uh, they want to hire 87,000 additional IRS agents to monitor this. So they’re talking about monitoring $600 transactions. There are several things, $600 transactions. People who have $600 in the bank, okay, this is not trying to tax rich people. This is a tax on, this is a tax or a fee on everybody. They’re looking to go after everyone that has, you know, $600. Okay, that’s crazy. So the $600 fee is, you know, related to doing PayPal transactions, Zelle transactions, cryptocurrency transactions, all types of transactions that are going any out of your bank account, whether they’re cash credit cards, whether it’s, um, money from an ATM whatever’s going on. So this is a lot of stuff that’s going on in the news today. That’s related to finances and business, and we’re trying to provide you with information that business owners need to know about that’s going to affect their business. So keep an eye out every week. We’re going to do the news Roundup and bring you three top stories of things that are going on in the news that affect the payment industry. And thank you very much. And again, check us out on podcasts on apple, Google, Spotify, and SoundCloud. Have a great day.

Merchant Statement Analysis | Merchant Services Statement Analysis
Merchant Statement Analysis | Merchant Services Statement Analysis
Merchant Statement Analysis | Merchant Services Statement Analysis

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