Jeremy Lessaris, a seasoned entrepreneur and investor, shares insights on credit card processing fees and how aesthetic practices can cut costs effectively. He discusses the predatory nature of the processing industry and the complexities hidden in statements. Lessaris emphasizes using AI and technology to navigate these challenges, highlighting innovative solutions like VeriFee. The conversation also sheds light on the importance of partnerships in achieving financial efficiency, making it a must-listen for small and medium-sized enterprises.
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question_answer ANECDOTE
Early Experiences in Credit Card Processing
Jeremy Lessaris shares his initial struggles in the credit card processing industry where he was unaware of the complexities and hidden fees.
His frustrations led him to explore the pricing strategies of credit card processors more deeply.
insights INSIGHT
Hidden Fees in Credit Card Processing
The credit card processing industry thrives on complexity and hidden fees that are often intentionally obfuscated.
Many businesses are unaware of how these fees can significantly impact their profitability.
volunteer_activism ADVICE
Avoid DIY Fee Negotiations
Do not attempt to negotiate fee reductions with credit card processors on your own.
Engage professionals who specialize in this area to ensure you're making informed decisions and maximizing your savings.
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Jeremy Lessaris: Jeremy Lessaris is a seasoned serial entrepreneur, investor, and former global marketing and communications executive. He is the founder and CEO of Payment Brokers, which is now Verifee, a fintech company leveraging AI to reduce costs. With over two decades of entrepreneurial experience, Jeremy has founded and led eight companies to successful exits. His vast expertise spans across SaaS, payments, and healthcare, and he has the distinct honor of ringing the bell at Nasdaq. Jeremy's insightful approach to business and dedication to helping small and medium-sized enterprises make him a revered figure in the industry.
Episode Summary:
In this episode of "In Touch with Terri" host Terri Ross dives deep into the intricacies of credit card processing fees with Jeremy Lessaris, founder and CEO of Payment Brokers, now Verifee. The conversation focuses on how aesthetic practices can significantly reduce their credit card processing fees without changing their current systems. Jeremy brings his extensive experience in the fintech industry to the table, explaining the various nuances, hidden costs, and the predatory nature of the credit card processing industry.
Jeremy underscores the complexity and intentional obfuscation of credit card statements, sharing how his company, Verifi, uses sophisticated AI and machine learning technologies to help businesses navigate and minimize these costs. The discussion also touches on the unethical pricing strategies adopted by many processing companies and software vendors, and Jeremy provides actionable advice on how businesses can save money immediately. This episode is a must-listen for practice owners seeking to optimize their financial operations and boost profitability.
Key Takeaways:
Understanding Hidden Fees in Credit Card Processing: Jeremy explains the complicated fee structures and hidden costs that processors and banks impose on businesses.
AI and Machine Learning in Cost Reduction: Verifi uses advanced technology to analyze and reduce credit card processing fees for businesses without requiring system changes.
The Impact of Predatory Pricing: Jeremy shares insights into how some software vendors exploit their clients by embedding excessive fees into their contracts.
Actionable Steps for Immediate Savings: Practical tips, like eliminating paper statement fees, and leveraging Verifi’s resources to ensure you are not overpaying on processing fees.
Partnering for Better Outcomes: The importance of partnerships in identifying and rectifying excessive charges and ensuring ongoing savings.
InTouch with Terri