From Shutdown To Success: Tools For CBD And Regulated Markets

A Shopify Podcast To Grow Revenue And Loyalty

Welcome to another episode of eCommerce Fastlane. Today, we’re excited to have Bill Glass, the Co-founder of AltruPay.

In todays episode, we explore the complex world of payment processing for high-risk industries with Bill Glass, Co-founder of AltruPay. Bill shares his expertise on navigating the challenges faced by businesses in regulated markets like firearms and CBD, offering invaluable insights for merchants who find themselves in this tricky landscape.

Bill explains how AltruPay provides a lifeline for stores that can’t use Shopify Payments, emphasizing the importance of transparency in bank fees and regulations. We discuss AltruPay’s rigorous compliance checks and how they ensure businesses adhere to legal requirements while still processing payments smoothly.

Our conversation covers the reasons certain businesses are classified as “high-risk” and the impact on their processing fees. Bill also reveals how AltruPay helps Shopify stores in regulated markets stay operational when other payment processors shut them down, offering a crucial safety net for these businesses.

We also examine AltruPay’s seamless integration with Shopify and other e-commerce platforms, as well as their cutting-edge fraud prevention tools that keep transactions secure. Bill shares practical tips for implementing these tools effectively, helping store owners safeguard their businesses.

Whether you’re running a store in a regulated market or simply looking to optimize your payment processing, this episode is packed with actionable advice.

This is Bill Glass’s Story…

With a background in finance from Baylor University’s Hankamer School of Business, Bill has spent over a decade in the payments industry, honing his expertise in credit card processing and merchant services.

Bill’s journey in the payments world began with roles at companies like Certified Payment Processing and Century Payments (now part of Worldpay). These experiences gave him valuable insights into the challenges faced by merchants, especially those in industries often labeled as “high-risk.”

Driven by a mission to change the world of processing “one merchant at a time,” Bill co-founded AltruPay. The company’s name reflects its core value of altruism – a selfless concern for others’ well-being. Under Bill’s leadership, AltruPay has become a trusted leader in global payments, offering innovative solutions for businesses that struggle to find reliable payment processing services.

Bill’s expertise spans various aspects of the payments ecosystem, including merchant accounts, ACH processing, and payment gateways. He’s particularly known for his work in helping businesses in regulated markets like firearms, CBD, and other high-risk sectors overcome their payment processing challenges.

As a thought leader in the fintech space, Bill actively participates in industry discussions and events. He’s been featured on podcasts like the Fintech Newscast, where he shares insights on topics such as the future of Generative AI in banking and addressing underserved payment markets.

Through AltruPay, Bill continues to advocate for transparent, innovative, and reliable payment solutions that empower merchants worldwide, regardless of their risk classification. His approach combines education, technology, and a deep understanding of regulatory landscapes to create positive change in the payments industry.

Key Takeaways From Our Conversation:

1️⃣  Navigating Regulatory Challenges: AltruPay specializes in helping businesses in regulated markets like firearms and CBD process payments when they can’t use Shopify Payments. They offer a transparent underwriting process upfront, connecting merchants to Shopify via Authorize.net, ensuring compliance while allowing continued use of the Shopify platform.

2️⃣  Mitigating Risk and Reducing Costs: AltruPay partners with 3D Secure vendors like Paay to enhance fraud prevention. This approach can significantly reduce dispute rates (e.g., from 3-5% to under 1%), shift liability from acquirers to issuers, and improve transaction approval rates. They also use a cost-plus pricing model to potentially save merchants money compared to flat-rate processors.

3️⃣  Alternative Solutions for Retail: For businesses in regulated markets, especially CBD retailers, alternative POS systems like Celerant Technologies offer better omnichannel capabilities than Shopify POS. These systems provide integrated solutions for inventory management, digital marketing, and seamless online-to-offline experiences tailored for regulated industries.

Summary Of What We Covered:

• AltruPay helps businesses in regulated markets like firearms and CBD process payments when other options aren’t available.
• The company is upfront about potential fees, including “what if” fees for disputes.
• AltruPay uses web crawlers to check if businesses selling CBD follow FDA rules.
• Their pricing model (interchange plus) can save money for high-risk businesses compared to flat-rate processors.
• Third-party fraud tools can improve approval rates for transactions that Shopify might decline.
• AltruPay offers solutions for businesses shut down by platforms like Shopify Payments.
• The company works with various payment networks and banks to process different types of cards.
• AltruPay helps CBD farmers who face banking issues, even if they don’t sell directly to consumers.
• Using 3D Secure for transactions can reduce disputes and shift responsibility to the card issuer.
• For CBD retailers, alternatives to Shopify POS like Celerant Technologies may offer better features for both online and in-store sales.

Links and Resources Mentioned

• AltruPay
• Shopify
• Stripe
• Authorize.net
• Paay
• Celerant Technologies
• Shopify POS

Unlock the Secrets to Scaling Your Shopify Store

Are you ready to take your Shopify store to the next level? Join Steve Hutt every week as he sits down with expert guests to uncover proven strategies for expanding your business and boosting your bottom line.

Each episode is packed with actionable tips and insights!

• The top Shopify apps to streamline your operations and drive sales
• Cutting-edge marketing platforms to reach and convert more customers
• Essential growth tactics used by successful brands in DTC, ecommerce, and retail

If you’re not innovating and optimizing, you’re falling behind. That’s why I’m excited to bring you the latest trends and best practices from industry leaders each and every week. – Steve Hutt

Help Us Reach More Shopify Entrepreneurs