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hey guys Chanel Diane and I wanted to come today to talk to you about our next video in the series for how to start a hair company and things you need to know about hair companies I wanted to talk about payment processors for those who don't know a payment processor is the platform that you use to process your customers payment so there's actually two parts to that some companies are any processors some are a payment gateway and Gateway verifies the information and then the payment processor processes that payment to you platforms like PayPal they are both of those a payment processor and a gateway but then you have platforms like authorize.net which is a gateway he still needs to have a payment processor so we're going to talk about the different ways that you can collect money online from your your customers especially specifically for a hair extension business so in the last video I talked about how you cannot use Shopify payments I had a few people say hey I had issues with then I submitted my information and they released my funds well here's the thing and their terms and condition it clearly states it's literally the first line of prohibited items that you can sell for their terms and condition hair extensions natural hair weaves processed hair fake hair is all in the first line so you cannot sell hair extensions on their platform if you do decide to they reserve the right to cancel your Shopify payments or to hold your money so just be advised of that to avoid all of that it's just why I use another platform can use PayPal you can use stripe you can use square payments if you're like on Wix or something you can even use merchants through your bank and or so like Bank of America has a merchant Wells Fargo chase things of that nature they're paid processor and then they have different merchants for our payment gateway so let's I use most of them so I'm gonna go over the ones that I prefer the ones I don't prefer and things of that nature so PayPal PayPal is notorious for holding money as well they hold your money for up to 180 business days with that they will then either release the funds to you or that will make you put money on a reserve and they decide the amount of money that they're going to want to reserve and they decide whether or not they're gonna let you remain a customer so they can hold your money and then they can take money from you to keep it a reserve for as long as they want to or they can release your money and then they start to take out a percentage of each sale and put that in reserve for 180 days and sometimes you have to call them in to get the money so that's literally for any businesses not hair specific it's just hair industry is considered a high-risk business by most payment processors so you often see that with PayPal for hair companies um that's the person the next one it's um but a benefit of PayPal is that you can actually get a business loan from them based on yourselves and it's not based on like your credit or anything else so that's really awesome and the terms for their loans are actually really really good so they don't charge a lot of interest which is amazing and they don't like really hit you over the head for how much you have to repay and all you do is you select how much you want to take it along they offer it to you select you typically get three different options you select them out the money Edition once I got is alone and then from there each cell that you get they just take a percentage to start paying back that home so it's really really cool so they have pros and cons then we have like square so square you can't use with Shopify but you can use it with wigs and the benefits of that is Square also has a business zone which is really cool there's an you'll wake up one morning after doing some sales or having you know some traction with your business and then they'll offer you three different loan types and then you can decide which one you want to take and they just take a percentage of your money from yourselves typically like 10 or 15% and then they pay it back over time so that's a really really good option especially for small businesses to be able to have the money they need to grow or to scale their business the issues with square is one of your shopify and you can use them too if you get a chargeback or you have a fraudulent order square is not the best in terms of disputing those items they don't have like a seamless way for you to submit information and to show that the order was valid and that ends up being a major issue especially for a hair extension company because there's a lot of fraud in terms of stealing hair so you want to have a company that is seller friendly and is going to work on your behalf to make sure that you're able to get the money back that the customer charges still other than that I do like them you can get your money really quickly I like to have other feature story various dialects you can actually do like a booking thing too where you can set appointments on there and you can do built-in website that they offer and sell your product so you need to do paper up payroll on square so that's really really cool they have a lot of different features the next one would be a stripe so structures you know good as well I personally have never had any well I had issues with them years ago because I know initially they weren't really fine over here and companies use them either but as a race I just haven't heard anything for my clients about stripe having any issues in the terms of them holding payments I like cutting off their account or anything like that the only thing was stripe is they do not offer anything in terms of like a business model so that would be the only thing now with PayPal square stripe they all take pretty much the same percentage it's certainly 2.9 percent plus an additional 20 cents per transaction that they keep if you're on a platform like Shopify or even Wix they do take an additional percentage if you don't use Wix payments on Shopify payments and that additional payment from Shopify is 2% so you pretty much are giving 5% of each order away in fees so that's important to keep in mind now from there you have your payment process service through your bank so say you have a business checking account with Chase or Wells Fargo and Bank of America something like that so those companies are really really good in terms of you get your payment's next day you have a system built in for doing with charge backs of submitting the orders and another benefit with them is that you can use authorize on it so often right now net is a payment gateway that verifies transactions and it's really good on helping you avoid fraudulent orders like they are like the best in the industry for of Wayne fraudulent orders and another benefit of getting a merchant account through your bank is vector fees are lower so I told you Shopify payments PayPal Square stripe all of those are two point nine percent plus additional twenty cents per transaction typically you can get anywhere from my one point six percent to like one point nine percent transactional fees per order if you go through your bank so that's all the best option is to go through your bank now keep in mind if you know that you want to do like a to get a business loan from PayPal or Square is something I would advise you to use that payment processor just eat those seeds for the be six to nine months once that money pops up or or that notification pops up that says that you can be offered a loan then take that long because stripe as well as the merchants and payment processors that you would get through your bank they do not offer those types of loans but you get a lower percentage of transaction fees and it's just a little bit more security if you think with them and then authorize.net is really really amazing like it really really is and I'm trying to think of what else I think that's about it for the payment process now there's tons of other payment processors out there but those are like the easier ones to access as a new business in to utilize and you have to weigh you're posing your cause of what you know that you want to do with your business now when I read on Shopify payments is that even if you you say your merchants from your business checking or from your bank that you can still as long as you use Shopify as your website you can still be offered a business loan so that's something amazing and in Shopify business loan is the same as Square and PayPal they actually will offer you three different options they'll tell you the terms like the percentage you have to repay and how long did it take to repay it and you click on which loan you want to get and if you're approved they give you the money in the next business day and then every time you take a nap every time you have your order Shopify takes a percentage out of each order to help pay back your loans so you still have options to use your bank for your merchants and get those lower fees so if you use them and you have like a 1.9 percent fee from your bank and then of course you're using a third-party payment processor so Shopify's I'm still charge you 2 percent definitely 29% versus the five that she would take out using like a paypal or square or stripes so just wear your options and see which one I highly suggest in business if you don't want my business to always come back up so typically you want to have like a PayPal and then like those stripe as a backup or PayPal and then your Bank merchant account as a backup so if anything goes wrong with PayPal and they hold your funds or they don't they restrict your account you can still take orders from the other payment processes that you have so that was it for the payment processes I hope you learned something new I did want to tell you about a few additional things that we have on our site that can offer business owners that will really really help you out so first let me get into the hair because I'm I know I'm gonna get some questions so this hair I have on a 30 by 4 front so that is a wavy pattern then I have in Laos wavy curly in 24 22 in like a little bit of a 20 inch and then yesterday because I wanted a bit more volume I wanted to be a little bit 5o I decided to add a bundle of 24 inch Indonesian hair now the Indonesian hair has a ton of body by itself so I literally had like this much left of the 24 inch but if you saw like before pictures of my hair you'll see it made a world of difference like I got just the volume that I wanted so for a dropship which we're going to release those two patterns will definitely be available but I also do wholesale so if you're interested in wholesale you can definitely email me I've seen price lists so you can be that and then if you want to learn more information about how to run your business how to start a hair company how to have a successful beauty business I have webinars a bootcamp and one-on-one coaching sessions I'll put in some customer reviews of my last webinar as well as customer reviews of my one-on-one coaching and people that are taking my how to launch of hair coming class in the past I've had a this week were last week I had a client email need to show me that she took my how to launch a hair company class in this year's her business have made six hundred and seventy five thousand dollars I had another client to tell me that she was let go from her fifty two thousand dollar a year salary job and last month in October she made a hundred thousand dollars in sales in revenue so I have clients that either do one-on-one coaching or taking one of my classes that are still able to make lots of profit in the hair industry so I have their reviews and then we have a boot camp coming up so I think we have four spot four spots left for the six-week boot camp which that boot camp is like everything you need to know about starting your company the foundation the groundwork all that good stuff and what I'm doing to prepare for that is I'm offering free one of our free webinars for people so you can you guys can see what my teaching style is and like what type of information you're going to learn so yesterday I actually did a webinar that was about how to pay yourselves when people love that so those reviews will be chopped in here somewhere and then I'm planning on doing another one about business I'm trying to see from my audience what topics they want me to cover and that webinar we were on there for two and a half hours just teaching asking questions the answering all of that and then on this next webinar is going to be the same things and being depth and we'll cover different topics within the business to make sure that you're fully prepared to launch and or scale your company so go to the website if you want to wholesale if you want to buy a vendor I have been on there if you want to learn more about business and prepare yourself to get your business the six figures I have tons of webinars and ebooks as well as boot camps live webinars and one-on-one coaching sessions so if you have any information i'm literally been in the hair issue for most 15 years i've done very well for myself i've done very poorly and made bad decisions in my business because i've shown you everything myself and so literally everything i've learned over the years I just get off so you know exactly what you want to do you can know exactly when you see done you can know what's ovoid and you can prepare yourself to be as successful as possible so I hope you guys have learned something new today the next video we're gonna talk about the different websites that are out there they're good for online businesses which ones I like which ones I would suggest to kind of stay away from and just to give you some ideas of where to start if you want to build your website on a really dull platform alright guys enjoy your evening your afternoon thank you for watching watching and like comment and subscribe so I know that you like these videos and I can sing immunity alright guys