Thursday, December 5, 2019

Payment Platforms

There is an email in our system that talks about "having ways" to get paid.  In the first tier of our business model, we are in the direct-pay / instant-pay arena in terms of the vehicles we use to earn income.

It (should) go without saying that in an online environment where commerce is taking place, you will need platforms to enable transactions.  In other words, you will need to set up relationships with payment platforms and link these platforms to your existing financial resources - .typically this is your bank account and your debit or credit card.

Why?  You need to have ways for people to pay you.  The more payment platforms you are set up with, the more ease there will be in enabling people to "transact" with you.

The most fundamental and universal of these is PayPal.  If you do not have a PayPal account, you will want to get one.  As well, PayPal owns Venmo.  You will want a Venmo account as well.

CashApp, Facebook Pay, Google Pay are all free to set up (as are PayPal and Venmo).  Within a week or so, one of the first "once and done" tasks you will have is setting up all of these relationships with these processors/platforms.  These are simply the "starters".  There are many more including Credit Cards (payment processors) like Stripe.  Also, cryptocurrency, like Bitcoin and all of the different wallets available in that universe of money.

Then as you (we) migrate to the second tier of our model, you will have the ability to use many of these platforms for subscriptions that will automatically debit someone else's funds on a monthly basis and you will have a true and significant long-term residual income.

Not to put the cart before the horse here, I simply mention subscriptions as a future feature because it is important for you to understand that there is a long-term plan that includes a strategy of personal development, organizational growth and building a business that has "legs" for the long-term.