No matter how important it is to the world of business, Payment Processing remains a mystery to many burgeoning entrepreneurs. That is why we’ve called in the big guns, Jed Morley, managing founder of Platinum Payment Systems (one of the most reputable merchant processing service providers in the industry), to illuminate the world of payments.
Learn more about the importance of payment processing and how finding a purpose can propel your business to the next level in the interview below!
Please tell us a little bit about yourself and your work at Platinum Payment Systems!
Jed Morley: Hi, my name is Jed Morley. I’m one of the owners of Platinum Payment Systems (also called PlatPay or PPS.) For the first few years of my career though, I had nothing to do with that side of the business. Instead, I worked as a real estate broker and developer and devoted my time to building up national properties all over the Western United States.
The rest of the PlatPay team started similarly. The team that we put together had different backgrounds and with those backgrounds came a diverse set of abilities and experiences that had almost nothing to do with the banking world. And yet, we made it work. As a team, we focused on creating a real, personable service that the merchant processing industry had never seen before. A feat that I’m not sure would have been possible without our unique set of experiences that set us apart from everyone else.
What was your first year like in the merchant processing industry?
Jed Morley: Well, when we launched Platinum Payment Systems, we started completely from scratch. We had no accounts, and we set aside our old portfolio. We wanted a fresh start that would allow us to build PlatPay from the ground up with our core values in play.
Of course, just like with most, our startup year had its ups and downs. But, within the following years, we were able to generate enough business to go from ZERO accounts to thousands! We were even dubbed as one of the fastest-growing Inc. 5000 companies in the country at the time, and in our home base of Utah, we were ‘THE’ fastest-growing payment processor.
What do you believe makes Platinum Payment Systems more successful than other competitors in the industry?
Jed Morley: Platinum Payment Systems stands out because… we are human. That might sound a bit ‘out’ there.’ But I mean exactly what I say. We’re human when we pick up the phone. We’re human when we share the knowledge we’ve built up for over a decade. And, we’re human when we travel around the country to meet potential clients face-to-face.
This humanity makes us easy to approach. And, it keeps us on top of our game when it comes to providing the best possible experience for our customers. We’re not some nameless, faceless merchant processor. We don’t just throw our clients into shark-infested waters after dragging them on board. As fellow humans, we support them throughout the process and make sure that we’re constantly available as an open and reliable source of advice in all thing’s payment processing.
How have you had to change your business process to account for the restrictions of the Global Pandemic?
Jed Morley: Before this year, we were pretty heavily reliant on generating new business through in-person events. As a company, we would travel nationwide and get to know all sorts of people from all sorts of industries up-close-and-personal, and we’d make our pitch to them in that way. But, with COVID-19, we’ve had to accept more virtual calls (Zoom, mostly) that would allow us to do the same thing, but remotely, so that everyone is staying safe and sound.
Despite the unfamiliarity of it all, we’ve found that it’s a pretty good way of generating business. It allowed us to talk to more people than we ever have before, which is why we’ve decided that in 2021, we’ll be striving to include more virtual events in our marketing ventures, along with our usual in-person events, so that we can have the best of both worlds.
What advice would you give to someone who is on the edge of burning themselves out?
Jed Morley: As a business owner, entrepreneur, or any person striving for success. It is important that you can focus and expend your efforts towards your goal. But, this kind of high-level engagement can be taxing for everyone. So, I think that it’s important that you have something to look forward to outside of your work. A passion or purpose that will allow you to continue loving what you do.
For me, I make sure to spare some time during breaks or the weekends on my passions outside of work. Whether it be horses, roping, or just straight up exercising. Whenever I do these things, it gives me a rush that always has me pumped up for the rest of the day or the week, allowing me to give my all 100% of the time.
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