Dec. 10, 2024
Episode 351: In the Dynamics Corner Chair: Thankful for Business Central Payment Solutions!
🦃 We have a lot to be thankful for, especially payment solutions for Business Central, like UST Pay, which make our lives a whole lot easier!
Join Kris and Brad in their enlightening conversation with Wade Tetsuka, CPA, and Kate Coffey-Bacon as they engage in a lively discussion on personal experiences, community networking, and the ins and outs of payment processing with U.S. Transaction Corp. 🌐
👂🏽Keep an ear out for these highlights:
💳ACH vs. Credit Cards: Discover why ACH payments are the better option in payment solutions, offering lower fees and greater efficiency.
💰Business Central Integration: Learn how UST Pay's seamless integration with Business Central can save time and reduce errors.
👨🏽🏫Specialized Teams: Understand the power of having a team that knows the Microsoft Dynamics platform inside out.
🫂Client Engagement: Learn about the importance of direct client interaction and the flexibility of supporting multiple payment gateways.
🏩Community & Entrepreneurship: Wade shares his passion for community engagement and fostering entrepreneurship, emphasizing the value of workforce development.
Join the conversation here and tell us what you think!
#MSDyn365BC #BusinessCentral #BC #DynamicsCorner
Follow Kris and Brad for more content:
https://matalino.io/bio
https://bprendergast.bio.link/
00:01 - Payment Processing and Golfing Banter
11:46 - Automating and Streamlining Payment Processing
24:56 - Implementation Process for Business Central
33:43 - Payment Processing Solutions and Success
42:09 - Payment Gateway Options and Cash Applications
52:06 - Implementation Timeline and Business Central Experiences
01:05:23 - Networking and Community College Outreach
WEBVTT
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Welcome to another episode of Dynamics Corner.
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I want to get paid, don't you?
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I'm your co-host, chris.
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And this is Brad.
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This episode was recorded on November 27th 2024.
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Chris, chris, chris.
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Who doesn't like to get paid?
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Paid on time.
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And paid on time.
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Who doesn't want to make it easy for people to pay them?
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If you have a business right, it's a good way to get paid.
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And with us today.
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I'm hungry after this episode.
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You know what I'm craving.
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I'm craving some coffee bacon like bacon flavored coffee, a coffee flavored bacon.
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With us today.
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We had the opportunity to talk with Wade and Kate from USTPay to learn all about payment processing within Business Central welcome to another episode ready two, three, one.
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Look at my.
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Jack Nicklaus hat guys oh, yes, yes we gotta talk about that.
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That must have been an amazing experience on many levels.
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Yes, yes, you got to talk about that.
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I don't know if you saw my LinkedIn post it must have been an amazing experience.
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It was amazing On many levels.
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How did that work out Like, how did that all happen to have you know someone as a guest?
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How did that come about?
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Yeah, so a good friend of mine, he made a pretty sizable donation to the Nicholas Foundation, which they support like child health care.
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So the Miami Children's Hospital is named after Nicholas.
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So it's called Nicholas Children's Center in Miami or Children's Hospital.
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But a friend of mine, he made a pretty sizable donation.
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I don't know how much, but I guess you know we can all guess how much it might be.
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But that was yeah.
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So he got an invite to bring like seven guests of his.
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So there were eight of us and we were at Jack Nicholas's house and his wife, barbara, was there, of course, and so it was the two of them, jack and Barbara, and eight of us.
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So it happened to be eight guys because we're all golfers and all avid golfers.
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In fact, I told my wife about a month before.
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I said you know, by the way, I'm going to Jack Nicholas's house for dinner and she goes, I can be your assistant, I mean, I can carry your bags.
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I'd love to go with you.
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You know, I'm thinking.
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My wife doesn't even golf.
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Why does she want to go to dinner with Jack Nicklaus?
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And I go.
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You know it's Jack Nicklaus, the PGA golfer.
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You know the very famous PGA golfer.
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She said oh, I thought you were talking about Jack Nicholson.
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She says okay, that's right, you go ahead.
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So she was suddenly not interested, but that's how it happened.
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I saw the photos that you had shared and I do have to ask I was impressed by the private jet that it looked like you took.
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That must have been an experience.
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Yeah, that wasn't provided by Jack.
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That was actually the guy that is a friend of ours who made the big donation.
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He's also like on, has kind of a NetJets type of thing, okay, type of subscription, so so that's so.
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We hopped on his quote-unquote uh net jets plane.
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you know his oh, that must have been an experience on its own, I mean I, I'm not a golfer.
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I've doing what you know, working in consulting and implementations for 20 plus years.
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I early on and not so much recently, because I think everybody knows I had always been offered the opportunity for foursomes, for events and, you know, tournaments, and I've always had to climb because I never went golfing.
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But wait, I think maybe you should come visit and you could teach me how to golf OK On a Saturday, real quick, you should come visit and you could teach me how to golf Okay.
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On a Saturday real quick.
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I mean is it something that?
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How much time do you?
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have.
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Well, I mean, there are plenty of golf courses around me, so I think you would have a lot of fun and I could just tag along with you and learn.
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Okay.
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So, what's yours.
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What is your like?
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Sport what is your?
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Right now I don't do anything.
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It's exercise.
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I used to hike.
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I like to run, I don't.
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You know.
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I'm thinking I want to play pickleball.
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Many people who golf told me at this point that I probably shouldn't pick it up because I may not have the patience for it and it takes a lot of time.
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So I don't know, I'm not a golfer but yeah, your hiking opportunity went away since you moved to a state that's mostly flat.
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That is why some of my activities had recently changed, because the environment had also changed, which is why I think it'd be perfect for Wade to come spend some time and and help me with my golfing game.
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Sounds like a plan.
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Maybe in the next time we all see each other we'll tag along Wade no.
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I often volunteer to drive the golf cart, Like I'll just drive the golf cart to get out there and enjoy what it's like and see what it's like Then.
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I provide the drinks.
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Brad, you drive the cart and then I'll serve the drinks.
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Oh, ok, so you'll be the drink man.
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Yes, well, speaking about that, a lot of people say golf is not even a sport and I would always dispute that about that.
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People, a lot of people say golf is not even a sport and I would always dispute that.
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But then somebody once said to me very recently said well, golf is the only activity where you can actually where you can drink and you know, participate in it.
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So that makes it not a sport.
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That was a tough one to argue, that is a tough one to argue.
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I mean what?
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what is?
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this.
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What is a sport?
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I mean darts.
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Is darts a sport?
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People drink and they play darts.
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That's true that there you go all right, so I'm back on again competition.
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I'm trying to think fishing people who drink while they go fishing and fishing is considered a sport.
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So I think you have a clean way to argue this a little bit deeper that golf is a sport.
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There is some walking and you do have to swing the club, so it does require some physical ability to you know, swing the club at varying amounts of pressure to send the ball the distance that it needs to go.
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So I'm with you on it being a sport by the way.
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Well, thank you for that argument that helps.
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I'm going to use that in the future, excellent, excellent.
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But I asked Kate if she had some pictures of all of us together, since we've had many conferences together and stuff like that, and she said, yeah, she's got some pictures.
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I don't know, maybe if you could ever show it as part of the part of the podcast, but Excellent, I think we will, kate.
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If you'd send those over, we can put them in the video recording as well as on the episode page.
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There's a drink in our hands in almost every one of them.
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Just heads up.
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Nobody knows what's in it.
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It could just be water just because there's a drink in your hand doesn't mean that the contents is poor, because I am on this mocktail kick and I will tell you some of these mocktails that I've been drinking are they taste better than a drink with alcohol in them, and I don't have the same effect with my sleep, because that's my latest craze is monitoring and sleep management with it.
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So those drinks in my hand most likely will be a mocktail.
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But if you share those with us, maybe Chris can add them to the drinks too, right there?
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Yeah, maybe Chris can post it up right there.
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Yeah, we'll just blur it out now.
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It's pretty good.
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I've got a couple of them that are that are pretty good.
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Excellent.
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Please share them with us and we will share those as part of the episode as well.
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But with that, wade, kate, thank you for taking the time to speak with us again.
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It's always a pleasure speaking with and seeing you.
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As Wade mentioned, we do get the opportunity to see each other quite a bit at various conference and, you know, even user group sessions, and we've all been there.
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So it's great to speak with you again and hear from you.
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But before we get into the conversation, I had many questions about UST and both of you.
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Before we get into that, do you mind telling us a little bit about?
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yourselves Kate Sure.
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I will start Since I was on the podcast before I have gotten married with a last name change.
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So I am Kate Coffey-Bacon, vp of Marketing and Events at U transactions corporation.
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So I, um am at as many events, uh, conferences, meetups in the community as much as I can possibly be, building relationships, um, meeting new people, um.
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So that's probably where you know me.
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Excellent Uh.
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Congratulations on the wedding and congratulations on a great marketing name because coffee bacon sounds like such an amazing drink.
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I mean people put baking and everything.
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I mean there's even bacon festivals, so coffee bacon sounds like a drink, or even coffee flavored bacon or bacon flavored coffee it's the best way to start your day.
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I think so too, and you have both bacon and coffee to start your day.
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Yep.
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Wade.
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Yeah, thanks.
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So, president and founder of US Transactions Corp.
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Started the company in 2009, and we are Microsoft ISV.
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We've built a solution on the app source called USTPay and it's like the only credit card ACH processing solution that gives you the freedom to choose from 120 different payment gateways and processes.
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I'm sure you're going to have some questions for me later about that.
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So we've actually been in the Microsoft space ever since the very beginning, just never really publicized like be in corporate America and you know, like kind of go up that corporate ladder.
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That that was kind of my ambition from after I graduated college.
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And you know, I don't know, somewhere along the lines somebody slaps you across the face, right, some some type of reality sets in or whatever, and you realize maybe that's not the right thing and so, yeah, it eventually led me down the path of starting my own company, which is where we are today, and it's great to be where we are and to have this opportunity and to be in the Microsoft space.
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And kudos to you, brad and Chris, for doing what you do, really helping the whole Microsoft community to be the best in the ERP CRM space of any other solution.
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I mean.
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I think that's what we're out to be is create a community of where we can all win no, it is and and thank you for that and it's strange, it is a great community in this space.
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It's a large community but it feels so small because it feels like everyone's connected and I like your point, that we all can be successful.
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So everybody working together and helping everybody is important because no one will always be all things to everyone, but everybody can be part of things to everyone and that can make up a whole.
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So I'm thankful for the community that we have and for products and companies such as yourself to help fill in where the feature-rich product of Business Central may have a need that isn't met, and to have the flexibility to have individuals or companies such as yours to be able to do that is great.
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But with that, you mentioned US Transaction Corp, payment processing.
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What is US Transaction Corp and what is payment processing?
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I hear payment processing a lot.
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I hear of different apps and products, but sometimes I think a lot of people may hear the word or hear the term and not really fully understand what that means.
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But from the sense of a Business Central user or if you have other offerings that you support, what does that mean?
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What does that mean to someone?
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What does it give them?
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Yeah, good question.
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So a Business Central user, let's say they need to collect payments from the customer, right, and a lot of times collecting the payment is done outside of Business Central.
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Somebody sends a check and it's deposited in the bank.
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Well, all that, that whole transaction process is done outside of business central.
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So I don't I guess I don't need to go through the details of what you have to do when you get a paper check in the mail, but you understand it's very manual and then at some point in the process somebody's got to enter the information into business central manually.
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Um, but there's and same thing with like an ACH payment.
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It's like a payment that comes in, maybe into your bank, and you see it come in, but there's not much data about the transaction.
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So somebody has to do research about, well, what was this payment for?
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It may not exactly equal what the amount of the invoice, outstanding invoice was, and sometimes the ACH payment comes in from some like descriptor or some payer that is a little bit different in name or much different in name from what the name of your customer is in your Business Central accounts receivable or on the invoice.
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So I'm sure you guys can relate to this, since you guys have worked with a lot of business central clients.
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But so all of this is like?
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So all of this is payments outside of business central and outside of the ERP.
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So I'm glad you asked the question about payments in the context of business central.
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So what we're trying to do, and what the other payment companies are trying to do also, is make all of that automated and seamless so that when the payment does come in, it is automatically posting against the outstanding receivable of the customer, without somebody, without a BC user, having to actually manually go into BC and go and record that somebody made the payment.
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No, it's automatically going to record that the payment was made, it's going to make the journal entry on the cash receipts journal, it's going to post it to the general ledger, to the right general ledger account, and all of this is done automatically.
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So that's one piece of it.
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And the second piece of it, brad, is that when people talk about payments on the receivable side because that's the part we're on customer receivables a lot of times they think about just the credit card processing piece, the credit card processing piece.
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But our solution we look at not just we look at it more holistically we want to look at not just the credit card processing but make the ACH or the direct bank transfer just as much an integral part of the solution as just credit card.
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So many of the payment providers they're not going to publicize or really promote like an ACH type of solution that's built into Business Central because there's not as much compensation involved with ACH payment Because, as you know, credit card processing the fees are like a lot higher.
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Right, you're talking about two and a half 3% and ACH payments it's a much, much smaller fraction of what that would be.
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But we hear the complaints a lot from customers, from Business Central users, that the cost of credit card payments is very high.
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And so you know we have no problem helping them to find other alternatives, like putting an ACH solution in there.
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That is part of our solution as well.
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That would eliminate the credit card processing fees entirely.
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That's a good call out that the credit card fees are, you know, crazy high, you know, especially when you do a lot of high volume of credit cards.
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So the goal is really to shift to more ACH if possible right.
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Yeah, we actually read a statistic I don't know what six, eight months ago that said that it was 80% of transactions in a company are non-credit card transactions, and so there's a lot of transaction opportunity that's being left, and we'd like to have a solution that is an answer to all of your payment needs, and that's a need.
00:17:59.141 --> 00:18:01.869
That is interesting because go back to your point.
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Wade With payment processing.
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Often that's what I thought of and what others think of as credit card processing, and then add that to your point that 80% of the payment processing is not credit cards.
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That's 20% of collections is done for credit card and then that other 80%.
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So if you're trying to automate a solution and if you're missing 80% of it, that's a big portion of it where, if you can pick up ACH because ACH is becoming more and more popular I have a lot of individuals that I talk with that that's what they prefer now is ACH.
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I'm thankful because I still don't even understand why in the United States we work with checks.
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But it's a strange piece, it's real.
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Say that again.
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It's real, it is.
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I get a check once a month.
00:18:54.060 --> 00:19:02.086
I'm like, wow, this is weird and you're also talking about manual processes that have a lot of room for error.
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You're talking about time.
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You know just time intensive processes.
00:19:07.203 --> 00:19:11.142
You know, like Wade mentioned going back and forth to your bank account, to Business Central.
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If it's integrated and all in the same place, it takes out a lot of that manual process.
00:19:17.684 --> 00:19:21.313
It eliminates the error, the opportunity for error there.
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So that's a solution that we're offering.
00:19:26.441 --> 00:19:32.632
So your UST payment processing supports credit card payments from customers.
00:19:32.632 --> 00:19:35.343
It supports ACH payments from customers.
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Does it also support wire transfers, if someone wanted to pay by wire?
00:19:57.380 --> 00:19:58.883
It does not support wire.
00:19:58.883 --> 00:20:07.967
We find that wire transfers tend to be a little less applicable to the higher volume, like day-to-day transactions, just because wire transfer fees go to their bank to initiate the wire, so it's very time consuming for them too.
00:20:07.967 --> 00:20:10.008
It's very rare that we see that.
00:20:11.759 --> 00:20:29.535
I mean so just on day-to-day transactions, B2B there generally wouldn't be a need for a wire transfer, so that would stay in one of those edge cases where, as you had mentioned, I mean, I am asking just for clarification on which services are offered.
00:20:29.599 --> 00:20:31.566
I know the cases that I've had to deal with a wire.
00:20:31.566 --> 00:20:35.709
There were edge cases where it's a one-off and, like you said, you had to run out in there, costly as it is.
00:20:35.709 --> 00:20:41.271
So maybe having to do that manual process is, you know, acceptable in that case.
00:20:41.271 --> 00:20:44.000
But I'm still stuck on this 80% outside.
00:20:45.143 --> 00:20:47.166
Well, here's a good example, Brad and Christopher.
00:20:47.166 --> 00:20:55.651
So one of our clients recently, you know we recently implemented they have 600 checks a week that they're taking in.
00:20:55.651 --> 00:21:03.388
So just imagine like the manual nature of receiving 600 checks a week.
00:21:03.388 --> 00:21:15.237
So we said, look, let's try to get a portion of these or a large percent of these checks converted into ACH okay, where you can send out.
00:21:15.739 --> 00:21:34.501
When you issue the invoice from Business Central, you're also sending out an email to the customer with a link, a secure link, to pay, where they'll receive the email from you with the invoice and it's being pushed out through Business Central through our USTPay app, with our USTPay app.
00:21:35.223 --> 00:21:46.593
But the customer then receives the email, they can click on the link and then they can enter their banking information directly and securely.
00:21:46.593 --> 00:21:51.200
So it's not like it's not like even the banking information is coming directly into Business Central.
00:21:51.200 --> 00:22:09.821
It's going through our middleware, which is PCI compliant, and they'll just they'll capture the banking information and encrypt it before it gets put into Business Central, encrypted, before it gets put into Business Central.
00:22:09.821 --> 00:22:14.761
But what happens is now the customer is doing is now it becomes all electronic, now it becomes all automated, because the customer is making the payment.
00:22:14.761 --> 00:22:36.775
Once the payment is made, they've entered the credit, the banking information and Business Central is going to recognize oh okay, this payment came in and it was a bank payment and they're going to post it against the outstanding invoice, mark it as paid and then post it against the outstanding receivable in the cash receipts journal and then post it to the general ledger account.
00:22:38.221 --> 00:22:39.145
And it's done.
00:22:40.401 --> 00:22:44.211
No intervention from anybody in the accounting department.
00:22:44.211 --> 00:22:55.756
Nobody has to go to the bank to pick up or, I'm sorry, to the mailbox or to the office to pick up the checks and then take it to the bank to make a deposit or to start figuring out who is this check from.
00:22:55.756 --> 00:23:04.173
I mean, imagine the time that it takes to sometimes figure out who is this check even from and what is it for.
00:23:05.040 --> 00:23:06.768
Well, it's even to go back and deposit it.
00:23:07.240 --> 00:23:18.087
You know, first you have the check, you have to find the application, you post the application, then you have to take it and deposit it, whether it either be mobile deposit or if you go to the bank and you have to do the deposit in person.
00:23:18.087 --> 00:23:19.965
So there is an additional step.
00:23:19.965 --> 00:23:26.279
So the ACH I could see where it's a time saving as well as the cost savings you.
00:23:26.279 --> 00:23:28.222
So the ACH I could see where it's a time saving as well as the cost savings.
00:23:28.222 --> 00:23:29.325
You had mentioned the process of this.
00:23:29.325 --> 00:23:35.095
So within Business Central you have an extension that needs to be installed to connect to an external service that's yours.
00:23:35.095 --> 00:23:45.233
So all of the payment processing of the financial information is done in that PCI compliant connection that you have.
00:23:45.233 --> 00:23:46.997
Correct, that's correct.
00:23:46.997 --> 00:23:48.117
Is that my understanding?
00:23:48.117 --> 00:24:00.390
Yes, so that way that anybody who has a Business Central implementation, if they have security concerns about storing credit card or payment information, none of that is in Business Central, if I understand you correctly.
00:24:00.840 --> 00:24:02.089
Right, that's right.
00:24:02.089 --> 00:24:03.398
None of that is in Business Central.
00:24:03.398 --> 00:24:07.402
So somebody pays with a credit card.
00:24:07.402 --> 00:24:11.491
They're going to enter their credit card information through that link.
00:24:11.491 --> 00:24:18.728
Microsoft Business Central doesn't even know what that full credit card date is.
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