Payment Platforms

Hello, my friends and future millionaires.

My name is Kris Hutchinson.

Welcome to The Money Wheel. 

In the last few episodes, Don showed you how to set up your business entity and your bank account.

Today I want to walk you through setting up the payment processor that you’re going to need to collect payments online.

The most popular one that everyone uses and everyone’s familiar with is PayPal. 

And it’s super easy to set up and to get your codes that you need to host PayPal on your website.

When we first started off with online business, Don and I we’re doing drop shipping, which is a form of e-com. And we started off with PayPal because again, everybody recognizes it, knows what it is, and they trust PayPal. 

So that’s what we were using to begin with, however within the first few months, when PayPal saw that we were doing drop shipping, they decided that they didn’t want to work with us.

Not that we did anything wrong, but because we have no history with them at all, PayPal deemed it too risky.

We were a brand new online company and there have been some drop shipping scams, especially at the time that we launched this about 5 years ago.

So PayPal decided they didn’t want to work with us, which was fine but it put us in a bad situation since we had to find another payment processor.

There are plenty of other processors on the market so we chose to use something called Stripe and we’ve never had any issues with them whatsoever.

So when you’re choosing a payment processor be sure to shop around to see what is going to fit your needs. 

Consider if you will need interaction & processing to support a live point of sale because there are companies like Square that do things like that.

I’ve never used any of those before personally, so I can’t really recommend them, but if you go to, you can see a list of payment processors that we’ve used.

When setting up your processor, you’re going to need the EIN number for your business and/or your social security number, to validate that you and your business are legitimate.

One other thing you need to come up with is a shortened business name to reflect the transaction on your customers’ bank or credit card statement.

Just remember, if you’re going to use one payment processor for everything, that name needs to have some alignment with what your product is so the client recognizes the charges.

You don’t want to use the same payment processor that you’re using for real estate in order to sell digital products online.

So that’s just something to keep in mind when you’re setting everything up. 

So that’s all I’ve got for today on this episode of The Money Wheel.