Jed Morley on the Importance of Backup Merchant Accounts | Platinum Payment Systems

Jed Morley
Jed Morley on the Importance of Backup Merchant Accounts | Platinum Payment Systems

COVID-19, and all that came with it, rocked the proverbial ‘economy’ boat — and tipped us all into turbulent waters while it was at it. It was all some of us could do to stay afloat while the business landscape changed around us for good, and it left a lot of brands uncertain as to what to do next.

Today, we’ll be chatting with Jed Morley, an expert in all things payment processing and the founder and CEO of the merchant processing company Platinum Payment Systems, on the importance of staying on top of your game by being the most prepared you can be.

Hello, please introduce yourself to our readers!

Jed Morley: My name is Jed Morley. I’m one of the owners of Platinum Payment Systems. I work with an amazing and dedicated team that has been pushing the limits in payment processing for over a decade now. We’ve built ourselves up over and over again to make sure that we can help our partners reach their own goals and become more successful.

For those that are unfamiliar with you and your work, how would you describe your company, Platinum Payment Systems?

Jed Morley: Platinum Payment Systems solves problems. More specifically, payment problems. We run on the philosophy that everything in business revolves around payments. So, we protect our clients at all costs and we make sure that they can handle the risks and process their payments in a way that is secure and efficient.

How did you go about building your current team?

Jed Morley: Our PlatPay team has always been a bit of an oddball, as you might say. Not in a bad way, but our start was definitely not the most ‘conventional’ of beginnings. None of us had working experience with financial institutions or anything like that. As an example, I was a mortgage broker slash developer before jumping into the merchant processing industry. Our unique experiences ended up being a major boon for us though. Each of us had a diverse set of skills and experiences working in other industries. Allowing us to create something new. Something that was never seen before in the merchant processing industry.

What do you do to keep motivated while on the job?

Jed Morley: Rather than something I ‘do’, I think a big part of keeping motivated is to do things that you are passionate about. At Platinum Payment Systems, no matter how unconventional our start, we’ve grown to really love our work.

After over a decade in the industry, we’ve found a purpose, I guess you could say. Something that keeps us fulfilled. It doesn’t have to be anything complicated. And it doesn’t have to be just one thing or another either. As an example, one thing that we do at PlatPay to make sure that there’s meaning to what we do: is to devote ourselves to a cause. Specifically, we launched a non-profit that we call PlatGives that chugs on behind-the-scenes of all our processing work to give back to all the different causes that we support as a company.

What is one advantage that Platinum Payment Systems has over other competitors in the market?

Jed Morley: We’re human. The merchant processing industry has been around a while, but it’s always been a bit cold. There are big companies out there that can set you up quickly – nice and easy. But, after that? They might as well have forgotten that you exist. You just become another number to them. Another cog in the wheel of endless processed payments.

With PlatPay, things are different. You make a phone call, and you can be certain to get a real person on the other end of the line. Someone that has been in the payment industry for over a decade, someone that has talked with thousands of other people before, and probably hundreds with the same problem that you’re calling about. We know what goes on behind-the-scenes when the economy is fluctuating, we know what makes businesses tick, we know what converts, and we know what doesn’t.

That’s the advantage that we have over our competitors. We know. Personally. And, when you sign up with us, we build a complete profile on you so that you can know too. We take the time to really understand the back end of your business. And we’re there for you to support you when things go off the rails. So yeah, call us up anytime. We’d love to take a look at your account.

Do you have any advice to give to a business owner that is looking to start their own business and is on the lookout for a merchant processor?

Jed Morley: If you want to be a responsible business owner, make sure that you have backup processes in place so that you can protect your fundamental operational systems. With COVID and everything, we had people reaching out to us saying things like…

‘We haven’t done anything wrong. We’ve been working with our processor for over 10 years now, and yet we just received a 30-day notice that we’re being shut down… What do we do?’

Don’t fall into the trap of complacency. I don’t care who you get your backup merchant account from — whether it’s from us or someone else. But get one. It’s not even just big economic shifts like COVID that you have to worry about either. In today’s economy, fraud is rampant, and there are hackers everywhere looking to steal your data, your identity, and your good reputation. Just because you’re covered for now doesn’t mean that you always will be. So, please don’t wait until it’s too late. If you’re just starting, don’t wait until you have an issue to call us. Especially if you’re online, or if you’re working in a high-risk industry.

What kind of legacy do you want to leave behind as a leader?

Jed Morley: When I’m asked this question, I always like to answer with John F. Kennedy’s quote, “A rising tide lifts all boats.” It fully embodies the kind of leader that I strive to personify at all times – someone that is there to provide support during difficult times and lift you up. I want to be the ‘tide’ that helps the people around me continue moving forward and reaching new heights. 


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