How Business Owners Can Save Thousands on Payment Processing – Insights from Jarrod Guy Randolph

In our latest podcast episode, we sat down with entrepreneur and financial innovator Jarrod Guy Randolph to discuss his journey from real estate to revolutionizing merchant processing. With over 25 years in high-stakes real estate—raising over $300 million in equity and closing $2 billion in deals—Jarrod now focuses on helping business owners reduce payment processing costs through his company, BoxFi.

From Real Estate to Payment Processing

Jarrod’s career began in real estate at just 17, working with top NYC firms. After decades of success, he recognized a major gap in payment processing transparency and shifted his focus. Today, he spends most of his time with BoxFi, providing businesses with cost-saving solutions tailored to their needs.

The Problem with Traditional Merchant Processing

Many business owners unknowingly overpay on processing fees due to misunderstood fee structures and inefficient payment methods. Common mistakes include:

  1. Confusing fixed vs. variable rates, leading to unexpected costs.

  2. Inefficient credit card acceptance, like tapping vs. inserting, which affects transaction costs.

  3. Overlooking data collection opportunities, missing out on lower interchange rates.

The Power of Dual Pricing

One of BoxFi’s key strategies is dual pricing, where customers choose between:

  • Paying cash for a lower price.

  • Using a credit card with a small convenience fee.

This model can eliminate processing fees and boost profits by 10-15%, making it ideal for B2B services, luxury markets, and non-commoditized businesses.

When Should Businesses Reevaluate Their Processing?

  • If processing >$50k/month, it’s time to explore alternatives beyond Stripe/Square.

  • Payment processing changes every ~6 months, requiring regular reassessment.

  • Visa’s recent 20 basis point increase on interchange rates is a reminder to stay updated.

Next Steps for Business Owners

  1. Audit your current payment processing fees to uncover hidden costs.

  2. Explore dual pricing or cost-saving alternatives if processing over $50k/month.

  3. Partner with BoxFi through a trusted financial advisor to ensure the best solution.

  4. Stay informed on industry changes affecting fees.

Want more from Jarrod? Find him here: https://www.instagram.com/jarrod_guy/, and book a call with him here: https://link.boxfi.co/kR5snZ

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