The Honest Broker: Why Transparency in Payments Actually Pays Off with Aacadia Payments | PEP054

Riley Bangerter, founder of Aacadia Payments (https://aacadiapayments.net/), takes us on a fascinating journey through the evolving payment processing landscape, sharing his unique path from stockbroker to payment expert following the 2008 financial crisis.

• Entered the payments industry seeking residual income after the 2008 financial crisis collapsed his mortgage business
• Founded Aacadia Payments six years ago and partnered with Daryl Peppers to create a balanced leadership team
• Specializes in challenging verticals including coaching services and social media platforms
• Recently partnered with LegitScript to expedite certification for telehealth merchants from 8 months to 2 days
• Identifies poor customer service as the biggest challenge facing ISOs and payment processors
• Implemented AI across business operations for emails, marketing content, and customer communications
• Predicts metaverse commerce and augmented reality as the next frontier for payment processing
• Advocates for industry-wide efforts to eliminate fraudsters and bad actors who damage merchant relationships
• Emphasizes that payments should fuel business growth rather than drain margins

Drawing from his background in securities and mortgage industries, Riley offers a refreshing perspective on payment processing as a financial service, highlighting the surprising lack of licensing requirements despite merchants completing what are essentially credit applications. This regulatory gap creates opportunities for both innovation and abuse – a tension Riley navigates with transparency and long-term relationship building.

Aacadia Payments has carved out success in challenging verticals like coaching services and social media platforms by implementing thoughtful risk controls. Riley shares a compelling case study of a social media app where users purchase digital currency to gift influencers, detailing how they transformed a fraud-prone model into a sustainable business through strategic value adjustments and monitoring.

The conversation tackles significant industry challenges, from agent hopping to Visa's increasingly stringent surcharge enforcement. Riley reveals how Visa "secret shoppers" document non-compliant merchants with photographic evidence, sometimes resulting in thousand-dollar fines for minor infractions. His strategic partnership with LegitScript demonstrates Aacadia's commitment to legitimate merchants, reducing certification timelines from 8 months to just 2 days.

Looking toward the horizon, Riley predicts metaverse commerce and augmented reality platforms will become the next frontier for payment processing, drawing parallels to gaming giants like Roblox. He details how Aacadia embraces AI across all business operations – from customer communications to marketing content – giving listeners practical examples of technology implementation that delivers real results.

What makes this conversation truly valuable is Riley's passionate call for industry collaboration. "Payments should fuel growth, not drain margins," he emphasizes, advocating for transparency, education, and removing bad actors who damage merchant relationships. Connect with Riley and learn more about Aacadia Payments at AacadiaPayments.net.

**Matters discussed are all opinions and do not constitute legal advice. All events or likeness to real people and events is a coincidence.**

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A payments podcast of Global Legal Law Firm