Even without the pandemic shaking things up in today’s economy, it’s more important than ever to stay on top of your game to protect your business’s future. Today, we’ll be touching on that very topic with Platinum Payment Systems’ CEO Jed Morley, who we’ll be introducing to you to in the interview below!
Hello, Jed! Why don’t you tell us a bit about yourself to start us off?
Jed Morley: Hello! I’m a family man as much as I am a businessman. I’ve been married for almost thirty years now. And, if I were to break down the ‘hierarchy’ of me, it would be something along the lines of God, Family, and then Country.
How do you typically start your days?
Jed Morley: A typical day for me starts very early. My wife and I have worked on setting up goals for ourselves when it comes to our health and passions. And one of those goals is hitting a good ten or so hours of high-intensity workouts per week. That means hitting the gym pretty early to start the day off energized and focused. Another is reading scripture; I do this daily as well — we read and pray and study our scriptures before the kids have to go to school.
What do you believe makes you successful as a person?
Jed Morley: I’m a firm believer that the key to being successful in any business is having passion for what you do. At Platinum Payment Systems, our philosophy lies in providing the best possible customer experience possible. We’re dedicated to providing that next-level service to our clients and our partners. That, along with the work we do with our nonprofit, PlatGives, are the things that we draw our passion from, and in turn, make us successful.
What exactly is PlatGives? Can you tell us about it in more detail?
Jed Morley: PlatGives, as mentioned, is the nonprofit arm of our business. It was the biggest focus for us in 2020, and I’m certain it will continue to be at the forefront of our business for this year as well. To keep it simple, PlatGives is our way of giving back to the community. For several years now, as an example, we’ve done our best to make a difference by supporting orphans by donating processing dollars to the charity organization Advocates of Love.
On the subject of Platinum Payment Systems, how have the past couple of years been like for you?
Jed Morley: Depends on how far we’re looking back. In business, there are always ups and downs. 2019, for example, was an especially tough year for us. That year, we had major losses after a partner that we had been working with for several years split from us, taking a lot of our other partners and clients along with him.
But during that same year, not even a full month after that incident, we were able to pick ourselves up and keep growing. Within 90 days, we found new opportunities for growth in the figurative ashes that were left behind. We created a new partnership with a new bank. We also updated our tech, streamlined our processes, and set up new credit policies that were, at the time, completely unheard of in our industry. We even made adjustments in our staff (and that includes me, by the way. After years of being ‘outside’ of the business, I was back to going to work every day with the drive, focus, and passion that’s needed for what we do.)
I guess my point in all this is. Just like in life, you can expect there to be bumps in the road. Platinum Payment Systems has encountered quite a few since its conception. But, each time, we’ve always picked ourselves back up and grown bigger and stronger than ever before.
And how about during 2020? How did Platinum Payment Systems survive the economic instability caused by the pandemic?
Jed Morley: 2020 for us was all about reinventing the marketing wheel. At least, in terms of what we’ve done before. For example, before COVID, our marketing model had always been connected to our roundtrips all over the country. We’d travel and talk with clients and partners during meetups and speaking events, and we’d introduce them to the ‘Platinum’ way on a naturally more personal level. That’s not a model that we’re planning on giving up, of course.
But during the pandemic, we had to rely on other avenues for generating new business. Zoom calls, as an example, was a digital channel that we found ourselves using a lot throughout the year — and is something that we plan to incorporate more for 2021 as well. Especially as it still follows our philosophy of personalized customer service — there’s always a real person on the other side of our Zoom calls, after all.
Where do you see Platinum Payment Systems in the future?
Jed Morley: Going back to what I talked about in the earlier question. If we’re talking about the ‘immediate’ future, I see PlatPay doing a lot more in terms of digital marketing. We also want to make sure that our processes are streamlined so that we could serve our clients and our partners better. Altogether, rather than seeing COVID as a hindrance, I saw it as a ‘force’ that pushed us to get better. A prospect that I’m very excited about.
Suffice to say, I’m highly optimistic about PlatPay’s future. We are positioned right now for a great run and further improvements — like the mobile processing upgrades and mobile applications that we’re working on that will change the way payments are done here at Platinum.
And lastly, for all those that are aspiring to run their own business, what is one thing that you do as a leader that you believe encourages your growth as a company?
Jed Morley: As a leader, I fully believe that it is my responsibility to support the people in my team. Not just through their work under my leadership, but outside of that as well, by continually providing them growth opportunities.
For example, I like to help by working with the younger people under my employ every week. I bring them somewhere we can talk, whether it’s a more formal setting, like my office, or a more casual setting, like the horse arena. And… I just talk with them. Whether it be about business, life, family, and whatever else they want to talk about.
I’ve always enjoyed mentoring others. I find fulfillment in building others up, like my mentors before me. It’s kind of like completing the full circle of business life!