If you’ve ever swiped a credit card, run a small business, or wondered why merchant service brokers have a reputation worse than real estate agents, this episode of The Paycast Network is for you.
Host Chase sat down with his close friend, neighbor, and founder of Tampa Bay Pay, Zac Gottlieb, to talk about his journey from hospitality to payments, why the industry desperately needs a professional facelift, and how he accidentally built a thriving sales team.
Grab a coffee, skip the audio, and dive into the highlights of their conversation below.
Local Roots & Sunshine City Trivia
Before diving into the weeds of processing fees, Chase put Zac on the hot seat with some local St. Petersburg, Florida trivia.
- An Aviation Milestone: On January 1, 1914, St. Pete became the starting point for a major milestone in transportation history: the first scheduled commercial airline flight. Pilot Tony Jannus flew a single passenger across the bay to Tampa.
- The Ultimate Sunny Streak: St. Pete holds a Guinness World Record for the longest streak of consecutive sunny days—768 days straight without a single break, running from 1967 to 1969. It’s not called the Sunshine City for nothing!
From “Exact” to “Tampa Bay Pay”: The Scalability Shift
Zac didn’t start his career intending to jump into merchant services. He grew up with a deep sense of community and service, heavily inspired by his father, a career-long Department of Homeland Security employee who helped people gain U.S. citizenship. After spending years in the hospitality industry—cooking, bartending, and delivering food—Zac entered the payment space in 2020.
His first company was called Exact Payment Solutions (spelled with a ‘Z’ thanks to a sarcastic software owner who used to mock Zac’s endless questions by saying “e-Z-actly!”).
In the beginning, Zac’s business relied entirely on personal relationships. Merchants weren’t buying a processing system; they were buying Zac. While that high-touch approach built immense trust, Zac eventually hit a wall.
“I wanted to build a business. I want people to buy—sure, having access to me is important—but my product and service should stand on its own, separate from me.”
This realization prompted a complete rebrand to Tampa Bay Pay. Zac shifted his focus from being a 24/7 on-call technician to building a sustainable corporate brand. His ultimate vision? A storefront model for merchant services. Imagine an Apple Store or a Verizon store, but for business owners to walk in, test out seven different POS systems in a showroom, and talk directly to an expert.
The Hot Take: Merchant Services Need a Serious Upgrade
When asked about the reputation of payment processors, Zac didn’t hold back. He delivered a blunt perspective on how the industry views itself versus how it should operate.
“We are dealing with people’s money. In my eyes, we should be held to the same standard as bankers, lawyers, CPAs, and bookkeepers. I think we even have a worse reputation than realtors. The bar in our industry is so low… but we facilitate someone’s daily livelihood every single day.”
Zac argues that because the average person doesn’t understand what happens behind the scenes when a credit card is swiped, malicious actors can easily hide fees. He aims to bring a corporate, professional standard to an industry long plagued by “door-to-door” transactional mentalities.
Demystifying the Credit Card Game: What is Interchange?
Do you want to know what time it is, or do you want to know how the clock works? Zac breaks down Interchange—the fundamental mechanism of credit card processing that 95% of business owners don’t understand.
Every year, the major card brands (Visa, Mastercard, Discover, Amex) release an interchange schedule. Interchange is the absolute baseline cost of processing a specific card.
- A high-end rewards card or an Amex might have a high interchange cost (e.g., 2.3%).
- A standard Visa debit card has an incredibly low interchange cost (e.g., 0.5%).
Flat Rate vs. Cost-Plus Pricing
Companies like Square, Stripe, and Toast typically charge a flat rate (around 3%) across the board. They make it simple, but they make massive profit margins on low-cost transactions like debit cards.
Tampa Bay Pay operates on a Cost-Plus model. They pass the raw interchange cost directly to the business owner and add a transparent, flat markup (e.g., 0.5%). By doing this, merchants pay significantly less on debit cards and standard transactions, driving down their overall effective rate. In a bold move for the industry, Tampa Bay Pay actually publishes their exact markup rates transparently on their website.
Accidental Leadership: Building a Team Organically
One of the biggest surprises of Zac’s recent career has been the organic growth of his sales team. Most industry veterans warn against building a team due to high turnover and recruiting headaches. Zac didn’t place a single job ad, yet over the last eight months, a team of 1099 sales representatives sought him out based purely on his local reputation.
His philosophy on managing a team is simple: Mirror their effort.
- “I will pour into them exactly what they pour into our company and their journey.”
- He emphasizes that 1099 sales positions aren’t for everyone. “Some people expect to get rich in a few months, but it took me four years to make great money. You have to crack a few eggs to make an omelet.”
What’s Next?
Zac and the Tampa Bay Pay team are focused on raising the bar for business owners in the Tampa Bay area through absolute transparency, local accessibility, and continuous education.
Keep an eye out for future round-table episodes on The Paycast Network featuring Zac, where they’ll dive deeper into business branding and payment strategies.
Connect with the Show: Don’t forget to like, subscribe, and follow The Paycast Network on YouTube, Spotify, and Apple Podcasts. You can find Zac and his team online at Tampa Bay Pay!