Libby James, Co-founded Merchant Advice Service in 2016. Her aim was to provide business owners with financial advice, delivered in the way you would a friend in a bar – honest, free, and simple. Libby’s straight forward nature has subsequently helped company owners unravel the complexities surrounding accepting card payments and business finance. She speaks openly to FemFounder about her background and how, despite a global pandemic, her start-up company is going from strength to strength. 

Can you tell our readers about your background?  

I worked for a long time in the property and as a result, I took what felt like a natural step into Mortgage Advice, which was where I met my business partner. When searching for suitable card processing, we were astonished at the lack of transparency within card payments and we felt there was a real gap in the market for good honest advice for business owners. From that point, it became my obsession to understand the workings of what is known for being a complex industry and to provide a platform that companies could rely on when facing problems accepting card payments.

What inspired you to start your business? 

I have always known I would start businesses - to be honest, ‘business studies’ was one of the very few subjects I paid attention to at school! Coming from such a regulated financial background, I saw how we could recreate the same level of transparency in a totally different financial sector and it took stumbling upon merchant services to kick start our plans into action.

 Where is your business based? 

We’re an online platform servicing a wide range of clients from the UK, Europe, and US, our office being based in the East Midlands, UK.

How did you start your business? What were the first steps you took? 

We registered the business in 2016, to be perfectly honest there was no quick start. I spent a good eighteen months learning the challenges businesses face when wishing to accept card payments, mainly hidden fees, declined applications and terminated accounts. From that point, we focused on networking to find reliable solutions to the issues our potential clients would experience. I think because we were new to the industry, I wanted to ensure we were well informed before pushing our services out to others.

What has been the most effective way of raising awareness for your business?

LinkedIn has been amazing for us; I make sure we use it daily. Not only do we create content for clients to use as tools to understand our industry, but we also connect with High Street and mainstream providers to assist customers they are unable to support.

What have been your biggest challenges and how did you overcome them?

Identifying the right people to work with! The way we run our business goes against the grain, therefore we needed to find banks and brokers who mirrored our ethics and wanted to work with us to provide total transparency for our clients. We had to run lots of trials to decide on who we refer our customers to; our network has naturally developed over time and I’m really pleased with the team we now surround ourselves with.  

How do you stay focused?

I don’t often struggle to stay focused, but if I do – I go easy on myself. Not every day will be one you totally smash it, and that’s OK.

How do you differentiate your business from the competition?  

Unlike our competitors, we are unbiased. Our partnership agreements and subsequently commissions we receive from our partners and banks are all the same. This means we can deliver objective and informative advice based on the customer’s needs.   

What has been your most effective marketing strategy to grow your business?

It’s been the same from day one – we release free of charge, informative content for business owners. We do so via our blog www.merchantadviceservice.co.uk and on LinkedIn.

What's your best piece of advice for aspiring and new entrepreneurs?

Believe in yourself wholeheartedly. Some people will question why you are choosing to start your business and loved ones will worry about the road ahead. The fact is, belief is what keeps you going through the difficult times and ensures you don’t give up on the journey to achieve your goals (cheesy, but it’s true!)

What's your favorite app, blog, and book? Why?

 I watch heaps of Tim Ferris interviews on YouTube – The Four-Hour Work Week and Tools of Titans are some of my favourite books. Working in finance, I love anything that is evidence-based.   

What's your favorite business tool or resource? Why? 

We have been working remotely long before the pandemic, so we use cloud-based tools to keep us on track. My favourite is Trello – we use it for every job list – every change to the website – any third parties we contract to work for us. It’s great.

Who is your business role model? Why?  

I am really fortunate to be connected with lots of local business role models – it would be impossible to choose one, and to be honest their support is unreal. I love business people from humble beginnings, I’m a firm believer that consistency and perseverance will lead to success. In recent years I have enjoyed following Ben Francis, the Founder of Gymshark.

How do you balance work and life?

With great difficulty – I find it very hard to switch off. It has taken me a while to figure out that in order to be good at the things I value (running my business and being a Mum) I need to be more selfish. Doing things that make me happy put me in the best frame of mind to smash the things I want to be great at. For example, I know if I have exercised or seen my girlfriends – I’m happier and a better person to be around, both in work and at home. For so many years I would run around trying to keep other people happy, and when you’re so busy you tend to do everything at 50% rather than the important things at 100%.

 What’s your favorite way to decompress?

I love being outside, I and my best friend started walking recently – we fondly name these our therapy walks. Chatting and fresh air is literally the best way to unwind.  

What do you have planned for the next six months? 

We have recently developed the business banking side of the website, our plan is to expand on this during 2021. We have approached the new area in a similar way to the card payments advice and would like to create additional partnerships within corporate finance.  

How can our readers connect with you?

LinkedIn – my profile is HERE.