What are the responsibilities and job description for the Managing Director, Merchant Services position at Live Oak Bank?
About Us
Live Oak Bank is a digital bank that serves small business owners across the country. Our groundbreaking spin on service and technology has fueled our mission to be America's Small Business Bank. Our products help customers buy, build, and expand their business, and our high-yield savings and CD products help them grow their hard-earned money. At Live Oak, we never lose sight of the well-being of our people. We believe our employees are the heart of our company. Our commitment to our customers and culture is intertwined, and we seek those who embody and embrace what it takes to empower the American dream.
How this Role Impacts Live Oak and its People :
The Managing Director, Merchant Services will play a pivotal role in establishing and growing Live Oak Bank's new Merchant Services line of business. This entrepreneurial and strategic leader will have full accountability for selecting processing partners, strategy, execution, and P&L. By overseeing the direct channel and partnering with other lines of business, this role will drive growth, profitability, and cross-sell opportunities, ultimately enhancing the bank's product offerings and customer relationships.
What You'll Do :
- Serve as the business owner of the Merchant Services business, with full ownership of strategy, execution, and P&L responsibility.
- Lead the design, development, and operational execution of the Merchant Services product suite, ensuring the business meets growth and profitability targets.
- Develop acquiring strategy to drive product features and growth, mix of distribution channels, and vertical-specific go-to-market plans.
- Build and manage a direct sales channel to offer Merchant Services to the bank's existing customer base with cross collaboration from sales teams.
- Partner with the embedded banking strategy team to develop partnerships with vertical SaaS platforms for an embedded Merchant Services offering.
- Collaborate across key functions including sales, marketing, risk, compliance, finance, operations, technology, and deposits to ensure seamless integration and maximize value.
- Lead vendor selection and management, including contract negotiations and adherence to SLAs.
- Explore, decide, and obtain a merchant acquiring BIN from relevant card networks.
- Build, mentor, and lead a high-performing matrixed team to drive the Merchant Services business forward.
- Set and monitor key performance indicators (KPIs) to ensure business objectives are being met and adjust strategies as needed.
How You'll Do It :
Required Experience :
Our Values
For a detailed overview of our employee benefits please visit :
Live Oak Bank is an Affirmative Action and Equal Opportunity Employer, Minorities / Women / Veterans / Disabled. We consider applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, genetic information, veteran status or disability. Equal access to programs, service and employment is available to all persons. Those applicants requiring reasonable accommodation to the application and / or interview process should notify human resources at careers@liveoak.bank
EEO is the Law
Commitment to Diversity
Live Oak Bank is committed to creating and maintaining a workplace in which all employees have an opportunity to participate and contribute to the success of the business and are valued for their skills, experience, and unique perspectives. This commitment is embodied in company policy and the way we do business at Live Oak Bank and is an important principle of sound business management.
The base pay range for this position is $185,000.00 - $255,000.00 per year. Compensation may also include annual bonuses and long-term incentives, subject to various metrics and company policy. A candidate's salary is determined by several factors including travel, relevant work experience or skills and expertise.
Please note that we provide at least the minimum requirement of paid sick leave to our employees who reside in states that require employer-paid sick leave, including but not limited to Arizona, California, Colorado, District of Columbia, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington.
Salary : $185,000 - $255,000
