Managing Director, Merchant Services

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:

• Act as the primary decision-maker for the Merchant Services business, ensuring alignment with the bank’s broader goals and strategy.

• Leverage existing Live Oak Bank sales teams and partner with relationship managers, deposits team, and sales and marketing departments to drive adoption and create cross-sell opportunities.

• Collaborate with the embedded banking and technology teams to ensure seamless integration with third-party solutions.

• Work closely with marketing team to design and implement go-to-market strategies, product positioning, and promotional campaigns.

• Ensure all Merchant Services products and processes comply with regulatory requirements by collaborating with risk management and compliance teams.

• Develop a pricing framework and create a comprehensive tracking and reporting framework in collaboration with finance.

• Partner with finance, operations, and technology teams to develop scalable processes and ensure a seamless customer experience.

• Work in partnership with the call center to ensure that customers receive proper and timely support either internally or with the selected partner.

• Drive synergies between Merchant Services and deposit products by working closely with the deposits team.

• Ensure customers have the optimal Live Oak Bank digital experience by defining the customer experience and partnering with the technology organization.

Required Experience:

• Bachelor’s degree in business, finance, or a related field.

• 10+ years of experience in Merchant Services, with proven expertise in both direct and/or embedded business models.

• 10+ years of experience in financial services, with a strong understanding of banking products and cross-sell strategies.

• Demonstrated experience building and managing a new line of business, with full P&L responsibility and a proven track record of driving growth and profitability.

• Strong leadership, decision-making, and problem-solving skills.

• Excellent communication and