December 2017 - Merchant Account & E Commerce Payment Processing Insights

December 27, 2017

Benefits of a Low Priced Yet Quality Merchant Account Provider

It is axiomatic to regard merchant account service providers with low pricing as deceptive enterprises with notorious tactics ready to exploit loopholes they keep hidden in drudgery contracts. Since the advent of e-commerce and the necessity of third-party payment processors, businesses interpret more or high pricing as better or premium service.

Debunking the Myth

Merchant accounts are not as expensive as they are cut out to be. The returns from increasing sales greatly outweigh the cost, turning this seemingly substantial operation cost into a profitable investment.

The notion that high pricing equates to premium service is entirely a fallacy. Merchant account providers who have competitive pricing offer excellent services as well. You do not have to dig deep into your pocket to digitize your business, and here is why you should choose the lowest price merchant services:

Quick Estimations

Low pricing encapsulates flat-rate pricing as well. With flat-rate pricing, forget about hefty account monthly fees and PCI compliance rates. Flat-rate pricing is easy to analyze. The low pricing enables you to extrapolate the monthly payments, as there is little to no variation in the processing rates.

Small business owners, as well as large corporations, can make estimates of the monthly fees and budget for it, long before payments are due.

Zeroing in on What You Need

Low pricing is more times than often synonymous with packages that do not encapsulate all of the services in the market. But guess what, you do not need them all.

Digitizing your business into one that accepts credit and debit cards does not require you to buy services that will not profit your enterprise, which is a familiar narrative with providers who attribute their high pricing to additional features that add no value to your business operations.

All you need is a merchant account provider who can efficiently manage your POS accounts and process transactions in a timely and secure manner. A provider that offers low pricing without compromising quality service.

For more information, contact us.

December 21, 2017

Why New Yorkers Should Use a Payment Processor Based in NYC

NYC Network local business payment processor

Big cities each have their own unique traits, and in one as large as NYC, there are enough of them that they make significant impacts on how business is done. There are local regulations, business expectations, and demands that may not exist halfway across the country. For this reason, it’s a good idea to deal with local B2B providers whenever possible.

A Local Processor Knows You Need Your Money Fast

Hardly anyone thinks of “fast” as a relative concept – until they run into someone with a different idea of what qualifies for the term! Then, misunderstandings result that leave one party frustrated and the other feeling needlessly rushed. Instead of arguing over the meaning of a “New York minute,” deal with an actual New Yorker. He’ll know exactly what you mean when you say you want your transactions to settle fast. One such processor, BAMS, even puts it in writing: Your transactions will settle the very next day.

Local Businesspeople Interact in Familiar Ways

This is something that might not cross someone’s mind unless they’ve had to try to get a point across to someone who grew up in California, Texas, or some other state with a culture that’s vastly different from that of NYC. If you deal with a local provider, you won’t have to worry about this aspect. You can just pick up the phone and start conducting business without any unnecessary friction.

To learn about why you should choose BAMS in particular for your NYC payment processor, just contact us. We’ll be glad to talk.

December 14, 2017

Make Sure Your Merchant Account Offers Next-Day Funding

Woman using online banking on smartphone to see her next-day funding

Many merchant processors only offer funding for completed transactions after a two- or three-day delay. If you’re used to this, you may not realize how much this is affecting your business, but it shouldn’t take much thought before you can think of some problems it has caused. New businesspeople can also easily envision scenarios in which a delay in the funding of a bank account can cause plenty of problems. Here are some scenarios that are caused by funding lag:

1. An inability to meet a bill’s deadline. While some think that this “shouldn’t” be a problem for companies, the fact is that in the real world, it’s often a big issue. When you plan on having $X, XXX in your account by a certain date and it isn’t there because your payment processor hasn’t sent it on through, you can easily be unable to pay a supplier or contractor on time. This causes unnecessary dents in your reputation.

2. You can miss out on discounts. Like retailers, wholesalers sometimes run limited-time offers. If you have to wait to get your money, you could miss out on them.

3. Hesitancy in making decisions. When your merchant account doesn’t pay on a predictable basis, you have to wait and see when the money will come in. This effect is especially bad if the payment processor gives a range, such as 2-3 days, instead of committing to a hard deadline for payment completion.

To get set up with a merchant account that pays on the very next day after your transactions settle, just contact us here at BAMS. We’ll be glad to get you started with our next-day funding!