2020 was an unprecedented year for brick and mortar merchants, as the global COVID-19 pandemic saw many businesses forced to close and strict guidelines put in place limiting in-store activities. In turn, consumers flocked online, boosting ecommerce sales by 45% year-over-year and accelerating ecommerce adoption by as much as five years. Consumer habits are like a ratchet – they only go one way – and that means that the same new shopping behaviors consumers developed during 2020’s online rush will likely stay with them long after COVID-19 is a distant memory. Continue reading “Ecommerce in 2021 – 3 Online Business Trends for a Post-COVID World”
A touch screen point-of-sale (POS) system is like a typical POS system, but the software operates on handheld devices and tablets, rather than traditional POS hardware. Touch screen POS systems are web-based and can synchronize in real time to a variety of other software solutions, enabling merchants to monitor their businesses from anywhere in the world. Continue reading “2021 Best Touch Screen POS Systems for Retail Merchants”
Fraud is expensive. Not only does it have the potential to rob your ecommerce store of revenue and inventory, but, if left unchecked, it can also put you in the doghouse with card issuers and payment processors, driving up your fees as well. That makes combating fraud an important part of your online business strategy. Shoring up your web store’s defenses against bad actors might sound like a tech nightmare, but it doesn’t have to be. The following represent five of the most important and effective ways you can defend your business against fraud and cyberattacks, and most can be put to work relatively easily using your existing merchant services and tech stack. Continue reading “E-commerce Fraud Prevention Tips – 5 Ways to Reduce Your Exposure to Fraud and Data Theft”
Next-day funding is a merchant service some payment processors offer to trusted merchants. This waives the standard holds that generally hold up funds for as many as three business days on each and every batch. If you’re currently facing multi-day holds, you’re likely familiar with the frustration they can cause. Beyond frustration, there are serious costs associated with funding holds and moving to a merchant account with next-day funding has the potential to offer your business some significant financial benefits. The following represent just five of the many positive impacts next-day funds stand to have on your business, including improved cash flow, the ability to look further into the future, the satisfaction of knowing the money you’ve earned is working for you, and more. Continue reading “Next-Day Funds – A Key Merchant Service for Maximum Business Well-Being”
Dear Valued Clients,
This year is coming to an end and I would like to take a moment to thank you for your business and continued trust in 2020. Since the outbreak of COVID-19, BAMS has taken every step possible to ensure that our clients are able to continue to accept payments safely.
The support team at BAMS has always been a geographically distributed workforce with cloud-based tools driving our critical business infrastructure, and BAMS was well-prepared for scenarios where the safety of our staff and the public necessitated us to work remotely. We have provided a consistently high level of service to our clients. Thank you for your continued trust in BAMS! Continue reading “2020 Letter from the BAMS President”
Have you ever stamped a card in anticipation of a free coffee? Presented a swipe card to gain points towards your next gallon of gas? Signed up for a payment card offering a percentage of your purchase back? If so, you’re already very familiar with customer loyalty programs.
Loyalty programs represent a great way to generate repeat customers while simultaneously building a long-term brand relationship, and their effectiveness is demonstrated by their sheer ubiquity across all of retail. Today, customers expect loyalty programs, and failure to offer one could result in lost sales to your competitors who are offering those all-important points. Continue reading “Successful Loyalty Model in Merchant Payments”
Apple Pay is Apple’s proprietary electronic payment solution, working hand-in-hand with Apple Wallet, the company’s card storage platform. Its userbase is growing extremely rapidly, and the system is well on its way to handling one out of every ten card payments by 2025. To use Apple Pay, users program their debit and credit card information directly into Apple Wallet, and then make online or in-store purchases by tapping their devices or clicking a button, and scanning either their thumb or face with Touch ID or Face ID. The benefits of accepting Apple Pay are myriad, and with so many Apple users jumping on board, it’s quickly becoming a must-have system for merchants looking to give customers the flexible payment options they demand. Continue reading “Apple Pay for Small Businesses – Getting Started with a Must-Have Payment Option for 2021 and Beyond”
The global spread of COVID-19 threw the entire globe into chaos, and businesses all over the world suddenly found themselves operating under new, strict rules – if they were allowed to operate at all. That put an enormous strain on the entirety of retail, with few sectors emerging unscathed. But limited access to the businesses they’d always taken for granted, and an increase in public caution and awareness in relation to things like social distancing and sanitation also caused major shifts in the way consumers shop. Those changes are not temporary, and they won’t roll back once business as usual eventually resumes. That makes it extremely important for all merchants to educate themselves on the new realities of the marketplace, and to adapt as necessary to stay current. Doing so has the potential to open up new revenue streams and improve the customer experience, while failure to do so has the potential to drive customers right into the arms of more agile, adaptable competitors better able to meet their new needs. Continue reading “Commerce in a Post-COVID World: Are Contactless Payments the Solution?”
There are few things more satisfying than checking your numbers after a strong day of sales. But what is far less satisfying is having to wait days – often half a week or more – to enjoy the fruits of those sales due to annoyingly long hold periods imposed by your merchant services provider. That’s especially true if you don’t understand why it’s happening. The good news is, with a little bit of knowledge and the right business practices, the standard hold period – the delay between making a sale and actually getting your money – can be reduced or even eliminated.
Merchant services providers have a huge role to play in the success of all companies accepting electronic payments, both online and in-store. But, whether you choose to partner with a third-party processor like PayPal or to open up your own personal merchant account through a company like BAMS, it’s important that you understand exactly what your payment processing partners do for your business, what your fees pay for, and how you can ensure you get the best bang for that buck. Continue reading “What Merchant Services Providers Do: How Companies Like BAMS Help Businesses Like Yours Succeed”