Choosing a merchant services provider is a serious task and picking the wrong merchant account can result in headaches with integration, unnecessarily high fees, and delays in deposits reaching a merchant’s bank account. Merchants choosing between BAMS, Braintree, and QuickBooks Merchant Services – three of the most popular merchant services providers on the market – have a lot to think about, as each company provides highly capable and feature-rich offerings. However, there are some significant differences between the three, and this article aims to compare and contrast them in three key areas; pricing, support, and onboard features.
Not all merchant accounts are created equal, and from fees – to support – to hardware, and beyond, there are countless factors that determine which is the best for you and your business. One of the most important factors is fund availability – how prompt your payment processor is in depositing the funds from sales into your bank account. Funding speed can vary significantly from provider to provider, and when choosing a processor, businesses looking to ensure their financial health should always look for next-day funding.
BAMS is the industry leader in payment processing, trusted by thousands of merchants across the globe. That success is due to our full suite of features designed to help businesses like yours accept electronic payments with less fuss, and lower fees. BAMS has been designed from the ground up to provide all of the functionality needed by both our online and offline partners, and thanks to that client-focused design, 98% of our users report lower stress when working with BAMS merchant accounts. Here are just a few of the many features BAMS offers to our clients in both digital and brick-and-mortar sales.
The one thing better than getting money is getting it faster. It used to be that with merchant accounts, getting your transaction money in the bank in 24 hours was considered fast. After all, there are still a few companies out there that take 3 days! Now, however, even 24 hours is slow. That’s because it’s possible to have the money in your account in just 12 hours.
More Business Flexibility
This is the main practical benefit of a 12-hour turnaround from transaction to funding. Transactions done in the morning can fund your inventory orders or pay your other bills that same night. This is great for just-in-time business models or for unexpected, urgent expenses.
Most of the time, however, the desire for faster payouts doesn’t arise from a specific plan. Instead, people inherently understand that they’re better off when there is less delay in funding. Then, when the time comes that money is needed right away, it’s there. It’s also always nicer to see your money in your bank account instead of pending on a merchant account screen.
Regardless of your reason for wanting faster payment settlement, our 12-hour funding merchant account has you covered. We also offer many other benefits with our accounts, like a free Authorize.net gateway and lower fees. This makes switching to a BAMS account a great business decision all around.
Waiting 24 to 48 hours for your merchant transactions to hit your bank account may not seem like a big deal when you first open a business. After all, a regular job would make you wait a week or two before you get paid. Soon, though, you will find that financial needs are different when you’re the owner of the company. Now, you have to have the financial flexibility to be able to pay for emergency needs right away or else start losing money.
Sudden cash needs arise from many different situations in business. If something breaks down, for example, customers may stay away until it is fixed. Therefore, you’ll want to be able to call a repair service immediately instead of waiting a day or two.
Another common scenario is an unexpected run on inventory. If you sell out of something, the next customers who want that item will leave disappointed and empty-handed. It makes sense to call your supplier for a restock as soon as you see that the item is running out so that your shelves don’t end up with a bare slot. This is easy to do if you have cash on hand, but if you have to wait two days for your merchant account to fund you, you’re out of luck.
Speed Up the Funding of Your Bank Account with Next Day Funding
To gain the financial flexibility you need in order to respond to these and other such situations in a timely way, you need a merchant account that will fund your bank account quickly. Here at BAMS, we’ll get your transaction money to you in just 12 hours! Next day funding! As you know, that can make the difference between whether or not you can successfully deal with unexpected events.
To learn more about next day funding and our merchant processing options, just contact us. We’ll be happy to work with you.
Providing customers with the ability to pay for a product or service with a credit card is an incredible service that could result in far greater revenues for the business. However, when you sell a product with a credit card, you often are not able to receive your actual payment for up to 72 hours due to slow processing times. Fortunately, there is a service that can provide you with your money from a sale within 12 hours. This can benefit a company a number of different ways.
Better Cash Flow
One of the main advantages of next day funding is that it can greatly improve your cash flow and revenue cycle. One of the most important responsibilities that all businesses share is the need to properly manage cash flow. When you receive your revenue within 12 hours, you will be able to reduce your reliance on lines of credit and can pay your vendors sooner. This can ultimately improve your reputation and reduce your borrowing costs.
Another advantage of providing next day funding is that it often comes with better automation as well. Providers of next day funding will also typically provide you with other services that can also improve collections. This can include automated invoices, payment reminders, and other services that can get you paid more consistently and on time.
If you are looking for ways to improve your cash flow processes and collection systems, taking advantage of next day funding services could be a great option. You should contact us to learn more about how next day funding could help you.
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!
Money is the grease that keeps your business moving. Products, employees – keeping all those gears spinning is how your business gains and keeps its forward momentum. For cash transactions, making sure you get paid fast is easy, but what about your credit card processor?
Many merchant service providers can take days to turn your transactions around and get them into your bank. This can cause extra friction that may be slowing you down. Here are 3 ways hanging on to a slow processor is throwing a wrench in your business.
The way you purchase products and materials for your business can save you money. Many vendors offer volume pricing or discounts for quick payments. If your card processor is holding your funds it can be difficult to take advantage of these offers. If you are missing out on these discounts your processor is costing you money.
If you are waiting for money to come in so is your accountant. Slow transfers make for slow bookkeeping. That means waiting to produce important documents for banks & creditors. It also means your inventory turnover rate is longer, which can make you look like a bad investment. If your processor can’t keep up can you afford to wait for them?
When you are waiting to be paid, so is everyone else. This can be solved by working with a processor who has next day funding. Even if you are not struggling now many businesses are one emergency purchase away from potentially being unable to make important payments on time. This is something no business can afford – your vendors and your employees expect to be paid on time, so should you.
All merchant services providers are not created equal. Many big-name processors can take more than half a week to turn over your funds. At BAMS, keeping your business moving is how we keep ours moving too. Your time is valuable, that is why we offer next day processing. Contact us now and lose your old processor, before everything grinds to a halt.
Making a sale is always great, but it’s irritating to have to wait for the money from the transaction to hit your account. Even worse, the delay can make it hard to run your business in an efficient way, especially if your company is smaller or has a drop ship arrangement with its suppliers. Eliminating this delay is therefore good on both the psychological and practical levels.
The solution is to switch to a merchant payment processor that provides next day funding. BAMS offers this as a standard part of its services. Our speedy funding is available for both online and physical sales, so there’s no need for any type of company to have to wait. You’ll never have to sit and stew wondering when the money will hit your account, worry about orders being canceled due to slow fulfillment or have any other hassles related to the speed of funding from your processor. Instead, you’ll enjoy near-lightning speeds and all of the convenience of having the funds available within 24 hours of the acceptance of your customer’s credit card.
This is just one reason to switch your merchant payment processor. Others include lower prices, better service, and free Authorize.net setup. All of these are offered by a BAMS account, making this processor a great choice for your company.
To learn more about merchant payment processing and what makes us the superior choice, just contact us. We’re always glad to explain how we can help your business grow and succeed. We’ll also help you switch if you already have an account somewhere else.
For businesses that use credit card payment systems, getting their funds is the challenging part. The standard cash flow payout system that banks give to companies sometimes inconveniences businesses when they urgently need the funds. Next day funding systems cut through this gap and offer companies their deposits a day earlier than normal. So, why do you need a fast payout?
Fastens the ACH network
Merchant accounts receive funds into their accounts after two business days using the ACH network. The system processes the merchants overnight between bank accounts and businesses end up receiving their funds two days later. What Next day funding does is it allows the merchant’s service provider to process your request on the same day and start the fund’s transfer into the ACH network before the cut-off time. This system then deposits in the merchant’s bank account on the next day.
Improves efficiency of your company
Delays slow businesses down. Merchants that have high sales, especially during the weekends, usually expect their profits in their accounts by Monday. Improved cash flow enables the activities to run smoothly, and it also allows the firms to grow. Next day funding allows your company to meet the flexibility it needs in running daily operations, keep the books up to date, and make payments quickly without waiting for 2-4 business days.
It’s cheaper to process
Service providers ask for minimal fees when handling this sort of payments. The costs depend on the processing volumes your firm does in a day and on your sales. No additional transaction fees as required by the providers and businesses save more money and enjoy better profits. So, whether you are processing Visa or MasterCard, American Express or Discover the merchant account provider should assure that your funds are in your accounts faster.