Chargebacks are a reality of accepting credit card payments. While many chargebacks are requested for valid reasons, there are plenty of cases in which disputes are initiated despite the merchant holding up every aspect of their end of the bargain. Unfortunately, many merchants don’t really understand the dispute process, how to handle a chargeback, or the consequences that chargebacks represent to the health of their businesses. Those consequences can include unexpected drains on revenue, penalties levied by the card companies, and across-the-board rate increases.
From retail stores to restaurants and beyond, hardwired cash registers are giving way to flexible, mobile point of sale (POS) systems designed to make it as easy as possible for customers to pay and for employees and management to go about daily tasks like inventory management, stock ordering, reporting, and more. LightSpeed Retail, ShopKeep, TouchBistro, and Vend represent four of the best mobile touch screen POS solutions available in 2019, and below we’ll take a look at what makes each special and how much merchants can expect to pay to put each to work.
Square is almost synonymous with phone-based mobile payment processing, but Clover – a company owned by processing giant First Data – has been carving out their own chunk of the market and making a name for themselves with availability in retail settings like Sam’s Club. Each company offers a small card reader designed to integrate with all iOS and Android smartphones, and while the hardware is incredibly similar, there are enough differences in the software and fee structures to make doing a little research well worthwhile before choosing one over the other. Below we provide a quick analysis of where each option shines, where the two companies fall short, and which option wins out in the end.
Chargebacks are a reality of accepting card payments, and no merchant doing any significant volume can avoid them altogether. Sometimes a chargeback is outright fraudulent, and many are the result of poor customer service or misunderstandings between merchants and customers. But whatever the reason may be, merchants need to be ready to fight back when disputes arise. Knowing how to respond is the key to success, and the following five tips represent effective ways to improve dispute responses to ensure more victories and less lost revenues.
BAMS has been offering electronic payment processing solutions to thousands of merchants all across the globe for well over a decade. Our experience and commitment to customer satisfaction and savings mean that there are a number of significant benefits to choosing BAMS as a payment processor – benefits that our competitors simply can’t match. From our guaranteed low pricing to our unmatched support, when you partner with BAMS, you truly do gain a partner; one who is as committed to your success as you are.
A merchant’s profitability is determined largely by the costs of doing business, and one of the most common costs merchants in the digital age run into is the fees associated with processing card payments. Many merchants just assume that all payment processors and all fee structures are alike, but that couldn’t be more untrue. Merchant services providers use a variety of pricing models, the most common of which is the fixed-fee structure used by major third-party providers like PayPal. But that pricing model is actually extremely wasteful for all but a small subset of merchants, and the majority of businesses will bleed profits unnecessarily by utilizing it.
Credit card transaction processing fees seem simple on the surface, but the overall fees are actually made up of many smaller fees, sometimes numbering in the dozens. In the interest of transparency and regulatory compliance, payment processors break down all of those fees on their merchants’ monthly statements. That’s good for both the processor and the merchant, but without context, many merchants find the huge number of line items confusing.
Not all potential fees apply to all merchants, but there are some common ones that the vast majority of merchants encounter in their monthly statements, and those are the ones we get the most questions about. The following is a quick breakdown of those common fees and what they represent.
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.
Ever since the introduction of the original Square Reader – the small, white plastic magstripe reader that plugs right into the headphone jack of a smartphone – Square has been a widely recognized brand name among small businesses and entrepreneurs. There is no question the Square Reader was revolutionary for pop-up shops, mobile businesses, and hobbyists, but for all the convenience it offers to small retailers, the question remains as to whether it’s the right choice for larger, fixed-based businesses, including restaurants.
Since its initial launch in 2011, San Francisco-based Stripe has become one of the most recognizable brand names in online payment processing. Used by online businesses in over 200 countries, Stripe has recently expanded its electronic payments offerings with the introduction of its in-store card reader, the Stripe Terminal.
Stripe has a number of third-party competitors, including industry-giant PayPal, but one of the most experienced of them all is BAMS – a full-service electronic payments processing provider that has served thousands of merchants all over the globe since 2006. BAMS wider set of merchant services and solutions are designed for both in-store and online use, and when compared head-to-head with stripe, there are some notable differences in each company’s offerings and the benefits they offer to merchants.