On May 31st, 2019, QuickBooks discontinued support for their QuickBooks Desktop 2016 accounting and finance software – one of the most popular accounting and productivity tools available. That discontinuation was planned and shouldn’t come as a surprise to any Desktop 2016 users, but it still causes headaches for QuickBooks’ large 2016 userbase, annoying some even more so considering that the 2016 version isn’t all that old as far as software goes. While the discontinuation doesn’t totally brick the software for current users, it does cause some notable limitations in popular features and addons that many users – especially at the enterprise and pro levels – will need to figure out a solution to.
Cart abandonment is one of the biggest problems plaguing online merchants, and 88% of all consumers have abandoned a shopping cart without completing the transaction at some point. That makes minimizing cart abandonment a key goal for online merchants looking to maximize revenues and profitability. Here are ten of the best tactics merchants can use to stop cart abandonment and see more customers through to order completion.
Shopify is a great platform, and its ease of use has resulted in skyrocketing popularity over the last few years. But as an all-in-one solution, Shopify also comes with some major downsides – namely the costs. As with all third-party payment processors, the fees charged by Shopify on transactions are higher than the fees charged by traditional merchant accounts. That’s no big deal for smaller sellers doing a low volume of sales with low revenues, but for bigger companies bringing in significant revenues, keeping the percentage fees on transactions as low as possible is key. For those companies, a much better solution is to combine a traditional merchant account with a dedicated eCommerce platform. Luckily, there are plenty of great alternatives to Shopify for merchants to choose from.
In the summer of 2019, it came out that Capital One – a credit card issuer themselves – fell victim to a hack that exposed the data of 100 million cardholders and applicants. That might seem extreme, but it’s only the latest in a series of high-profile security breaches that have resulted in the theft of personal data. In 2018, Marriott discovered a years-long breach that exposed the data of 500 million customers. In 2014 a breach exposed the data of 56 million Home Depot customers, and a year before that, Target was hit with a hack that exposed 110 million customers. Other household names that have fallen victim to hacks in that time have included Yahoo, Adobe, eBay, Sony, and more.
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.
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.
On May 28th, 2019, payment processing giants Global Payments and TSYS officially announced a merger in a deal worth 21.5 billion dollars. That merger was just the latest in a series of mergers and acquisitions that have seen some of the industry’s largest players become even larger. In fact, the Global/TSYS merger was the third major merger in the industry in as many years. In January 2018, Vantiv announced a $10.4 billion merger with Wordplay, coming together to form Wordplay Inc., and on July 2017, First Data Corporation acquired CardConnect for $750 million.
These mergers demonstrate a clear trend towards consolidation and rapid, massive growth among the largest players in the payment processing industry. And with each new merger, pressure grows for other payment processors to follow suit in order to avoid being run over or swallowed up themselves. But, whether or not these mergers are good for the companies involved or for the industry as a whole, the million-dollar question is: are they beneficial in any way for merchants?
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.
While Square certainly can be used as a restaurant payment processor, when compared to some other merchant services and payment processing providers, including BAMS, Square and its third-party peers like PayPal and Stripe have some notable drawbacks that make them less than ideal solutions.
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.
Cash flow is everything, and one of the biggest keys to success in business is keeping accounts receivable to a minimum. The faster your invoices get paid, the healthier your company’s finances will be, and the better you’ll sleep at night. That means using any tool that can help you collect payment faster is a no-brainer. Email invoices are one such tool, and luckily, some payment gateways build free email invoicing tools right into their platforms. Taking advantage of them is a great way to reduce the amount of work that goes into invoicing and account management, and to speed up the arrival of your payments.