Merchant Account & E Commerce Payment Processing Insights - Page 2 of 5 - The motto at BAMS is to deliver superior customer support and education about merchant accounts.

April 15, 2018April 15, 2018

5 Reasons Why Every Business Needs an E-Commerce Processing Platform

E-commerce processing concept on a digital screen in human hand

Brick and Mortar stores are taking a hit all because of e-commerce. Just look at Toys “R” Us and Babies “R” Us. These two were giants in their respective fields for over 60 years. Kmart which began in 1899 has liquidated and closed as well.

The question is, if they had instituted a healthy e-commerce processing program, could they have sustained a longer run and still be in business? The answer is probably yes. They could have streamlined their overhead, lowered prices and been competitive in their respective fields. People say it is Amazon’s fault these stores collapsed. Amazon just provided, (in some cases), better prices and the ease of purchasing items from home.

E-commerce is a viable entity and it’s here to stay. Every business that sells anything should have an e-commerce platform.

Why People Love to Shop Online

Shop from home or office
Avoid crowds or going to the mall
Convenience, done with just a few button clicks
Better Variety
Better Prices

People are ridiculously busy, they mean to get to the store to purchase mom’s birthday gift, but finding the time is not easy. The kids must be toted to practice and games. Perhaps it’s business meetings, family and friends get-togethers, or working late and being too exhausted to stop by the store. Let’s try this, the store is closed, or it’s late and that parking lot can be sketchy at night. Having an e-commerce platform set up by BAMS can keep loyal customers coming back without having to set foot in the store. E-commerce can attract new customers who would never have visited your location. They may live 50, 500 or 5000 miles away.

Here is a likely scenario; a child wants a pair of cowboy boots. The parent has no idea about such things, they live in New England where cowboys are not the norm. Said parent googles cowboy boots for sale, checks out a couple sites, decides what to spend, and orders them from Texas. The child is happy, the parent is happy, the person who does not know they have reason to be unhappy is the Western Wear business owner in town without an e-commerce site.

Contact BAMS to discuss setting up your e-commerce processing platform to help your business grow.

April 6, 2018

3 Great Reasons to Buy Online Gift Cards

Gift cards have only been around about 20 years. Before that, is was paper gift certificates and not many of them, as the giver preferred a more “personal touch,” meaning that actually going to the store and purchasing the gift was not only more labor intensive but more “thoughtful.” As more establishments began offering gift cards, the variety was embraced by the general public and they took off fast and hard. At this time every store, restaurant and sub shop we enter has their own gift cards to purchase, and many sell a multitude of others. We, the public, have determined that gift cards are good, but of course the less scrupulous among us have found ways to defraud consumers and those same stores, restaurants, etcetera. BAMS can help you get setup to begin selling gift cards immediately.

The latest gift card trend is purchasing them online. You buy it, get sent a secure 16 digit number and a pin code that you pass along to whomever you choose. Many businesses can send the virtual gift card to the email you provided. Once it has been purchased, the buyer is completely out of the loop. The gift is given, the buyer is happy as is the gift card recipient.

Reasons why purchasing gift cards online is smarter:

Security – The transaction takes place in private, no plastic cards hanging on a rack that may have been compromised.
Spending – People spend more when using gift cards online. Overspending is normal since people can look at more than just discounted and clearance items, after all, it’s not their own hard earned money that’s being used. These wish list items can be bought and adding an extra $20.00 or $50.00 is okay since the recipient getting something they normally would not want to entirely pay for themselves.
Convenience – The birthday, holiday, or other has a deadline of tomorrow. Buying a gift and sending it is out of the question, it will not get there in time. An online gift card will, and it be very well received.

Online gift cards are a great idea, the color is always right, it’s just the size of the amount that needs consideration. Contact us so that BAMS can explain more about online gift cards.

March 27, 2018

A Better Alternative to Stripe and PayPal

Businessman using tablet computer and credit card. e-commerce merchant services concept

Many new merchants sign up with PayPal or Stripe to accept payments but often find that they have high cart abandonment and generally lackluster sales. In many cases, it’s not the product or the newness of the merchant that’s the problem – it’s the lack of a “real” shopping cart. Eliminating this issue is as simple as switching to a BAMS merchant account. Here are some of the biggest reasons to do this:

You Look More Professional

BAMS provides true merchant account capabilities that work within your shopping cart. This eliminates the switch to another provider’s site for transaction completion and thereby increases consumer confidence. Customers often get cold feet if they find themselves having to go through PayPal or another provider’s system when it comes time to buy. Outside checkout systems mark your store as that of an amateur, and this causes people to worry that things won’t go smoothly. A real merchant account reassures them that you’re actually ready to do business.

You Get Your Money Faster

PayPal is known for holding back funds from new accounts. This is supposed to reduce fraud, but in reality, it just makes it harder on you. If you run a dropshipping operation, or simply only buy stock after someone has actually ordered it, you need to get your money and turn it around in short order. A real merchant account lets you have it within a day or two.

You Don’t Have to Worry About Surprise Platform Updates

External payment processors sometimes update their platforms in ways that break their integration with their site. Then, you have to drop everything and rush to install new code in order to take any orders at all. You won’t have to put up with this costly nonsense with a real merchant account.

These are just some of the reasons you should choose BAMS over a provider like PayPal or Stripe. To learn more, just contact us.

March 20, 2018

Modernize Your Site with E-Commerce Processing

If you sell products from a physical store, you might be missing out on an entire other sales channel: the internet. Today’s customers expect even physical stores to be able to offer certain e-commerce features from their sites, and if these aren’t available, the stores seem behind on the times. Here are a few essentials your store’s site should have:

Site to Store

With this feature, customers order online, but pick their items up at your store’s service counter or other designated areas. Your staff does the job of picking it all off the shelves and boxing or bagging it, but you don’t worry about shipping it anywhere. This makes things quick and easy for the customer and increases your chance of making sales, while you are saved from dealing with logistics.

Pre-Orders

If you routinely get hot new items, give your customers the chance to lock in their copies by ordering in advance of arrival. Offering the ability to make pre-orders will please your customers, but more importantly, it’ll let you get a better idea of how many units to buy for release day and how hot the item will be overall.

Of course, getting set up to offer these services requires your site to have a few essentials. One of these is a merchant processing account. To get set up with an affordable option that includes a free Authorize.net gateway, just contact us!

Here at BAMS, we are happy to answer any of your questions and help you get started!

March 17, 2018

5 Signs It’s Time to Switch From PayPal to BAMS

Young woman shopping online and paying with BAMS or PayPal

A very common question we encounter, especially from new online business owners, is when should they switch from accepting payment through PayPal to accepting payment directly on their site through a BAMS merchant account? We’ve got five signs that it’s time for you to make the switch.

PayPal is no Longer Cost Effective

Although it depends on the rate that you’re looking at for your new BAMS merchant account and your current PayPal rate, there will be a plateau that you hit with your sales revenue that makes a BAMS merchant account much more affordable than using PayPal.

Increased Abandoned Carts

If you’re seeing an increased rate of abandoned carts, PayPal could be partially to blame. With some versions of PayPal, when customers are checking out from your site, they’re redirected to PayPal’s site to log in and create an account. Essentially, this creates an obstacle for people that just want to buy in a hurry, and that could be leading your customers to abandon their carts and search for an easier purchase elsewhere.

Need for a Quick Access to Funds

If you need to access funds more quickly, a BAMS merchant account might better suit your purposes. Keep in mind that PayPal will hold onto your funds in your PayPal account for five to seven days before moving them to your personal or business bank account. That means if you frequently have new inventory to buy or need to pay for big investments in a pinch, you might want to take a look at switching from PayPal so you’ll have more direct access to your money.

If You’re Selling to Businesses

You may not have thought of this one before, but if you’re selling more to business owners than the average consumer, it’s probably time to accept payment directly on your site. In BB transactions, it’s quite rare for a corporation to actually purchase something through PayPal. Often, they want to use a more professional method, like accepting payment directly on your site.

If You Want to Grow Your Brand

If you’re looking to grow your brand, you might want to think about accepting payments directly on your site. Why? To be frank, a lot of people will see a site that only accepts PayPal and perceive it as being fairly amateur. On the other hand, if you’re accepting payment on your site directly, it gives your business an air of confidence and credibility, and that’s an especially powerful thing for a growing brand.

Keep these five signs in mind when you’re considering whether or not you should make the PayPal to BAMS merchant-account migration. If you have any questions, please contact us.

March 2, 2018March 7, 2018

Solid Alternatives to Stripe and Paypal Mobile Payment Processors

Young woman buying goods from the internet and entering number security code from credit card on smartphone. Mobile payment processors concept

With so much of the business world moving to the web, having secure and functional methods of processing payments has become a top priority. This space has typically been dominated by Paypal and Stripe but many alternatives have sprouted up. Each has its own set of benefits and shortcomings but some may be a better fit for your budget or needs. Here are some of the ones making waves:

BAMS

Bank Associates Merchant Services or BAMS is a service that is dedicated to affordable options for small, low-risk businesses. The goal is to provide an excellent product and service that helps your business become as profitable as it can possibly be. This demonstrates itself in the effort to form strong relationships with their clients to truly understand the needs of your business and processing objectives.

TransferWise

While a little bit different from the others, TransferWise is invaluable to businesses operating on a global scale. Their focus is on making international payments easy and affordable. In the past, it can be costly to send money across borders and the wait times could be excruciating. TransferWise has done away with this, their fees are often half of what a bank transfer might be and transfers typically happen within 2-3 days. This is one of the best options for international businesses or those who have clients across the world.

There you have it, some alternatives if you are considering switching or just getting involved in e-commerce. Every service has something unique to offer and it is crucial you find what is right for your needs. If you’re seeking a change in your payment processing or any help with payment processing, consider discussing your options with BAMS here.

February 26, 2018

Why a Local NYC Merchant Services Provider is a Good Option

New York City is one of the biggest cities in the world and is the home to many businesses of all sizes. For those that are based out of New York City, having access to a local merchant services provider would be very beneficial. There are several different benefits of hiring a New York City merchant services provider that can make it the best option for your business.

Payment Processing

One of the main benefits of having your merchant services provider be local is that they can provide you with quick payment processing. Today, the majority of all purchases are either made online or in a store using a credit card. This can create a bit of a cash flow problem for businesses as it can be a few days before they actually receive the cash from the credit card provider. When you use a local NYC merchant services provider, this wait time can be cut down dramatically. In many situations, you can actually receive your payment the next business day.

Quick Onsite Assistance

Another benefit of hiring a local merchant services provider is that they will be able to provide you with onsite assistance when necessary. While merchant services programs tend to work very well, there are situations in which you will need further assistance to either learn the system or troubleshoot a problem. While you can have some of these situations handled over the phone, it is normally much easier and efficient to have them handled in person. When you hire a local provider, they will be able to have a professional sent to your place of business quickly.

Due to the benefits of hiring a local merchant services provider, you should contact us to learn more about the services and benefits that we could provide to your organization.

February 23, 2018

Increase Employee Morale with Personalized Online Gift Cards

3D Rendering, shopping concept with gift card

Companies are constantly looking for ways to increase morale among their employees. Whether it’s recognizing hard work, a Christmas or birthday present or simply saying “Thank you!” for sticking with the company. The giver wants a unique way that will be appreciated and remembered.

That’s where original gift cards come in.

With gift cards online:

You are able to choose the venue. If you have several employees, you have several different opinions on what is special to them. With secure gift cards online, you are able to choose from several options from a relaxing massage to a concert to a night at a unique restaurant.
Choose your price based on your own budget. There is no minimum or maximum to what you are allowed.
Choose your own design: you might want a picture of the office gang, a special pet or your company’s logo. BAMS offers the ability to create your own specific design.
Your information is secure. NBC News, for the second year in a row, highlighted the dangers of buying gift cards, from a hanger on a store or through unsecured online sites. There are increasing concerns over security and reports of gift cards being drained by technology thieves. BAMS offers the protection that is so important, particularly when you are gifting a valued employee.
Return to reorder or start a new order.We’ll remember you! In addition, you’ll receive special offers as a returning customer.
Convenience.

You don’t have to dash out or leave early to go to the mall. You won’t be wondering if you got the perfect give. And with secure gift cards online you are able to order quickly without leaving the comfort of your chair.

People are always looking for ways to stand out. And gift giving is no exception. Online gift cards, from a secure site, can be the perfect way to give that personal touch to someone you want to impress. Contact us for more information.

February 21, 2018

Understanding EMV Payment Card Technology

Credit Card Transaction Using the New Security Electronic Chip Technology EMV

Updating payment equipment by companies to chip cards with embedded microchips has added a level of security to businesses and their customers. Fraudulent transactions risk has significantly reduced due to chip cards technology. Implementing point-to-point encryption reduces payment card fraud from counterfeit cards. The liability shift from financial institutions favors applying EMV technology to great effects.

The only challenge which companies are facing is putting in place EMV systems that bonds seamlessly with their specific EMV hardware.

What is EMV?

EuroPay, MasterCard, Visa (EMV) is a form of payment that bonds plastic cards with microchips. EMV cards, unlike normal credit cards, generate particular code for every transaction its user makes. The issuing bank shares the code to ensure it is legitimate. The microchip codes generated cannot be replicated, thus ensuring security against creating counterfeit cards by thieves.

Why Create EMV Card?

To curb hackers from stealing and selling credit card information that creates counterfeit cards, EMV was developed. Creating a card that generates random codes for every transaction ensures a minimal chance for counterfeit cards. The challenge, however, is that EMV cards are only helpful where a card can be inserted or swiped into a point of sale. Tokenization and point-to-point encryption eliminate card data breaches.

What Entails EMV Compliance?

EMV compliance requires installing point-of-sale terminals which are EMV-enabled and certified by a particular bank and ensuring that payment application is EMV certified for every card network. Depending on user’s application of EMV compliance, the terminal cost ranges significantly. Users ensure these terminals are installed with the EMV-compliant software.

What are EMV Security Weaknesses?

EMV cards are only applied where payment cards can be used in a point of sale. Online transactions which are highly fraudulent are not protected. Payment card security experts have concluded that hackers can still access unencrypted payment information from personal account number by removing the codes generated. EMV reduces fraud while point-to-point encryption eliminates fraud.

Companies that use debit and credit cards as a form of payment should consider becoming EMV compliant to significantly reduce fraud while also providing other benefits to a company such as the liability shift. Contact us now for more information.

February 18, 2018

Get Your Money Faster with a BAMS Merchant Account

Writing on whiteboard a lightbulb and currency symbols (next day funding concept).

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.

To eliminate the long wait for funding and cut your overall payment processing costs, just contact us today. We’ll be happy to get you set up with a superior merchant account right away.