Tag: E-Commerce Payment Processing

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Our Top 3 Magento Integrations To Help Your Business Grow

Magento is one of the top e-commerce platforms

E-commerce continues to be one of the fastest growing industries in the world, with billions of dollars in sales volume and consistent double-digit growth over the past four years. Fueling that growth is a shift in consumer behavior, but also the technology that makes e-commerce possible.

From a tech standpoint, Magento is one of the top e-commerce platforms in the world, driving approximately 250,000 e-commerce stores and an impressive $100 billion in gross sales volume.

Of course, no platform operates in isolation, and Magento is no exception. To get the most out of it, many businesses turn to systems integrations and plugins to expand the functionality of their website as well as optimize a business’s use of customer data. Let’s take a closer look at our top integrations for the Magento platform.

 

Enterprise Resource Planning (ERP)

ERP software is essentially the backbone of many mid-sized businesses. As the category name suggests, the software helps firms identify and manage various resources. That can be anything from raw materials, financial resources, or human resources. And as such, they both require and generate a lot of data that is essential for an e-commerce business, and integrating an ERP to Magento can help businesses grow exponentially.

For example, an ERP system integration can help a firm optimize its manufacturing processes, and thus ensure that a product is never out of stock. Additionally, Magento can track customer purchasing patterns, while an integrated ERP integration can identify key times when production should be increased or decreased, thus optimizing the production process.

 

Marketing Automation

In today’s increasingly connected digital world, marketing automation systems have helped firms optimize the delivery of key messages to highly segmented audiences at the optimal time designed to increase conversions. Of course, customer data is the lifeblood of such systems, and the more data they have, the more powerful and effective these marketing automation programs are. Luckily, Magento is an excellent data source. By integrating marketing automation with Magento, marketers can track essential aspects of their marketing programs with the goal of optimizing them. For example, they can track which channels are driving the most traffic, which are driving conversions, which are driving new customers, repeat buyers, etc. They can then build automation protocols that efficiently move visitors through the sales funnel. The more they can automate everyday tasks, the less work they need to do!

 

Payment Gateways

Accepting payments is the final step in any e-commerce transaction, and it’s essential for it to be a seamless experience. That means integrating the payment gateway with the Magento shopping cart user experience. This is an essential part of running an e-commerce store. By way of comparison, if you were shopping at a brick-and-mortar store and were told to go to a different store to complete the payment, you’d probably think something shady was going on. The same is true of e-commerce stores. Integrating the payment gateway ensures that customers get a fully branded experience from start to finish.

 

Here at BAMS, we help customers with a variety of payment gateway integrations for Magento and other e-commerce platforms. It only takes 10 minutes for our agents to connect your store with the best payment gateways. So, if you need to get up and running quickly, contact us today. One quick update is all it takes for you to get all the benefits of a BAMS merchant account.

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Why BAMS Is The Perfect Solution For Your E-commerce Business?

E-commerce Business

Over the past decade, the world of e-commerce has completely transformed consumer purchasing behaviors. Practically everything you once had to procure in-person can now be purchased from the convenience of your couch through a series of clicks, taps, and confirmation emails.

In fact, 1.79 billion people worldwide made a purchase online in 2018, with that number expected to grow to 2.14 billion by 2021. The moral of the story: your customers are shopping online with money that’s burning a hole in their pocket.

As an online business, putting the right e-commerce strategy in place is and will continue to be key for long-term growth. Part of that strategy relies on selecting the right payment processing solution for your website.

You will, without a doubt, have a multitude of merchant account providers to choose from, so it’s important to know what matters most to your business when making a selection.

You’re not simply choosing a method with which to process transactions: you’re giving customers a sense of security and your business a positive reputation.

Trust in a platform that will ensure all of the above, and then some. Here’s why BAMS is the perfect solution for your e-commerce business.

BAMS Integrates With Your Existing E-Commerce Software

The last thing you want to have to do when choosing a merchant account is completely reconfiguring your current system. Convenience goes out the window when you have to change out all of your e-commerce software and point-of-sale systems already in use.

The team at BAMS knows how important popular integrations are for business owners with full plates. The more consolidated your efforts become from a software standpoint, the more strategic you’re able to be in your day-to-day operations.

With a checkout process already in place, BAMS easily integrates with popular e-commerce platforms like Authorize.Net, Magento, WooCommerce, and BigCommerce. Best of all, BAMS agents take care of the heavy lifting, connecting your current online store to the ideal payment gateway solution for your e-commerce business.

BAMS Protects Against Chargebacks

Chargebacks, on average, cost e-commerce businesses $40 billion in lost revenue. This is largely due to the fact that most business owners don’t even notice a chargeback until it’s already been processed.

With additional fees tacked onto the customer’s refund, you can end up losing more than simply the cost of a returned product. This becomes especially true as your chargeback rate starts to rise. When an increasing number of customers dispute purchases with your business, refund processing fees from issuing banks start to rise and your ability to process credit cards in the future can become compromised.

The Chargeback Defense functionality offered through BAMS gives you the ability to manage chargebacks effectively. From Instant Dispute Alerts to Online Dispute Management tools, you have the power to review and refute claims as soon as they arise.

BAMS Streamlines Operations With Reporting & Analytics Dashboards

Running a business is one thing: growing a business is something else entirely. To do so requires you to separate yourself from the day-to-day and think big picture. It requires you to pull insights from reporting and analytics.

This is where BAMS goes beyond payment processing to provide you with software that actually works to maximize profitability. Working with BAMS, you’ll gain access to a powerful CRM portal that gives you visibility into daily operational highlights.

Set up daily settlement reports that can be received via email or SMS. Track sales growth trends with an easy-to-use, visual monitoring dashboard. Search through your entire history of transactional records in seconds. All of this functionality and more is at your fingertips in one centralized location.

BAMS Pricing is Transparent

The team at BAMS knows you have options when it comes to payment processing for e-commerce. This is why we’re both competitive and transparent when it comes to pricing.

Our pricing model involves a unique 5-step comparison process. When you request a quote, you receive an analysis specific to the needs of your e-commerce business. This starts with an in-depth look at the rates and fees you’re currently paying.

If there’s a way to save you money and better serve your payment processing needs, our team of Merchant Account Specialists will uncover it. After all, you shouldn’t have to pay for tools that aren’t actually effective or relevant to how your business operates.

This belief carries into the BAMS Low Price Guarantee. Receive a less expensive merchant account offer from any other registered financial provider during your relationship with BAMS, and we’ll either match or beat it.

BAMS Offers Dependable Support

How many times have you signed your name on the dotted line with a service provider only to find the implementation and ongoing support lacking to non-existent? Unfortunately, this is the risk you run post-sale with any partnership.

BAMS puts its relationships with customers above all else. This is reflected through the human connections fostered between e-commerce business owners and Merchant Account Specialists.

These individuals are with you every step of the way. They’ll provide personalized quotes, guide you through implementation, and even help your business get certified as PCI-compliant — walking you through the entire process.

Final Thoughts: Why BAMS is the Perfect Solution for Your E-commerce Business

Sifting through the variety of payment processing solutions made available to e-commerce business owners can be both frustrating and overwhelming. You want to make not only the right choice for the sake of your customers but a choice that will positively impact and grow with your business for years to come.

This is why it’s important to look at the big picture. Prioritize what matters most across your business operations and partner with a team that values your success just as much as you do.

For e-commerce businesses, BAMS’ fully-loaded payment processing platform is truly a one-stop shop. Find out what makes it the perfect solution for your business — contact our team of expert specialists to request a free quote today.

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Don’t Have Dangerous Gaps in PCI Compliance

Stack of multicolored credit cards close-up view with selective focus.

When you’re looking for a payment processing site so you can make personal online transactions, you might just use the first thing you come across. But when it comes to your business, you want to back up your choice with some research. Different payment processing tools, like PayPal, Stripe, and BAMS, offer a wide array of benefits and supplemental features. The most important thing for your business, however, is PCI compliance.

How does PCI compliance apply to your business?

PCI DSS, or the Payment Card Industry Data Security Standard is a list of standards for securing payment processing details. If your company even touches payment information, whether you’re storing the information or just accepting, processing, or transmitting it, then you’re responsible for maintaining a secure environment for that data. That’s why more and more companies are using third-party providers to handle payment processing. If payments are routed through another site entirely, your liabilities are limited.

How do you know which processing service provides the best PCI compliance?

The best way to know which service is for you is to start studying your own business. How do you usually get paid? Online stores will have a lot of individual transactions. Subscription service providers, whether they provide online services or something physical like landscaping, may have automatic payments. If your company provides freelance services, you may need to invoice clients for monthly services or varying amounts.

Once you know how your company sends requests for payment and receives payment, start looking for exceptions. Stripe, for example, doesn’t have an inbuilt invoicing tool so you will need to check your additional third-party services for PCI compliance. PayPal does offer more PCI compliance, but only at certain levels of subscription.

Most e-commerce payment processing platforms are all but required to have PCI compliance, but your company may be liable for any gaps. So look for those gaps before finalizing your choice. Browse our blog for more ways to choose the best platform for your business.

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3 Ways Payment Processing Reports Can Help Your Marketing Team

Payment Processing reports. Numbers graph

Marketing strategies rely on having information. You need to know as much about your prospective customers as possible so you can reach out to them effectively. A lot of that information comes from your website traffic. What your visitors do, how they interact with the site, and what items they buy form a large part of your understanding. But the information you can gather through Google Analytics and lead generation isn’t the end of your information-gathering abilities. Payment processing reports can tell you a lot about your customers and your store. Here are some tips:

What three things can you learn from your payment processing reports?

1. What’s the average sales total?

It’s not just enough to know how much money your store is making every day or each month. It’s also important to know how much each customer is spending each time they come into your store. This gives you a lot of information about buyer behavior. Unless your store is specifically designed for small frequent purchases, like a convenience store, then larger purchases are better. Reports can let you know if your marketing and store arrangement efforts are working.

2. Which credit card types are your customers using?

Credit card type also tells you a lot about different customer personas or hypothetical characters built around the standard behaviors and interests of your target markets. But card types also matter based on the agreements you have for different types of merchant services. If you have a lot of transactions through one card type, you can negotiate for a lower percentage. If you have few transactions through credit cards, you can decide if a surcharge for small payments is right for your company.

3. How many transactions are happening at different terminals?

Different terminals at your store get different amounts of traffic. This data can let you know if one point of sale is too out of the way or is left unmanned. It can also let you know when the primary terminal is too busy and your store needs a new arrangement.

For more ways to use payment processing reports, go to BAMS.

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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.

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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.

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The E-commerce Processing Rush is Far From Over

Atom connect with blur fashion retail shop e-commerce store concept

When e-commerce processing first came into existence, analysts predicted that it could become a multimillion-dollar industry. Now, it’s clear that what once seemed lofty was actually understated. Billions of dollars change hands online, and the vast majority does so via credit card transactions. This makes e-commerce processing more important than ever.

Is There Still Room to Enter the Online Business World?

With the emergence of giant online retailers, small brick-and-mortar companies may wonder if there is still opportunity online. The answer is definitely yes! Local companies can improve their businesses substantially by offering services like store pickup, pre-orders, online appointment setting, and more. Of course, competing head-to-head with the giants is also a possibility, and for those with a unique enough offering, it may be worthwhile.

What Should You Look For in an E-commerce Payment Processor?

One of the key things to seek is low fees. For obvious reasons, it’s good to keep these and other backend expenses low.

Along these lines, look for one that includes an Authorize.net gateway for free, like BAMS. Some processors charge a substantial amount for this, but not all.

The next thing to look for is a fast settlement of funds. The faster transaction money gets into your bank account, the better. Here at BAMS, we can get the money into your bank account in a day or less.

To get started on expanding into the e-commerce universe, just contact us. We’ll be glad to answer all of your questions and get you set up to accept payments online.