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.
Continue reading “Why BAMS Is The Perfect Solution For Your E-commerce Business?”
Whenever a credit card user disputes a charge they find in their credit card history, one of the provider’s first steps is to demand that the retailer returns the value of the charge. They protect consumers from fraudulent charges, but they can also be extremely costly to the merchant.
How can chargebacks hurt your business?
Even when the chargebacks are limited purely to potential credit card fraud, they can hurt your company’s bottom line. The revenue from a sale goes back to the consumer, and each chargeback usually has an associated fee. Having too many chargebacks can get your merchant account frozen, your company blacklisted, and your company fined.
Less straightforward incidents of chargebacks, like friendly fraud, can be even more damaging to your revenue and your company’s reputation.
What tools do you need to reduce the damage of chargebacks?
Get instant alerts so you can respond.
Chargeback alerts often come in the mail. Delays are bad for business. Text messages give you more opportunity to straighten out the dispute. Text messages can also be integrated with other automatic process tools so the alert becomes a case in the appropriate employee’s workflow.
Export your records to Excel.
It’s not just individual accounts of chargebacks that need your attention. Keep a living history of all the chargebacks issued to your company. Even if you don’t use the document to maintain a status report, you can use the report to know when your company is in danger of triggering fines, an audit, or the termination language with your payment processor.
Respond through an online interface.
Responding through faxes and letters is cumbersome. It also increases the risk of delays and the chance you won’t respond within the appropriate window of time. But an online management tool lets you respond immediately, keep track of responses, and organize the dispute.
Go to BAMS to find these and other tools for your company’s payment processing.
Continue reading “Does Your Payment Processing Tool Protect You from Chargebacks?”
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.
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!
It may seem like just yesterday when you could put up a site and have people come into your store to shop, but with the speed of technology’s rise, that might as well be a million years ago. Now, people want to buy precisely when they’re in the mood – and they don’t want to have to go get their items, either. Your site may put them in that buying mood, but if you can’t follow through by allowing them to buy from your site and have their items delivered, they’ll go to a site that is properly enabled. This is why your site must have a shopping cart and e-commerce payment processing all ready to go.
Fortunately, it’s not hard to bring a site into the modern world. Unlike just a few years ago, you don’t have to figure out a lot of arcane programming to get your products into a cart and integrate that cart with a payment processor. A plethora of shopping cart options – both free and paid – offer plenty of solutions for your products, software offerings, and more. The best of them integrate easily with payment processing solutions like ours with no more than the entry of some key information.
The payment processing itself is simple when you use a solution like ours. BAMS integrates with all of the most popular shopping carts and can be used with some of the lesser-known ones as well. Importantly, we offer free access to the Authorize.net gateway that powers most e-commerce transactions. You won’t have to worry about programming anything – your supported online cart and our payment processing solutions will work together without a hitch.
To get started on making your online shop competitive with others in your field, just contact us. We’ll be happy to explain everything about e-commerce payment processing.
All chargebacks are frustrating, but it’s even worse when they happen because of fraud. Then, you not only lose the transaction but the merchandise as well. This alone is enough reason to make sure you stop fraud before you send out any products. Here are some of the chargeback prevention ways that you can armor your online store against fraudulent purchases:
The Zip Code Check
These checks are basic, but they block a surprising amount of suspicious transactions. One of the most standards is to collect the would-be buyer’s name and address. Then, use a shopping cart that sends that information to Authorize.net along with the credit card number. Set your Authorize.net account to compare the zip code on file with the credit card company against the one you were given. If they don’t match, it automatically declines the transaction.
Have Proof of Shipment
One of the most common ways to commit chargeback fraud is done by the criminal ordering things and then claiming non-receipt. Stop this nonsense by shipping everything using methods that give you tracking numbers and proof of delivery. All of the major shippers have an option that provides these things, and it’s worth it to use those options. Then if someone claims non-delivery, you can give us or a card-issuing bank the number to prove that your package indeed arrived.
Having this information at hand also helps you when the customer legitimately hasn’t gotten an item. You’ll be able to look up the tracking and see exactly where the package is in the shipping system. You can almost always get someone to be more patient if you can provide a detailed answer to the question of “where’s my stuff!?.”
To learn more about how to prevent fraudulent chargebacks and other problems, just contact us. We’ll be glad to help you make your business go more smoothly.
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.
In order to accept online payments, a business has to have a special gateway to connect to the processing system. One of the most-used and trouble-free solutions is to use Authorize.net, which is the leading provider of online payment gateways. Authorize.net can also process transactions that are entered directly into its system, so it’s easy for you to sell products and services from a remote, but physical location such as a fair. Getting setup with them, however, requires going through a payment processing company – they do not deal directly with end-users.
Some processors charge high set-up fees to add Authorize.net to your account because they know that your only other option is to use a less well-known, and possibly unreliable, solution. This adds expense to your set-up cost that, as it turns out, is entirely avoidable.
Avoiding the set-up cost is simple. All you need to do is choose a provider that offers a free authorize.net gateway as part of its package. Then, you not only get free access to Authorize.net, but the account creation is done for you. You’ll just need to take care of the technical details of connecting your site, something your merchant services agent can likely help you do. With many shopping cart software options, all you need to do for this is enter your account number into the relevant fields.
BAMS, a leading payment processor, does more than just give you the free gateway. They provide physical payment solutions as well as virtual ones, and they examine your application to find cost savings for you whenever possible. This makes it easy for you to get all of your payment needs handled under one roof at the lowest possible cost. To learn more, just contact us and we’ll explain all that you need to know.