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.
Continue reading “Stripe Alternatives: How BAMS Stacks Up Against Stripe’s Payment Processing Solutions”
Two of the hottest topics around payment processing today are surcharges and cash discounts. These two strategies for beating credit card processing fees are becoming more and more popular among merchants, and many payment processing companies have begun to offer programs specifically designed to promote them. The problem is that many merchants don’t necessarily understand the rules around surcharging and cash discounting, and getting it wrong can result in some harsh consequences. With that in mind, let’s take a look at some of the more important details surrounding these two fee-reduction strategies.
Continue reading “Is Surcharging or Cash Discounting Right (or Even Legal) for Your Business?”
Whether you’re a start-up or an established business, at some point you’re going to be faced with the decision of how to accept electronic payments and whether or not to apply for a merchant services account. That can be a tough choice, as there are a lot of misconceptions surrounding merchant accounts, from the difficulty of approval to their usefulness to different kinds of businesses.
While some businesses find a way to get by without one, most companies will eventually come to the decision that a merchant account is the right choice for them, and with good reason. The alternatives that exist, while serviceable, aren’t ideal, and the benefits to be gained from a merchant account are hard to ignore.
Continue reading “Does Your Business Really Need A Merchant Services Account?”
Cash may have certainly been king at one point in time, but nowadays, card-based transactions reign supreme for consumers and the businesses they shop at. 77% of consumers prefer to pay with credit and debit cards over cash.
With this in mind, making decisions around the payment types you’ll accept as a business owner proves crucial for maintaining long-term positive cash flow. While opting for cash payments only may save you on transaction fees, it limits the purchasing potential for customers both in-store and online.
Continue reading “What Can Merchant Services Do For You?”
While every business is different, there’s one thing we all have in common – the need to process customer payments. Unfortunately, the process comes at a higher price. Literally. Ask yourself – how much does your business spend on payment processing fees? What about things like chargeback and next-day funding? Chances are, you use one of the world’s most popular payment processing systems, like Stripe, Square, or PayPal. Let’s take a look at why payment processing solutions like these could be letting you down – and you don’t even realize it.
Continue reading “Payment Processing Just Got a Makeover”
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.
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!
There are many payment gateways in the market and more are coming up by the day. Some banks even have their own gateways. It can get confusing for small enterprises just starting out on which platform to choose that is appropriate for their online store or e-commerce business. One such advantageous payment gateway and household name is Authorize.Net. It is a platform equipped with intricate infrastructure, software, and security crucial to the quick, secure, and reliable transfer of payment. It is the necessary bridge between a client’s financial account, the merchant’s online shop, and their bank account. Authorize.Net gives the required information to complete the transaction.
Besides the basic workings of this platform as explained above, there is a myriad of benefits Authorize.Net offers to traders. First, the platform boasts of an excellent Application Programmer’s Interface (API) which any programming language can use. Many prefer this gateway because it is widely available and quite common in the market. It has a proven track record and the least trouble involved in its use, so much so that even other payment gateways use its API. It also has very straightforward integration into shopping carts. The ease of application cuts down on development time, reduces testing, and ultimately saves you time and money.
Other features that make it so favorable are its speed and security. It encrypts customer data, sending it through the bank’s authorization networks via secure and exclusive connections. The whole process will take less than 5 seconds. Also, it boasts of excellent hi-tech fraud detection and prevention tools. Aside from being a bridge, one can enter transactions directly into the platform. Thus, it goes beyond an online shopping experience, enabling payments from a physical location.
It is seamless for your website and guarantees excellent customer experience. It has all the client data secured on their servers, making you PCI-compliant. You can simply invoice the customer via email because the platform has built-in invoicing tools. It is mobile-enabled so that you can work and process payment transaction data whenever and wherever.
Do not worry about set-up because we at BAMS have you covered. We are a leading payment provider offering the Authorize.Net gateway free of charge. BAMS will do more than allow free access; we will create your Authorize.Net account. The company also provides other solutions like on-premise payment and online payment methods for your e-commerce store. For more information, contact us.
Providing customers with the ability to pay for a product or service with a credit card is an incredible service that could result in far greater revenues for the business. However, when you sell a product with a credit card, you often are not able to receive your actual payment for up to 72 hours due to slow processing times. Fortunately, there is a service that can provide you with your money from a sale within 12 hours. This can benefit a company a number of different ways.
Better Cash Flow
One of the main advantages of next day funding is that it can greatly improve your cash flow and revenue cycle. One of the most important responsibilities that all businesses share is the need to properly manage cash flow. When you receive your revenue within 12 hours, you will be able to reduce your reliance on lines of credit and can pay your vendors sooner. This can ultimately improve your reputation and reduce your borrowing costs.
Another advantage of providing next day funding is that it often comes with better automation as well. Providers of next day funding will also typically provide you with other services that can also improve collections. This can include automated invoices, payment reminders, and other services that can get you paid more consistently and on time.
If you are looking for ways to improve your cash flow processes and collection systems, taking advantage of next day funding services could be a great option. You should contact us to learn more about how next day funding could help you.
For any business that accepts credit card payments, having access to a company that can provide merchant services is very important. For those that are located in the New York City area, hiring a NYC merchant services provider could be a great decision. There are several advantages of having a merchant service provider that is located near your place of business.
One reason why you should hire a local merchant services provider is that they will be far more accessible. While merchant services systems and processes are very reliable, there are bound to be some issues or questions that arise. When you have a provider that is located near your place of business, they will be able to quickly come to your location to ensure the issue is addressed and fixed. This can allow your business to get back up and running in no time and make you more efficient overall.
Same Time Zone
Another reason why you should have a local merchant service provider is that they are located in the same time zone. If you have a merchant services provider that is located overseas, or even in a different area of the country, they will likely operate on a different time than you. This means that they may not be able to process some of your orders until the following day. This can end up causing a cash flow delay and increase your interest costs if you have a line of credit.
If you are in need of merchant services, contact us to learn more about all of the services that we could provide to your business.