ecommerce merchant account Archives - Merchant Account & E Commerce Payment Processing Insights

April 9, 2019

Does Your Business Really Need A Merchant Services Account?

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.

The Alternative: Third-Party Processors

The first and most obvious alternative to accepting card payments through a merchant account is not accepting card payments at all. That’s a bad choice, and most serious businesses would never even consider not offering customers some sort of plastic option. The other alternative is third-party processors, and while these are a popular choice for some much smaller businesses, they’re not a good choice for companies doing any real volume.

PayPal is probably the most well-known example of a third-party processor. PayPal allows members to accept credit card payments, but those payments are processed through PayPal’s master merchant account, with the company acting as a middle-man. As with any middle-man, they make their money by tacking on additional fees. Those fees aren’t insignificant, and they make third-party processors fairly expensive on a transaction-by-transaction basis.

The Benefits of a Merchant Account

While a merchant account isn’t technically necessary to accept credit payments, compared to the alternatives, there are some major benefits to having one. They include both the financial benefits that a merchant account offers, as well as the less obvious, but equally important benefit of lending credibility to your business.

Financial benefits:

The first major financial benefit is that having a merchant account makes your business more accessible to your customers, and that can only be a good thing. With each new generation, cash becomes more and more obsolete, and card payments become more and more the norm. Your customers want to pay you with cards, and, generally speaking, when someone wants to give you money, you should let them!

The second financial benefit is that a merchant account is almost certainly the cheapest option you’ll have access to for accepting card payments. That doesn’t mean all merchant accounts and payment processors are created equal, and you should shop around very carefully when deciding who to sign on with. But compared with the alternatives, a merchant account is generally your most cost-effective bet on a per-transaction basis.

Trust benefits:

Perception is reality, and if a customer perceives your business in a negative light, there’s a good chance you’re going to lose the sale. When you accept payments through a third-party processor, it generally requires customers to be redirected from your website to the processor’s website. That can be a jarring experience in the middle of a transaction, and it can easily cause a customer to abandon their purchase altogether.

A merchant account allows you to accept secure, PCI compliant payments directly through your website, under your own familiar branding, and without any scary redirects. That’s the experience that consumers expect from well-established, reputable merchants, and it can’t be overstated how far it can go in reinforcing the trust between merchant and customer.

BAMS provides merchant services to thousands of businesses across the globe, and 98% of our client merchants report lower stress levels when working with a BAMS merchant account. That’s because we go out of our way to ensure your payment processing experience is as easy as possible – from getting your account set-up, to ensuring PCI compliance, to accepting payments, reporting, and beyond.

March 18, 2019

What Can Merchant Services Do For You?

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.

If you’re moving forward with electronic payments, you’ll need to choose a merchant service provider. Merchant services provide businesses with the financial tools necessary for processing credit card transactions, as well as debit cards and mobile payments. They will set you up with a merchant account, which essentially functions as a go-between across your business bank account, credit card networks, and a customer’s issuing bank.

Technicalities aside, here’s what great merchant services can do for you.

#1: Lower Stress

4.9 out of 5 clients report lower stress levels when working with merchant accounts. This is because, with services like BAMS, you receive more than just a payment processing portal. You’ll achieve peace of mind thanks to in-depth reporting and analytics, protection from chargebacks, and small business funding options for when you’re ready to take operations to that next level.

#2: Free Up Time

With merchant services, the less time you spend worrying about money coming in, the more time you have to spend elsewhere. Build your brand, put together a marketing plan based on insights gained from your payment processing reports, and focus on generating even more interest in the products and/or services you have to sell.

#3: Save You Money

BAMS is a merchant services industry leader for a reason. We don’t just provide business owners with tools they can trust, we provide them with tools they can trust to get the job done and save them money.

Our 5-step price comparison process involves a detailed analysis of all rates and fees associated with your current payment operating costs, highlighting line items you can cut to save money over time.

#4: Seamlessly Integrate with Business Operations

The more in sync your tools and services are with each other, the more informed your decisions will be across all areas of business operations. From ecommerce to POS systems for hospitality, restaurants, retail and more, merchant services should provide enough integrative capabilities to accommodate your business, regardless of industry.

Final Thoughts: What Can Merchant Services Do for You?

On the surface, choosing to partner with merchant services is a to-do item that can seem daunting to any new business owner. But in doing so, you’re not only selecting a tool for the sake of payment processing. You’re aligning with a company that will help you in establishing credibility with your customers for future growth.

Partner with a team that puts customer satisfaction and commitment above all else. Contact the team at BAMS for a free quote!

March 11, 2019

Payment Processing Just Got a Makeover

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.

Cons

High payment processing rates
Account cancelation or freezing without notice
Hefty chargeback fees
Terms of use limitations
And more

We could go on, but quite frankly, we don’t really want to. We’d much rather talk about the payment solution on everyone’s lips. BAMS.

As an established industry-leader in payment processing, BAMS is completely unique in its benefits for businesses. 4.9 out of 5 of our clients report lower stress levels when utilizing our merchant accounts. Hey, nobody’s perfect. If you ask us, that’s as close to perfect as you can get.

BAMS has been trusted by THOUSANDS of merchants worldwide since its formation in 2006, including CRMDialer, Armitron, Hyatt House, Lightbridge Academy, RobeMart, ZeroBounce, TheNorm, and many more.

CROSS-INDUSTRY PAYMENT PERFECTION

It doesn’t matter whether you’re in healthcare, retail, hospitality, beauty, auto repair, mobile payments…you name it. What matters is that BAMS caters to all businesses across all industries, with a range of payment solutions that make BAMS the obvious choice.

Payment Gateways

BAMS offers multi-platform access that means the platform can integrate with almost any POS, shopping cart, or eCommerce platform you can think of – without charging high per-transaction rates like Stripe. BAMS is a convenient and intuitive tool that you can use to submit and manage transactions – recurring or subscription-based. From XCART to Magento to Ubercart, we do it all.

Integrations

Just another thing that sets BAMS apart is the fact that we’ll take the time to connect your business’s online store with the most suitable payment gateway for your needs. There’s no need to change your checkout process. We put you first, and one quick update is all it takes to start utilizing the endless BAMS merchant account benefits.

EMV

We believe in educating our clients to keep you on your toes. Did you know that all businesses, as of October 2015, were obliged to update their payment equipment to facilitate EMV or chip cards like Europay, MasterCard, and Visa? This added layer of security is critical in today’s world. If you haven’t upgraded yet, the BAMS team will help you get connected so you can stand out from the crowd. Can you think of another payment processing business who goes that far for its clients? We offer multiple EMV terminals and PIN Pads to keep you on-trend, without breaking the bank.

Reporting & Analytics

Knowledge is power. BAMS arms its clients with the ability to access insightful reporting and analytics that you can use to make more informed business decisions. From daily SMS/email settlement reports to visual monitoring of sales growth trends, searchable transaction history from day one, and more, our all-in-one software is all you need to send your profitability soaring.

Gift & Loyalty

Today’s businesses have to think differently. Since the emergence of social media and instant communication, consumers have demanded more personal service. That’s why BAMS helps you establish gift and loyalty card programs that you can use to increase value while building an unbeatable competitive edge. Use BAMS to create professionally-designed and customizable gift cards in the blink of an eye. No prior experience required.

OptBlue

In line with our mission to keep your costs to a minimum, we’ll work with you to get you set up with American Express OptBlue. Whether you’re in healthcare, retail, or education, OptBlue will empower you with the ability to receive transactions in as little as 12 hours – a revolution in the payment processing industry. Sophisticated technology lies at the heart of OptBlue, along with an easy-to-use system.

Next Day Funding

When do you want to get your deposits? With BAMS, you choose – getting funded in as little as 12 hours. Our refreshing deposit structure means that if funds are batched out by 7pm, they’ll be in your bank account by 7am. Next-day funding is critical for a range of real-life scenarios, including inventory, payroll, vendor payments, and more. Life is unpredictable, and BAMS ensure you always have the funding you need to stay afloat.

Chargeback Defense

Problematic chargebacks can be devastating for business owners. That’s why BAMS has been built with innovative technology to help you mitigate fraud. On day zero, you’ll be notified of incoming disputes via SMS and email – with speedier notifications than you’ll find with any other payment processer. No more relying on postal mail. We’ll help you reduce your “no response” chargebacks and export all history to excel in seconds. Sometimes, instant gratification is the key to success. As we say, “know, respond, and win.”

Level 3 | B2B Processing

Our experts specialize in your industry’s needs. If you accept corporate cards, considered Level 2 and Level 3, you need to be properly set up to process such transactions. Thankfully, we can help you – while ensuring you pay the lowest interchange industry-wide. By using our Level-3-enabled proprietary software, you can save as much as 50% when compared with standard retail, eCommerce, and keyed-in transactions.

Funding

Need funding? BAMS can help with that too, providing quality business cash advances for the lowest possible rates in the industry.

PCI Compliance

Is your business PCI-complaint? If you can’t answer that, you need BAMS on your side. We’ll help you become PCI-DSS compliant within 90 days of approval, keeping you up-to-date with evolving compliance requirements while eliminating the chance of penalties and serious security risks.

Low Price Guarantee

As a major merchant service distributor, BAMS is the most affordable payment processing service out there. You won’t find more cost-effective payment solutions anywhere else. Fused with passion and old-fashioned hard work, we guarantee an outstanding shopping experience for your customers – time after time.

Contact BAMS to find out how we can help you today!

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!

January 16, 2018

Consider Authorize.Net for Maximum Benefit in Your Small Business

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.

January 11, 2018

How Next Day Funding Can Help Your Business

Old Way or New Way on Chalkboard. Next day funding concept

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.

Automation

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.

January 5, 2018

Why You Should Hire a NYC Merchant Services Provider

Young woman using a digital tablet with local NYC merchant services while working in a coffee shop

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.

Accessibility

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.

December 27, 2017

Benefits of a Low Priced Yet Quality Merchant Account Provider

It is axiomatic to regard merchant account service providers with low pricing as deceptive enterprises with notorious tactics ready to exploit loopholes they keep hidden in drudgery contracts. Since the advent of e-commerce and the necessity of third-party payment processors, businesses interpret more or high pricing as better or premium service.

Debunking the Myth

Merchant accounts are not as expensive as they are cut out to be. The returns from increasing sales greatly outweigh the cost, turning this seemingly substantial operation cost into a profitable investment.

The notion that high pricing equates to premium service is entirely a fallacy. Merchant account providers who have competitive pricing offer excellent services as well. You do not have to dig deep into your pocket to digitize your business, and here is why you should choose the lowest price merchant services:

Quick Estimations

Low pricing encapsulates flat-rate pricing as well. With flat-rate pricing, forget about hefty account monthly fees and PCI compliance rates. Flat-rate pricing is easy to analyze. The low pricing enables you to extrapolate the monthly payments, as there is little to no variation in the processing rates.

Small business owners, as well as large corporations, can make estimates of the monthly fees and budget for it, long before payments are due.

Zeroing in on What You Need

Low pricing is more times than often synonymous with packages that do not encapsulate all of the services in the market. But guess what, you do not need them all.

Digitizing your business into one that accepts credit and debit cards does not require you to buy services that will not profit your enterprise, which is a familiar narrative with providers who attribute their high pricing to additional features that add no value to your business operations.

All you need is a merchant account provider who can efficiently manage your POS accounts and process transactions in a timely and secure manner. A provider that offers low pricing without compromising quality service.

For more information, contact us.

November 17, 2017

Reasons Why You Should Work with a Local Merchant Service Provider

Concept a Local Merchant Service Provider vector illustration

There hasn’t been a more successful change in technology than in the way we make and accept payments. Since automation of payments from our usual brick and mortar banks and cash registers to mobile payments and credit card payments, various industries have since moved with the change and seen a significant ease of doing business.

Merchant services have made this change successful by integrating their services to almost every industry that chooses to automate their transactions. From providing restaurants and food trucks with reliable and secure POS in addition to giving their clients access to the latest technology that allows them to be updated with the latest software, BAMS shows you the benefits of working with them.

Safer and secure payments

BAMS is one of the few merchants that offers users a secure gateway through providing chargeback prevention. Fine-tuning your settings goes a long way in ensuring your funds get to the right destination. Achievement of this part is through proper checking of the billing addresses, zip codes and cross-checking credit card numbers before accepting or sending payments. Another safety measure is ensuring your POS are EMV ready. Fraud is a huge concern for businesses primarily in e-commerce processing so having a service provider that puts in measures to curb fraud is an excellent choice.

Access to the latest software in Payments

If you want to spend more time making sales than manually processing them, working with a local payment processor that provides you with access to the latest technology is a smart move. BAMS, NYC merchant services provider, gives your business this kind of access. With BAMS, you get more time to manage your company’s growth.

For more information, contact us.