BAMS is the industry leader in payment processing, trusted by thousands of merchants across the globe. That success is due to our full suite of features designed to help businesses like yours accept electronic payments with less fuss, and lower fees. BAMS has been designed from the ground up to provide all of the functionality needed by both our online and offline partners, and thanks to that client-focused design, 98% of our users report lower stress when working with BAMS merchant accounts. Here are just a few of the many features BAMS offers to our clients in both digital and brick-and-mortar sales.
Your supermarket depends on the people that live in your local community, and just as importantly, they depend on you. Your success and growth come down to the quality of service you provide and the value your customers get for their hard-earned dollars, and both of those factors are impacted by payment processing.
BAMS is the ultimate payment processing partner for small businesses like yours because we enable you to give your customers the payment options they want, help you streamline their payment experience, and help you pad your bottom line in the process. Here are just a few of the benefits partnering with BAMS can provide to your supermarket.
Plastic is now the preferred payment method of choice for consumers across the globe, and accepting card payments is no longer an option for serious businesses. Unfortunately, a number of myths surrounding payment processing still muddy the waters and keep some businesses from taking the leap. Those myths are generally rooted in old information from a time when getting set-up to accept credit cards wasn’t all that easy, but those days are long gone. Here are four of the most persistent of those myths, and how they diverge from the reality of modern payment processing.
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.
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.
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.
Looking for an affordable and high-quality merchant service provider? The provider you choose will end up affecting how your business operates and its success. Here are five things to look for when choosing a merchant processing service and the best lowest price merchant service.
Fees are one of the most important things to consider when choosing a sales processing company. They can cut into your revenue and seriously affect your ROI, especially if you are spending a lot on advertising. Be sure to take into account ALL fees, including transaction fees, monthly fees, setup fees, and so on.
You also need to choose a company that has security measures in place. You need a company that will protect you from data breaches and fraud. Many low-cost companies are trying to cut costs and are not investing properly in security measures and fraud protection. Choose one that makes security a priority.
When choosing a low-cost payment processing company, make sure not to choose one that makes up for their lower fees by offering horrible customer support. If you want to be able to get a processing problem fixed in an emergency, choose a company that offers great customer support at all times. This way, you’ll be able to offer your own customers a great experience yourself. Problems and issues can come up any time, and you don’t want to keep your own customers hanging.
Quick Setup Time
Choose a company that has a team that will help you get everything set up right away, not one that will leave you waiting around.
When choosing a company, make sure to get one that meets your payment processing needs. This will depend on your goals, but look into which payment methods the company allows.
Contact us today for more information about our services.
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.
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.
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.
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.