We now live in a digital world, and online shopping has become king. A 2018 study by NPR found that an astounding 75% of Americans have purchased something online, and every year consumers shift more and more of their shopping to the web. As the leader in electronic payments, we at BAMS understand how important it is for our partners to have strong, stable e-commerce platforms, and as a result, we’ve designed BAMS to integrate with all of the most popular payment gateways, online checkout solutions, and fully-featured e-commerce platforms. Here are just a few of the many e-commerce integrations available through BAMS.
Chargebacks are an unfortunate reality of accepting credit card payments, but they aren’t something businesses have to lie down and accept without a fight. Some chargebacks are completely legitimate, like cases where a purchase was made fraudulently by a third party. But many chargebacks are fraudulent, frivolous, or abuses of the system. In those cases, there is no reason for a company to accept losing the revenue, the product, and the additional chargeback penalty, and fighting back is in order.
The average person doesn’t consider the VISA or Mastercard in their pocket to be any different from a company or government credit card – aside from the limit, of course. But there are actually significant differences in how corporate and government cards are used and processed. Those differences mean that not all merchants can accept all types of credit cards, and they also change the way issuing banks view transactions. The result is that merchants who can process these special credit cards – known as Level 3 cards – stand to benefit greatly.
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.
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.
Credit cards are a big part of every business. If your store isn’t equipped for credit card transactions, you’ve already put a huge roadblock in the way of your company’s growth. But if you don’t have clear in-store and internal policies, even the best merchant services can’t help your business navigate new regulations. Here are two policies that your business needs to create and regularly review:
Merchant services play a large role in your business. They help you collect revenue, but they also impact your expenses. Find the right company that doesn’t disrupt your cash flow.
1. Reliable services let you know future merchant service rates.
Every business needs a forecasted budget. A great deal of effort in the business world is focused on how to record and predict revenue. But expenses are just as important. Fixed expenses are the best type of expenses for a business, but merchant services don’t fall under that category. The total grows along with your revenue, and additional fees can add up.
So make sure you merchant services provider is as transparent as possible. You need to know the rates down to the last decimal point, and they need to be numbers you can rely on without having to anticipate surprise rate changes.
2. You get the money in your account faster.
Different merchant services have different processes. Some companies send you back the funds after a few days, and it can take even longer for purchases that were processed after their office hours. Look for a merchant service that offers tight turnaround for purchases during work hours, late at night, and on the weekends. If your company has bills you need to pay, you need to have the cash on hand to do it.
3. You don’t receive unexpected chargebacks.
Credit card companies protect their customers, not merchants and stores. That means customers have an increasing number of ways to get their money back after a credit card purchase. Sometimes it’s a legitimate return, and other times it’s a sincere complaint about an unwanted charge. But sometimes it’s less than honest. No matter what the motivation behind the chargeback, you need to know about it so you can respond quickly. Chargebacks are becoming more frequent, and they can quickly eat into your cash flow.
Go to BAMS to find merchant services that are predictable, process funds quickly, and keep you updated.
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.
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.
One of the hardest decisions to make as a merchant is which payment processing service to use. Most have arcane fee structures that make it hard to tell exactly what you’ll pay. There’s the discount rate, the transaction fee, the statement fee, and more. Even worse, some of the fee names are the opposite of what they sound like or are otherwise confusing.
Even with all of these nebulous terms, sufficient searching will eventually lead you to one or more merchant services that are clearly cheaper than the rest. The deal may seem so great that you wonder if there’s a catch! It’s almost impossible to find out just from the advertising, but the answer is “sometimes.”
Be Wary of “Just for You” Offers
When you get the contract to sign up for merchant services, be wary of clauses that indicate a much higher rate than what the salesperson tells you. Also be careful of high fees for canceling your account, adding or removing locations, and other such things. At the time you sign up, you might be told that the fees are waived “for you.” Don’t believe it. When you make a major change, expect the fees to be charged to your bank account – and to have to vehemently argue to get them removed.
Look for High-Quality Providers
Good providers have good reviews, a professional attitude, and a straightforward fee structure. You won’t be given a contract that says one thing and has a “waiver” written in by the salesperson. In short, a high-quality merchant services provider should present itself as one.
Once you find some candidates, then go through their fees and choose the ones with the lowest prices. By putting quality first, you’ll avoid bad companies and still save money on your payment processing fees.