Strong positive cash flow is one of the single most important factors in maintaining a healthy business, and anything you can do to boost and protect it is worthwhile. BAMS has designed a number of solutions to help ensure our merchants always have the positive cash flow they need to keep operations running smoothly and growth increasing steadily. Those include financial solutions aimed at directly impacting cash flow, as well as technological solutions provided by the free access our merchants get to IRIS CRM – the leading customer resource management tool in the payments industry. The following are four of the top features BAMS offers to help you ensure healthy cash flow, representing just a few of the unmatched benefits of partnering with us.
The one thing better than getting money is getting it faster. It used to be that with merchant accounts, getting your transaction money in the bank in 24 hours was considered fast. After all, there are still a few companies out there that take 3 days! Now, however, even 24 hours is slow. That’s because it’s possible to have the money in your account in just 12 hours – next day funding.
Waiting for the next day, 24 to 48 hours for your merchant transactions to hit your bank account may not seem like a big deal when you first open a business. After all, a regular job would make you wait a week or two before you get paid. Soon, though, you will find that financial needs are different when you’re the owner of the company. Now, you have to have the financial flexibility to be able to pay for emergency needs right away or else start losing money.
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 or the next day funding. This can benefit a company in a number of different ways.
Many merchant processors only offer funding for completed transactions with a two- or three-day delay. If you’re used to this, you may not realize how much this is affecting your business, but it shouldn’t take much thought before you can think of some problems it has caused. New businesspeople can also easily envision scenarios in which a delay in the funding of a bank account can cause plenty of problems. Here are some scenarios that are caused by funding lag:
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?
For businesses that use credit card payment systems, getting their funds is the challenging part. The standard cash flow payout system that banks give to companies sometimes inconveniences businesses when they urgently need the funds. Next day funding systems cut through this gap and offer companies their deposits a day earlier than normal. So, why do you need a fast payout?