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!