Merchant services providers have a huge role to play in the success of all companies accepting electronic payments, both online and in-store. But, whether you choose to partner with a third-party processor like PayPal or to open up your own personal merchant account through a company like BAMS, it’s important that you understand exactly what your payment processing partners do for your business, what your fees pay for, and how you can ensure you get the best bang for that buck.
Merchant Services Payment Processing:
First and foremost, your merchant account provider handles the processing of your company’s electronic payments. Whenever a customer pays with a credit or debit card, your merchant account provides the link between you and the bank that issued the customer’s card. Without that link, you’d be unable to accept any card payments, making your merchant services provider a key partner in your company’s operations.
In exchange for providing that service, your merchant account provider takes a tiny slice of each transaction. But, be warned, not all tiny slices are equal. To minimize your fees and maximize your profits, it’s critical to choose a partner, like BAMS, that offers interchange-plus pricing – the lowest cost and most transparent pricing model in the industry.
Merchant Services Additional Services:
In addition to processing your electronic payments, certain companies offer a wide array of additional services designed to streamline all aspects of your payment handling, protect you from threats, and ensure your financial health. BAMS offers merchants unparalleled service, support, and additional value-added features, including the following, among others.
Merchant Services Chargeback and Fraud Defense:
As a BAMS merchant, you’ll have access to BAMS complete chargeback defense toolset, designed to ensure you find out about disputes faster and have the tools you need to fight them more effectively. BAMS offers merchants:
- Instant dispute notifications delivered via email and SMS on day zero through BAMS Dispute Assistant Manager.
- Online dispute management to eliminate the need to fax or mail your supporting documentation.
- Fraud protection through a partnership with Signifyd, the industry’s top risk scoring and transaction monitoring service.
Merchant Services Hardware Access:
BAMS can provide you with all the hardware necessary to begin taking fast, efficient payments in-store, regardless of the industry you’re selling in. Our EMV-compliant payment terminals enable you to make contactless payments through chip-enabled credit and debit cards, as well as through NFC systems like Apple Pay, Samsung Pay, Google Pay, and more.
As a BAMS merchant, you can always be sure you’ll have access to the right hardware as your business grows, your locations expand, and your payment processing needs mature.
PCI Compliance Assistance:
The major card issuers take transaction safety very seriously, which is why all merchants accepting credit card payment must become fully PCI compliant to meet the security standards the card companies provide. That isn’t necessarily a simple or easy process when you’re left to handle it all on your own, especially for new merchants doing it for the first time. That’s why BAMS offers expert guidance to our merchants on exactly what they need to do to become compliant, and how to best go about doing it.
As a BAMS merchant, the security of your customers’ personal and payment data is a top priority, and you can rest assured we’ll always have the backs of both you and the people who trust you with their sensitive data.
A major role your merchant services provider plays is actually depositing the money from your sales into your account once a card transaction has been cleared and the batch has been processed. Unfortunately, not all processors understand how important it is for you to have access to that money as soon as possible, and as a result, it isn’t uncommon to see those funds held for two or even three business days. That’s a huge deal, especially for businesses like restaurants that do heavy weekend sales that could theoretically be held for up to five calendar days.
At BAMS, we understand that cash flow is king, which is why we offer next-day funding that ensures your money hits your account the very next business day, in as little as 10 hours for transactions that meet the 9 pm cut off time.
Merchant Services Access to Capital:
Certain processors, like BAMS, can even help your company get access to capital to fund projects that will help your business grow. BAMS partners with Fundomate, a leader in alternative small business loan placement, giving you fast, easy access to the funding you need, whenever you need it most. With BAMS and Fundomate, a quick two-minute application will return as many as 20 competitive loan offers, and if you choose to accept one, the funding will be available to you in as little as 24 to 48 hours!
For more information on the complete list of services, BAMS can offer to help your business reach its full potential, or to find out exactly how much a BAMS merchant account could be saving you on your monthly merchant statements, get started with your custom five-point price comparison today!