NYC Merchant Services – No Place Like Home

How is your business doing? Is your startup ready to rock and roll or is your well established SaaS business steadily growing? Perfect. That means that your stress and headache over the intricacies of payment processing are a distant memory – right?

The Strange World of Finance

It isn’t odd if you aren’t quite ready or if this land of financial transactions still feels a bit like the land of Oz. With the multitude of considerations and strange industry verbiage heard here, it might cause some disorientation. From integrating payment processing systems or setting up a useful reporting system to handling EMV payment structures or maintaining PCI compliance, there may be quite a few flying monkeys and singing dwarfs to distract you.

The Comforts of Home

Not only is it important to have a reliable, trusted and successful payment processing partner – how much nicer would it be if that partner was someone familiar? You already understand the importance of cash flow and how that can determine the success or failure of your startup or the continued success of your growing company. Isn’t it hard enough to deal with the processes, systems, and jargon surrounding the payment processing landscape? Working with people who know your demographic, your language and the nuances of New York will make this strange land a little less strange.

Dorothy only had to click her heels three times, having someone local to address your immediate and real payment processing concerns will quickly remind you too – that there really is “no place like home.” Contact us to find out how NYC Merchant Services will alleviate the headaches of payment processing, provide a familiarity you will appreciate and afford a comfort that might feel, a little like home.

Tips to Help Prevent Chargeback Fraud

All chargebacks are frustrating, but it’s even worse when they happen because of fraud. Then, you not only lose the transaction but the merchandise as well. This alone is enough reason to make sure you stop fraud before you send out any products. Here are some of the chargeback prevention ways that you can armor your online store against fraudulent purchases:

The Zip Code Check

These checks are basic, but they block a surprising amount of suspicious transactions. One of the most standards is to collect the would-be buyer’s name and address. Then, use a shopping cart that sends that information to Authorize.net along with the credit card number. Set your Authorize.net account to compare the zip code on file with the credit card company against the one you were given. If they don’t match, it automatically declines the transaction.

Have Proof of Shipment

One of the most common ways to commit chargeback fraud is done by the criminal ordering things and then claiming non-receipt. Stop this nonsense by shipping everything using methods that give you tracking numbers and proof of delivery. All of the major shippers have an option that provides these things, and it’s worth it to use those options. Then if someone claims non-delivery, you can give us or a card-issuing bank the number to prove that your package indeed arrived.

Having this information at hand also helps you when the customer legitimately hasn’t gotten an item. You’ll be able to look up the tracking and see exactly where the package is in the shipping system. You can almost always get someone to be more patient if you can provide a detailed answer to the question of “where’s my stuff!?.”

To learn more about how to prevent fraudulent chargebacks and other problems, just contact us. We’ll be glad to help you make your business go more smoothly.

3 Ways Waiting For Your Processor Is Slowing You Down

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?

Many merchant service providers can take days to turn your transactions around and get them into your bank. This can cause extra friction that may be slowing you down. Here are 3 ways hanging on to a slow processor is throwing a wrench in your business.

Inventory

The way you purchase products and materials for your business can save you money. Many vendors offer volume pricing or discounts for quick payments. If your card processor is holding your funds it can be difficult to take advantage of these offers. If you are missing out on these discounts your processor is costing you money.

Accounting

If you are waiting for money to come in so is your accountant. Slow transfers make for slow bookkeeping. That means waiting to produce important documents for banks & creditors. It also means your inventory turnover rate is longer, which can make you look like a bad investment. If your processor can’t keep up can you afford to wait for them?

Money availability

When you are waiting to be paid, so is everyone else. This can be solved by working with a processor who has next day funding. Even if you are not struggling now many businesses are one emergency purchase away from potentially being unable to make important payments on time. This is something no business can afford – your vendors and your employees expect to be paid on time, so should you.

All merchant services providers are not created equal. Many big-name processors can take more than half a week to turn over your funds. At BAMS, keeping your business moving is how we keep ours moving too. Your time is valuable, that is why we offer next day processing. Contact us now and lose your old processor, before everything grinds to a halt.

NYC Merchant Services Processing

NYC is the city that never sleeps, so why does it make sense for a merchant to get a sleepy payment processor from somewhere else in the country? New York, New Jersey, and Connecticut area merchants need a local processor that understands their business needs.  Let’s look at NYC Merchant Services.

1. Local Timetable

The best part about working with local NYC merchant services is that they are on your schedule. They know that you may have issues early in the morning or late at night. They have fast customer service that will respond to your queries and act on your local timetable.

2. Local Knowledge

Merchants want to deal with people that understand local issues and local problems. For example, merchants in certain neighborhoods in Queens are dealing with all kinds of international payment systems and cards. They need a system that can handle all of these foreign payments. At the same time, locals in West Chester and parts of New Jersey, Long Island, and Connecticut like to use cards issued by local community banks and credit unions. Processors also need to be able to handle these payments too.

3. Technical Capability

New Yorkers are competitive and always stay up on the latest technology. Similarly, merchants want to use the newest devices and systems that will protect their business. These new solutions are much faster and safer than older ones. Additionally, they cost less and reduce friction. All of these technical features help merchants improve their bottom line and satisfy customers.

BAMS is a NYC based merchant processor providing top tier service and the lowest rates.

EMV vs Magnetic Stripe Systems

We all know that the chip, or EMV, POS is becoming the new standard for card-reading technology. But what is the difference between the original magnetic stripe and the new EMV? And which one is better?

Magnetic Stripe

What is a magnetic stripe card and what does it do? Well, your credit card is a storage device. It has all your important information, like your account number, your full name, the expiration and security codes to your card, even your Pin. This data, when stored on a magnetic stripe, is not protected at all.

These magnetic stripe cards base their system on trust. The merchant trusts that your card is valid and that you will make payments on that card, while you trust that the merchant won’t steal your information and use the card themselves.

But over the years, this trust wore down because security methods that supposedly protect your data have not kept up with the changes of technology. That makes them vulnerable to hackers. And because so many people have had credit card theft, it increases the risk for more fraud in the future.

The main source of this problem is inadequate credit card security. In 2012, the USA lost $5.3 billion in fraud compared to $6 billion for the rest of the world combined. It is the only country that has consistent fraud growth every single year.

To prevent more fraud and to rebuild your trust in the credit card companies, the EMV card was made and is being implemented all over the world.

EMV

EMV stands for EuropayMastercard, and Visa. Unlike the magnetic stripe, it has a computer chip which is much like an application to store your data. That computer chip is encrypted and it forces the systems it communicates with to follow specific instructions set up by your bank or credit card provider that check for your identity.

Because the EMV has to follow that list of instructions, your card and the terminal it is inserted into have to “talk” to one another and agree on which application should be run. Your information is encrypted by cryptographic keys and have a unique dynamic data authentication key, like a fingerprint. That is why it is so hard to duplicate a card with the EMV technology.

Since the instituting of EMV cards, fraud has been reduced in all areas of credit card use in the 28 countries which are part of the European Union. But fraud still continued to grow in the US, mostly because a majority of merchants won’t switch to the EMV cards.

Conclusion

If merchants were to switch to the EMV cards all across the US, credit card fraud would begin to go down. Identities would be protected, money saved and trust rebuilt. While EMV cards can’t prevent fraud 100 percent, it is far greater than anything the magnetic stripe cards can do. If you want to keep your customers safe and save your company time and money, contact us today and we can get you started!

Don’t Wait for Your Money – Use a Merchant Payment Processor That Funds the Next Day

Making a sale is always great, but it’s irritating to have to wait for the money from the transaction to hit your account. Even worse, the delay can make it hard to run your business in an efficient way, especially if your company is smaller or has a drop ship arrangement with its suppliers. Eliminating this delay is therefore good on both the psychological and practical levels.

The solution is to switch to a merchant payment processor that provides next day fundingBAMS offers this as a standard part of its services. Our speedy funding is available for both online and physical sales, so there’s no need for any type of company to have to wait. You’ll never have to sit and stew wondering when the money will hit your account, worry about orders being canceled due to slow fulfillment or have any other hassles related to the speed of funding from your processor. Instead, you’ll enjoy near-lightning speeds and all of the convenience of having the funds available within 24 hours of the acceptance of your customer’s credit card.

This is just one reason to switch your merchant payment processor. Others include lower prices, better service, and free Authorize.net setup. All of these are offered by a BAMS account, making this processor a great choice for your company.

To learn more about merchant payment processing and what makes us the superior choice, just contact us. We’re always glad to explain how we can help your business grow and succeed. We’ll also help you switch if you already have an account somewhere else.

Chargeback Prevention Starts with Fraud Prevention

Chargeback prevention is one of the foremost concerns of online merchants. It’s always galling to have to send money in the wrong direction, and it’s even worse when the reason for it is outright fraud. With fraud, you’re not only out a sale but often, you lose your merchandise as well. Fortunately, there are ways to catch most of it before your products hit the shipping stream.

Use a Merchant Account with Fraud Prevention Tools

A merchant account that offers the right settings will, when those settings are properly tuned and activated, do much to increase your chargeback prevention success. Some of the typical options include automatic checking of the delivery zip code against the zip code of the credit card holder’s billing address, checking the card number against a database of stolen numbers, use of the Cardholder Dispute Resolution Network, instant notification of payment disputes, and more. The Cardholder Dispute Resolution Network is a fairly new system that allows chargeback and dispute information to be shared between card issuers and merchants and can let you spot a serial refund-seeker before you complete a transaction.

Manually Check Any Suspicious-Looking Order That Gets Through

Sometimes, even the best automated systems aren’t enough. This is why you should always check strange-looking orders – especially those for unusually-large amounts of merchandise – for fraud. Check Google Street View to see if the destination address is a vacant lot, look up the phone number the customer gave you as well as calling it, and check the origin area of the IP attached to the order.

These are some of the best ways to prevent online ordering fraud and the chargebacks that go with it. If you need a merchant account that will automate much of the work, just contact us. Our Chargeback Defense system is just what you need.

3 Reasons Why Your POS Needs to Handle EMV Chip Card Acceptance

Over the last few years, many credit and debit card issuers have added the EMV chip to their cards. These are the little golden spots on cards that look somewhat like mini circuit boards. Inside them, microprocessors are embedded that encrypt data and make it more secure during transactions. There are many upsides to enabling your point-of-sale (POS) equipment for reading these chips. Here are some of the main benefits:

Transactions Gain a New Layer of Protection

Use of the EMV chip cards thwarts the use of skimmers, which steal information from swiped credit cards. They also prevent other forms of “sniffing” credit card numbers and transaction information done with other methods. Many customers are wary of such risks thanks to extensive media coverage about such fraud. These people will be glad to be able to use their chip cards, and some may even shy away from doing business with you if you don’t have it.

You’ll Lower Your Legal Liability

If someone gets their data stolen and points at your company, you’ll want to be able to show that you took all reasonable steps to protect their information. This includes using an EMV-capable card reader.

Your Company Will Be Seen as More Up to Date

EMV chip card acceptance has now been around long enough that people are seeing it as the standard. If your store or other outlets still force everyone to swipe their cards, it’ll be seen as a bit behind the times. In some areas, customers may even comment to this effect. Make sure you give the impression of being fully ready for modern business by adding this basic upgrade to your POS systems.

To learn more about upgrading your system to read EMV chips, just contact us. We’ll be glad to explain the technology and give more details about what makes updating worthwhile.