3 Ways the Right Merchant Services Help You Keep a Positive Cash Flow

NY Merchant Services concept. Young startup entrepreneur small business owner working at home, packaging and delivery situation.

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.

Don’t Have Dangerous Gaps in PCI Compliance

Stack of multicolored credit cards close-up view with selective focus.

When you’re looking for a payment processing site so you can make personal online transactions, you might just use the first thing you come across. But when it comes to your business, you want to back up your choice with some research. Different payment processing tools, like PayPal, Stripe, and BAMS, offer a wide array of benefits and supplemental features. The most important thing for your business, however, is PCI compliance.

How does PCI compliance apply to your business?

PCI DSS, or the Payment Card Industry Data Security Standard is a list of standards for securing payment processing details. If your company even touches payment information, whether you’re storing the information or just accepting, processing, or transmitting it, then you’re responsible for maintaining a secure environment for that data. That’s why more and more companies are using third-party providers to handle payment processing. If payments are routed through another site entirely, your liabilities are limited.

How do you know which processing service provides the best PCI compliance?

The best way to know which service is for you is to start studying your own business. How do you usually get paid? Online stores will have a lot of individual transactions. Subscription service providers, whether they provide online services or something physical like landscaping, may have automatic payments. If your company provides freelance services, you may need to invoice clients for monthly services or varying amounts.

Once you know how your company sends requests for payment and receives payment, start looking for exceptions. Stripe, for example, doesn’t have an inbuilt invoicing tool so you will need to check your additional third-party services for PCI compliance. PayPal does offer more PCI compliance, but only at certain levels of subscription.

Most e-commerce payment processing platforms are all but required to have PCI compliance, but your company may be liable for any gaps. So look for those gaps before finalizing your choice. Browse our blog for more ways to choose the best platform for your business.

5 Ways to Tap Into Human Nature to Increase Sales

Business development to success and growing growth concept, Businessman pointing arrow graph increase sales concept

Every good sales professional knows how to tap into human nature to increase sales. Understanding what influences people to make a purchasing decision will help you boost your revenue. Here are some important things that will bring you more sales.

Scarcity

Scarcity increases value. Human nature is to want that which we do not have. If something is in abundance, people will have less of a desire for it. You have to create a perception of scarcity to increase sales. One way to do this is by offering a limited-offer discount.

Reciprocity

People tend to reciprocate favors and good deeds. If you offer your customers valuable information and tips, great customer service and discount opportunities, human nature will lead them to reciprocate the favors by purchasing your products. They will also be more likely to recommend you to a friend.

Social Proof

We tend to measure something’s worth based on how other people value it. Social proof is very important when it comes to sales. Boost the social proof of a product by encouraging your customers to leave five-star reviews and testimonials. Boost the social proof of your company overall by building your social media channels and getting followers and likes.

Authority

Similar to social proof, people tend to place more value on a statement or product that comes from an authority figure. Build up your authority by becoming an information source online, both on your website, on Youtube, and on your social media channels. Start a PR campaign and book appearances on media channels.

Unity

People like to feel as if they are part of something, whether that be a family, a tradition, a belief system, or shared values. That is why your company needs to have a mission and a purpose.

For more information about our services, contact us.

Why a Local NYC Merchant Services Provider is a Good Option

aerial view of NYC.

New York City is one of the biggest cities in the world and is the home to many businesses of all sizes. For those that are based out of New York City, having access to a local merchant services provider would be very beneficial. There are several different benefits of hiring a New York City merchant services provider that can make it the best option for your business.

 

Payment Processing

One of the main benefits of having your merchant services provider be local is that they can provide you with quick payment processing. Today, the majority of all purchases are either made online or in a store using a credit card. This can create a bit of a cash flow problem for businesses as it can be a few days before they actually receive the cash from the credit card provider. When you use a local NYC merchant services provider, this wait time can be cut down dramatically. In many situations, you can actually receive your payment the next business day.

 

Quick Onsite Assistance

Another benefit of hiring a local merchant services provider is that they will be able to provide you with onsite assistance when necessary. While merchant services programs tend to work very well, there are situations in which you will need further assistance to either learn the system or troubleshoot a problem. While you can have some of these situations handled over the phone, it is normally much easier and efficient to have them handled in person. When you hire a local provider, they will be able to have a professional sent to your place of business quickly.

 

Due to the benefits of hiring a local merchant services provider, you should contact us to learn more about the services and benefits that we could provide to your organization.

Understanding EMV Payment Card Technology

Credit Card Transaction Using the New Security Electronic Chip Technology EMV

Updating payment equipment by companies to chip cards with embedded microchips has added a level of security to businesses and their customers. Fraudulent transactions risk has significantly reduced due to chip cards technology. Implementing point-to-point encryption reduces payment card fraud from counterfeit cards. The liability shift from financial institutions favors applying EMV technology to great effects.

The only challenge which companies are facing is putting in place EMV systems that bonds seamlessly with their specific EMV hardware.

What is EMV?

EuroPay, MasterCard, Visa (EMV) is a form of payment that bonds plastic cards with microchips. EMV cards, unlike normal credit cards, generate particular code for every transaction its user makes. The issuing bank shares the code to ensure it is legitimate. The microchip codes generated cannot be replicated, thus ensuring security against creating counterfeit cards by thieves.

Why Create EMV Card?

To curb hackers from stealing and selling credit card information that creates counterfeit cards, EMV was developed. Creating a card that generates random codes for every transaction ensures a minimal chance for counterfeit cards. The challenge, however, is that EMV cards are only helpful where a card can be inserted or swiped into a point of sale. Tokenization and point-to-point encryption eliminate card data breaches.

What Entails EMV Compliance?

EMV compliance requires installing point-of-sale terminals which are EMV-enabled and certified by a particular bank and ensuring that payment application is EMV certified for every card network. Depending on user’s application of EMV compliance, the terminal cost ranges significantly. Users ensure these terminals are installed with the EMV-compliant software.

What are EMV Security Weaknesses?

EMV cards are only applied where payment cards can be used in a point of sale. Online transactions which are highly fraudulent are not protected. Payment card security experts have concluded that hackers can still access unencrypted payment information from personal account number by removing the codes generated. EMV reduces fraud while point-to-point encryption eliminates fraud.

Companies that use debit and credit cards as a form of payment should consider becoming EMV compliant to significantly reduce fraud while also providing other benefits to a company such as the liability shift. Contact us now for more information.

Should You Choose the Lowest-Priced Merchant Services?

Compass with needle pointing the word best price. Merchant services concept

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.

For a merchant account that offers you great rates with no tricks, just contact us. We’ll be glad to serve your payment processing needs.

Key Benefits of the OptBlue Program

American Express and other credit card

Allowing customers to pay for a product or service using a credit card is a very important convenience that can directly result in higher sales. While there are clear advantages to allowing a consumer to use credit cards for payment, it can result in some drawbacks including the requirement to pay fees and delays in the receipt of cash. For those businesses that accept American Express, taking advantage of the BAMS OptBlue program would be very beneficial. There are a variety of advantages of the OptBlue program that can make it a great investment for any business.

Quicker Turnaround

One of the biggest problems with accepting American Express is that it can take a long time to receive your funds after a sale. With the traditional American Express plan, it can take three to five business days to receive your funds. This can create a cash flow problem and also require a business to use a line of credit, which can increase the borrowing costs. With the OptBlue program, you can receive your funds in as little as 12 hours.

Fees

Another advantage of the BAMS OptBlue program is that it can be a far more affordable option than traditional American Express payment programs. With a traditional American Express program, you will incur transaction fees of $3.50 per transaction and a fee of 3.50% for dollar charged. With BAMS OptBlue, the costs are much lower as the transaction fees are only $0.10 per transaction and the fee is as low as 2.30%. For those businesses that take in a lot of different American Express payments on a monthly basis, this can lead to a significant amount of administrative expense reductions.

 

If you are interested in the BAMS OptBlue program, contact us to learn more about the program benefits and how it can help your company.