Bank Associates Merchant Services

The emergence of the Internet in everyday life has helped to not only enhance personal communication and growth, but has had a dramatic effect upon how modern day commerce is conducted. Once limited by physical retail locations, business entrepreneurs first attempted broadening a consumer market through products advertised for long distance sale and shipping in magazines, newspapers, catalogs, radio and television as communication technology evolved.

This evolution produced today’s Internet and a new host of commerce opportunities commonly known as e-commerce. This process usually involves a website where goods and services are offered and payment for these in a variety of ways including credit cards. The e-commerce processing of product and or service payments is essential for the success of any online “e-tailer.” Therefore, online merchants have to pay particular attention when choosing a credit card processing system.

There are a number of factors that need to be considered when making a choice for your e-commerce processing. One area that needs careful consideration are the array of different fees accompanying any type of credit card processing especially online.

Bank And Card Company Fees

Even if your bank handles the transaction – it is important to make sure that a registered service provider performs the necessary relay connection. Be wary of service providers charging exorbitant fees – sometimes up to 5 percent. The card company also charges the merchant a fee when depositing funds into their account. Most often, fees will be based on your prospective annual usage either determined based on your prior experience or based on industry standards. Other fees, or charges, may have some negotiable aspect determining the amount.

Equipment

Credit card processing equipment can run from simple models for a few hundred dollars to extremely sophisticated computer operated systems requiring proprietary software. Equipment costs should also include whatever conveyance used to transmit like the Internet or a separate telephone line.

Buying speed

Negotiations may include fees based on a sliding scale determined by the amount of time it takes for you customer’s money to appear in your account. Some added-on monthly fees “allow” merchants to choose a variety of “lag” times available from the exact point-of-purchase time to when you, the business owner, can spend this money. The quicker the “lag’ time, the larger the fee. Keep in mind that the processor must pay a fee to the credit card company that sometimes is attempted to be recouped through “other” type fees not associated with this cost. Select a “registered” provider to ensure you aren’t being charged hidden fees. Be careful to read all the fine print notices and ask all the questions needed to get that information to make a wise choice.

Always check out incidental fees like termination costs because most contracts follow an industry standard of three years. Additionally, check to see what fees are charged for processing items other than credit and debit cards like gift certificates or checks.

Choosing Bank Associates Merchant Services as your registered merchant services provider will save you a ton on those fees that our competitors weigh you down with. Check out what we can offer you for all your E-Commerce Processing and credit card processing needs.

When any business begins, choices become many for a number of factors that need to be considered. In today’s extremely complex and competitive market, selecting the right online merchant account to accept e-commerce payments is a decision all entrepreneurs need to study before completing. One specific aspect about selecting an online merchant account is instant merchant services. Unlike cash transactions, accepting credit cards and checks has long meant “tying up funds” for a couple of three days.

This poses a few complications for both the business owner and the consumer. In the past, catalogue and or telephone sales used as a “call for action” either sending a paper check for payment or stating your credit card number through the phone or filling out a form.

If a business accepted checks there were only a few avenues to complete this transaction – rely on fairly expensive checking account verification services, not release product until the check cleared or trust to the buyer’s integrity and release the product at purchase.

Obviously, the former can result in bounce checks and additional costs associated with collecting the sale amount that further eroded profit potential. And, although a business owner could get the check verified, the process for receiving funds in your business account could take up to a week.

With the advent of Internet business, or e-commerce, a great rush to provide instant merchant services evolved as had the technology to make these online merchant accounts attractive and efficient. Instant, although not necessarily an absolute right there and then complete transaction, the time from purchase to funds available in a merchant’s bank account were drastically reduced.

However, technology continued evolving where merchant account providers could offer instant credit card approvals pretty much assuring the merchant would receive payment quickly as fast as the process could allow.

Additionally, the advent of debit and bank check card use allowed consumers to place funds in these accounts that would be “instantly” available. The technology also allowed consumers to keep transaction histories as close at hand as a computer keystroke or a cell phone inquiry. For avid online shoppers, both credit card and debit card acceptance will dictate which e-commerce websites will be visited on a frequent basis and where purchases will be made. Online stores that require check submission and successful processing before items are shipped will slowly lose out to online “e-tailers” who use instant merchant services to provide instant approval which, in turn, leads to the quicker reception of purchased goods and services.

Through use of high tech computerization, instantly verified purchases online can prompt automated shipping that result, in many cases, with an overnight delivery. Many online businesses advertise this using it as a selling point and claim if ordered by 10, it’s at your door by close of business tomorrow.

Therefore, obtaining an online merchant account with instant merchant services from Bank Associates Merchant Services will enable you and your business a valuable tool that will lead to increased revenue and success.

Choosing Bank Associates Merchant Services as your registered merchant services provider will save you a ton on those fees that our competitors weigh you down with. Check out what we can offer you for all your E-Commerce Processing and credit card processing needs.

www.bams.com for more information about e-commerce processing

The world is decidedly becoming a cashless society. The use of many online payment methods has also increased security when buying goods and services – whether online or not. Businesses in today’s competitive market should consider establishing a merchant account that will help capture as much revenue as possible so never turning away customers because that merchant lacks a wide choice for payment solutions.The ever increasing popularity of the debit or check card is slowly replacing check paying throughout the world. Whereas obtaining a merchant account that included check approval features was the popular option to increase revenue opportunities, accepting personal checks will soon be a thing of the past. In fact, “plastic” in the form of bank check card, will more than likely replace paper checks within the next decade.

There are a number of reasons why credit card, debit card or bank check cards will replace both paper checks and cash in the near future. The security aspects for processing payments through a merchant account is one reason, but consumers also can have electronic access to payment activity and account balances at the stroke of a computer key or the dialing of a phone. Also, carrying plastic as opposed to cash is becoming increasingly more popular and businesses failing to accept a “plastic” form of payment run the risk at declining sales when not accepting a broad variety of payment processing methods.

Secure e-commerce payment processing has led to the establishment of a few online businesses strictly focused upon third party payment services. Although the popularity of many of these services grew quickly when they first arrived on the scene, soon there was discovered quite a few disadvantages for both merchants and consumers when employing third party payment solutions for e-commerce processing. A feature laden merchant account could accomplish all services offered by these popular third party processors without the need for consumers having to set up an additional account, remember another password or need to navigate to another website to gain payment processing information. In many instances, these third party processors charged higher rates than registered merchant account service providers while not offering better or more secure or convenient services. Some studies and surveys point to customer disapproval when met by business website that compels consumers to become members of a third party processor when attempting to make a credit or debit card payment online for goods and services. Unfortunately, there is no way to discover how much this disdain translates to lost sales when a consumer either does not understand or elects to not participate in this for e-commerce processing of online payments.

Competition is tough even when economies worldwide are stable and growing. In tough times, smart businesses will employ merchant accounts that aid in growing revenue.

www.bams.com for more information about e-commerce processing

If you are a business that doesn’t include credit card processing as a payment solution then, well, you probably won’t remain a business for very long. Gone are the days when any business could be that arrogant refusing to accept credit cards. The thought at one point in time was the fees involved setting up an account, coupled with waiting for funds to be deposited in your account did not warrant the traffic it would produce.

Credit cards might have been a novelty at one point in time, but in today’s business market, 80 percent of all sales worldwide are purchased through credit cards. As commerce evolved from face-to-face foot traffic to increased catalogue, telephone and then to modern day online purchasing activity, use of credit cards to buy goods and services evolved also. Today, if a particular business – online or otherwise – doesn’t accept credit card payments, this business will probably lose out on many conversion opportunities. How many people want to shop online only to be met with one type of payment like sending the seller a check, waiting for it to clear and then having it shipped?

We are a society seeking instant gratification. Both consumer and retailer alike seek this and for businesses, instant merchant services are not only excellent features while credit card processing, but are becoming the benchmarks for conducting online e-commerce today.

Every business, online or otherwise, should obtain a merchant account that offers instant merchant services. Through employing “real-time” processing of credit cards and other payment options online, the entire process speeds up. Payments are deducted instantly from the consumer’s account and deposited directly to the merchant who, in turn, with guaranteed and verified payment can immediately “ship” the product.

This instant merchant services set-up has proven exceptionally rewarding for both the publishers of online e-books and other “downloadable merchandise” that allows for the e-commerce process to be conducted in almost that proverbial blink of an eye. A consumer selects a particular information publication and through credit card processing online, receives an instant download of the product selected. An amazing array of “e-products” has emerged such as electronic images and other art as well as e-books and videos for purchase online and instantly delivered via Internet download.

Now, this is, indeed, instant gratification.

Plus other advantages employing credit card processing online with instant merchant services include:

· Secure payment through valid, certified credit card processing system

· Convenient payment method versus traditional check writing and submission

· Consumers receive instant purchase confirmation and can, as discussed earlier, instantly download certain available products like e-books and images

· Both traditional retailers and online “e-tailers” benefit from increased sales when offering convenient credit card processing

· Credit card acceptance also acts like an endorsement adding to a business’s credibility and professionalism

· The advent of credit card and bank “check” cards as reduced the occurrence of bounced checks received

· Use of universally accepted “brands” of credit and debit cards has opened up a global trading market, especially through the Internet.

Every business consultant will tell a prospective retailer that they MUST accept credit cards to be a successful business in today’s competitive market. This is absolutely true regardless if your business is a traditional retail location or an online e-commerce establishment – or both.

For traditional credit card processing, one important aspect is matching your merchant account with the necessary hardware needed to process the “plastic” money. There is a wide variety of choices that complete the interaction process that allows your consumer to make, and for you, as the business owner, to receive payment for goods and or services.

Your credit card terminal choice can also help identify you, and your business, as professional, modern day entrepreneurs employing the most up-to-date commerce tools. Displaying your credit card processing terminal at whatever point-of-purchase area established at your retail location also lets your customers know this payment option is safe and secure. The entire transaction is conducted with the consumer in easy reach of the terminal and, in fact, through use of “card swipe” pin pads, any remote credit card processing is eliminated. However, in many instances, like restaurants, handing a credit card to your waiter or waitress who returns with a slip to sign may be a convenient alternative to “standing on line” at the front door register checkout.

The need for paper printouts also may go the way of the dinosaur as credit card processing terminals evolve offering stylus “electronic signature” options. However, paper printouts requiring a consumer’s signature are still widely in use. An important factor to consider when selecting a printer for your credit card processing terminal is to determine if you want an ink or a thermal printer. Ink printers require periodic cartridge replacement where thermal printers can imprint indefinitely requiring no maintenance at all.

Terminals can range in price from as low as a hundred dollars to much more based on the features provided. Some terminals are provided “free” when signing up for a merchant account. Be wary that there are no “hidden” monthly fees that are actually charging you for extras, including credit card processing terminals. Some merchant account service providers also offer lease options for credit card processing terminals as part of an overall deal. Additionally, they type machine with features available should be tailored to meet your business needs not only at the present, but projected toward needs developed from future growth. It is wise to check out upgrade opportunities so you never tie yourself into something that may become obsolescent.

Entrepreneurs may look into an opportunity to use one credit card processing terminal for a number of different businesses because some processors can handle multiple merchant accounts.

Explore the many options available especially since the technology is constantly changing. As society opts to become less dependent upon cash, it is important now more than ever to select a credit card processing system that will keep you and your business up-to-date.

Go to: www.bams.com for more information regarding credit card processing, terminal guides, and more!

Introductory rate for purchases: A zero percent interest rate is offered, with the exception of USAA. The length that the rate varies depends, and can be anywhere from 6 months to a year.

Default APR: The default interest rate (which is the rate a cardholder might be charged as a result of violating terms) ranges from 11 % to 29.99% at these issuers: FNB Omaha, Chase, Citi, and Discover.

Generally, default rates are calculated by adding a margin (a set percentage) to the prime rate, meaning the rate may differ.

Application of payments to balances: All of the issuers apply payments to the lowest interest rate balance before the highest rate balance.

Chase has interesting wording about how the payment is applied:

You may authorize us to allocate your payments and credits in a way that is most favorable to or convenient for us. For example, you authorize us to apply your payments and credits to balances with lower APRs (such as promotional APRs) before balances with higher APRs.

It seems as though you have a choice, when really ­­­- you do not.

How rate is put in place: Issuers base the APR on the prime rate that is published in The Wall Street Journal. What changes is when they decide to peg the rate. As an example American Express uses the rate on “the first day of the billing period or two days prior to the closing date for that billing period, whichever is higher.” Bank of America uses the “highest rate appearing in The Wall Street Journal” during any time in the preceding three months. Discover uses the highest prime rate listed in the Journal on the last business day of the month.

You can check the prime rate at Bankrate.com.

Minimum payment due: There are many different variables for a cardholder’s minimum payment, so it’s vital to read the fine print to see how yours is calculated.

For example, American Express charges 2 percent of the balance due or current finance charges, or a $15 minimum payment. At Capital One, it may be 1 percent plus finance charges plus fees with a $15 minimum, or 3 percent plus finance charges plus fees with a $10 minimum; this all depends on the terms of the account. Citi calculates its minimum payment depending on APR: If there is a zero percent APR, the minimum is 1.5 percent of the balance. If the APR is above zero, the minimum is 1 percent plus fees and finance charges.

Find out the true cost of paying the minimum by using this Bankrate calculator.

See Bankrate’s study results.

*This information was adapted from www.bankrate.com

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