What Are Credit Card Processing Services?
Credit card processing services are methods that your business can use to receive payments from customers. The companies that offer these types of services are named payment processing companies. The features that this type of company offers differ from one to another. In this article, you will find out about two of the most important ones such as: payment gateways and merchant accounts.
It is important to know that the benefits that you can obtain from a payment processing company do not stop at the methods presented in this article. To make a better decision it is recommended to further your research before making your choice. Moreover, the prices that these companies ask, for offering these services, also differ from one to another. For this reason, it is very important to make a price comparison between your options. By doing this you will be able to choose the one that offers the most benefits at the lowest price for our business.
What Advantages Can You Get from Payment Gateways?
First things first, you may wonder what are payment gateways? Well, they are different credit card processing features that are built in a tool. The goal of this tool is to manage all the steps of transactions that are based on subscriptions or recurring payments. For such a tool to be good, it must have the ability to create an online form through which your potential clients can subscribe. But it must also offer you the possibility to manually create these subscriptions.
The main advantages of subscriptions and recurring payment methods are:
- Improve Billing Efficiency. The first and most obvious advantage is the fact that the amount of labor needed is minimal. Unlike non-recurring methods where you must go through the payment process again and again, with a subscription, this process is done automatically. This will also make your clients’ life easier.
- Improve Security. To be able to make the job of payment processing easier, most companies save the information of their customers on computer systems. But, by using payment gateways, there is no need to do that anymore. This will massively reduce the risk that your clients’ information is stolen.
- Reduce Costs. Manual billing requires certain costs that your business needs to pay. Subscriptions and recurring payment methods do not imply additional costs. Thus, you will not only reduce the workload needed but also a lot of money. You will also benefit from e-mail notifications that will tell you which subscriptions will end and which cards will expire soon.
- Enhance Loyalty. In general, manual billing methods have a low customer life in comparison with subscriptions and recurring billing. This happens because it is much more convenient for the billing to be made automatically. As a result, your clients will be more loyal to you and it will be much harder for the competition to attract them.
How Can a Merchant Account Help You?
Another credit card processing method that will offer you benefits is a merchant account offered by a payment processing company. These accounts will help you receive payments through the most cost-efficient ways. But you need to keep in mind that every payment processing provider will have different ways to do this, so the results that they can bring for their clients will also differ.
It is your responsibility to research your options and find out which provider is the best-suited one for your business. While doing your research, you will find information, methods, and tools that will help you make an accurate comparison. It is very important to use them wisely if you want to obtain the best results possible.
On our website, you can see the difference between a business that uses a merchant account and one that does not use one. The interchange cost per transaction for normal businesses is 2.95% while the same cost has a value of 1.90% for our clients. So, your business will be able to save more than 1000$ per 100.000$.
Other Advantages That a Payment Processing Company Can Offer You!
The advantages that BAMS, as a payment processing company, offers to our clients does not stop to those explained above. Below you will find 2 of the more than 10 solutions used to resolve your payment processing problems:
- Chargeback defense. Chargebacks are one of the main causes of headaches for business owners. BAMS offers you all the tools that you need to make sure that you are always ready to fight against possible fraud attempts. Instant notifications will make sure that you know about every chargeback instantly. Every transaction validated by our partners will benefit from an assurance against chargebacks.
- Integrations. BAMS understands that different clients have different needs. For this reason, we offer different integrations that can be used to obtain even more benefits from our services. On our website, you can find more than 10 different methods that you can use for integrations. Take your time and check hundreds of integrations before choosing those that will help you the most.
By surfing through the website, you will find out why BAMS is the industry leader in payment processing. To give you a clue, BAMS can solve at least 12 major payment processing problems for your company. We always strive to cater to our clients’ needs and make sure that the solutions we offer will help all of them. If you are not yet sure about your decision then you can firstly deepen your knowledge. You can start by learning the difference between payment gateways and payment processors here.