Bank of America – Merchant Services
  • 06/08/2017
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  • merchant@world
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  • 4 comments
  • 3.08/5 (12)

Highlights:

Bank of America Merchant Services is a global leader in payments, eCommerce, and security solutions. 

Retail Rates 1.89% - 2.50%

The company was formed in 2009 by Bank of America and First Data. Bank of America Merchant Services processes more than 14.4 billion transactions at approximately 650,000 merchant locations around the world. 

Provider Overview

Bank of America Merchant Services is one of the largest merchant account providers in the United States. The company offers over 100 products and services to customers for e-commerce, transaction security and POS payments in a full range of solutions.

Bank of America Merchant Services accepts credit cards, debit, chip cards, and NFC payments, and offers special services for customers with Bank of America accounts.

Best Features:

  • Bank of America will help clients build an eCommerce site using Yahoo! Tools.
  • Standardized equipment includes Clover Station, a tablet-based POS that includes both hardware and software
  • TransArmor data protection tools makes PCI compliance much easier
  • 24/7 US-based Customer Support
  • Tier pricing model and rates are based on monthly processing volume

Things You’ll Like:

  • Funds are released the next business day for Bank of America account holders
  • Gift card services available for Bank of America account holders
  • Allows processing of e-checks and regular checks
  • Specialized e-commerce services
  • Front-end authorization system uptime of approximately 99.99%
  • Data Security
  • Training Webinars
  • Payment Network Compliance

Who Would Like This?:

Businesses that want to have the support and infrastructure of a top-level brand for merchant services and modern POS systems. Additionally, Bank of America account holders gain extra benefits.

Signing Up:

The signup process is quite simple:

  1. Clients provide basic business information for the merchant application form online
  2. A Bank of America Merchant Services representative evaluates the profile and makes an offer based on the needs of the business
  3. If the client agrees to the offer, he or she completes the signup process
  4. The client chooses and orders the equipment or software necessary for his or her business
  5. The new account is approved by the representative and the ordered equipment or software is sent to the client

Pricing:

The rates the client gets is determined by multiple variables such as the current rates the merchant is paying to his or her original provider, the evaluation of the merchant’s needs versus the rates available, and any additional services the merchant wants from National Bankcard.

Ease of Use:

Bank of America Merchant Services offers good ease of use when signing up as the process is relatively simple and often is approved quickly. Representatives are US-based, very knowledgeable, and can help clients with any questions. The extra services offered by Bank of America Merchant Services are mostly for Bank of America account holders.

3.08/5 (12)

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Comments

4 comments on “Bank of America – Merchant Services


Sally Wells
Contributing Editor

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