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This article is out of date. Bank of America dissolved the Merchant Services joint venture, which is discussed in the following review. The Company is currently in the process of transitioning to offer new business services and will update relevant information as it becomes available. More information will be provided in 2022.
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If you are looking for business services for your business, you can start your search with reputable companies like Bank of America. Ultimately, however, it is difficult to recommend Bank of America’s business services to business owners who are not already Bank of America customers. Even if you are a Bank of America customer, you may prefer merchant service providers in your market that offer transparent pricing and do not resell products from other vendors. Here’s what you need to know.
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Although Bank of America Merchant Services uses the name of a national bank, BoA Merchant Services is actually a separate company that is a subsidiary of the real bank, Bank of America and First Data (now Fiserv).
Therefore, Bank of America Merchant Services is not a direct processor. Instead, First Data provides behind-the-scenes processing and Bank of America packages and prices the product, rather than manufacturing and selling the product itself.
It is quite common for large commercial service providers such as First Data (Fiserv) to sell their products through subsidiaries. But with resellers like Bank of America Merchant Services, you’re more likely to see long-term contracts, hidden fees, and unclear contracts.
When comparing commercial service options, cost becomes an important factor in finding the right solution.
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Unfortunately, Bank of America Merchant Services is a reseller of First Data, so they don’t offer much transparent pricing information.
Bank of America Business Services fees vary depending on the solution you need. However, it is very difficult to estimate what these costs will be without going through the process of working with a BoA Merchant Services sales representative.
In general, it’s safe to say that Bank of America Merchant Services prices its solutions on a quote basis. This means we customize pricing based on your business and your unique needs.
It’s impossible to estimate the exact numbers, but depending on the specific solution you choose, you can expect to pay for software, hardware, and credit card processing.
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For example, if you require online credit card processing by Bank of America Merchant Services, you may be subject to monthly fees, payment gateway fees, and credit card processing fees associated with each transaction you accept on line, like any other service.
On the other hand, if you want to process face-to-face transactions through a POS system, your fees may be slightly different. If you already have a POS system and just need processing, you only pay a monthly fee, a credit card processing fee, and any additional fees that cover BoA merchant services.
If you wish to purchase a point of sale system directly from BoA Merchant Services, there will be additional costs for the software and hardware associated with this system. In fact, the website is where you can get information about Bank of America’s business service fees.
Clover POS reseller Bank of America Merchant Services breaks down the cost of the following software and hardware products:
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Clover Ratings ratings are determined by the editorial team. The scoring formula takes into account several data points for each financial product and service. Shop now on the Clover website
Bank of America Merchant Services advertises two different processing fees depending on how you accept payments. For swipe, dip or tap payments, the processing fee is 2.7% per transaction. You will pay 3.5% plus 15 cents per transaction for payment without a card (phone, mail, manual key or internet).
If you use Bank of America merchant services, it is very important to note that these advertised rates are not necessarily what you actually receive.
The fine print on the website reads: Business Consultant at America Merchant Services. Not all potential customers and types of sellers can apply online.”
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Therefore, while these prices can give you an idea of the cost of software and hardware to acquire a complete POS system through BoA Merchant Services, it is still difficult to determine what the actual credit card processing fees are. .
Bank of America Merchant Services may also charge additional fixed and incidental fees, such as setup fees, cancellation fees, account maintenance fees, PCI compliance fees, chargeback fees, etc.
Regardless of the specific solution you’re looking for, Bank of America Merchant Services includes a business-only merchant account—a bank account that can accept credit card payments.
Bank of America Merchant Services categorizes its products into three segments: e-commerce, check acceptance, and point-of-sale systems.
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If you’re looking for a credit card processing service to accept payments online, Bank of America Merchant Services has two options.
First, you can choose a payment gateway service. This allows you to integrate the BoA solution with your existing website or mobile app, or customize your existing payment gateway to process online payments. In addition, this payment gateway solution (in fact powered by Authorize.Net) allows you to accept payments through a web portal, add a payment page to your website, or create your own online payment solution.
If you don’t have an existing e-commerce website and need to create one as well as access credit card processing services, you can create an online store by working with Bank of America Merchant Services and processing partner BigCommerce.
BigCommerce is a full-service web-based e-commerce software that offers features to create, customize and launch an online store, list products, manage orders and more.
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Bank of America Merchant Services offers electronic check acceptance services through Clover POS (also a First Data-Fiserv product).
These electronic check acceptance services allow small businesses to convert paper checks into electronic transactions.
The service allows you to offer different payment options to your customers and typically receive payment by electronic check within two business days.
You can also choose between two service options for this Bank of America Merchant Services solution. First, there’s a guarantee option where every check gets an accepted or bounced response, and TeleCheck, the company behind Clover’s check clearance, absorbs the loss on returned checks.
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On the other hand, you still get an approved or declined response for all checks, but you have a verification option where you pay for returned checks.
A third type of merchant service provided by Bank of America, the POS service, is also provided by Clover.
Bank of America Merchant Services offers the option to integrate credit card processing with an existing POS system you already own, but if you’re looking to purchase POS software or hardware, you’ll need to choose between Clover products.
If you decide to integrate with an existing POS system you own and only need one Bank of America Merchant Services credit card processing terminal, you can use the more traditional FD130 terminal.
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As a traditional merchant services provider, Bank of America Merchant Services offers a variety of options to accept and process payments in the way that works best for your business.
You can choose this option if you only need credit card processing from Bank of America Merchant Services. Or, if you need more, you can use payment gateways, e-commerce platforms, point-of-sale software and hardware, or use acceptance checks.
Bank of America Merchant Services includes dedicated business merchant accounts where all customer funds are stored in a single account and distributed from there. This means you have better account stability than working with a payment integrator.
One of the biggest benefits of Bank of America Merchant Services is its quick response time. If you’re already a Bank of America customer, you can receive your funds by card payment the next business day.
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Most other merchant service providers take 24-48 hours to process your credit card transaction, not including the time it takes to transfer the funds to your bank account. So this is a huge cash flow advantage for our current Bank of America business customers.
Another advantage is that you can manage your banking and business services in one place.
This program is available to eligible business owners.