One of the largest banks in the U.S also offers processing solutions to merchants, promising to beat any competitor’s rates. In fact, Bank of America promises to pay any prospective merchant $500 if it can’t beat current fees. While the company doesn’t publish its fees, it offers tiered pricing for merchants, with fees based on the dollar amount of all monthly transactions.
Prices are in line with processing rates from other services, with high-volume merchants enjoying rates as low as 1.89 percent plus $0.20 per transaction. Additional fees for non-swiped cards will be added and merchants may also be charged an annual fee, a fee for early termination, and a fee for each chargeback. Statement fees may also apply, as well as a monthly minimum.
Bank of America promises fast payments, with merchants receiving their money as early as the next day. To be eligible for this speedy service, however, businesses will be required to have a Bank of America checking account. Payments can be accepted in person using a Point of Sale (POS) system, online, or through a mobile device.
In 2013, Bank of America Merchant Services was named the top merchant services processor based on bankcard, other credit, and PIN debit sales volume. Each day the company processes payments between customers and businesses across the globe, giving Bank of America the ability to offer state-of-the-art processing solutions to its customers.
For traditional in-store POS systems, Bank of America Merchant Solutions provides the Clover Station, an all-in-one system that includes a receipt printer, terminal, cash drawer, and all the software a business needs to process payments from anywhere. The Clover Station can connect a business owner to his systems from anywhere using a web-enabled device, giving him access to his inventory and sales data.
With Mobile Pay, merchants can swipe cards while on the go, using a smartphone or tablet as a POS device. The card reader and software are free and businesses can choose between either a Mobile Pay on Demand plan or a Mobile Pay Business plan. Using Bank of America Merchant Services, businesses can also accept gift and loyalty cards in store.
Bank of America Merchant Services provides a full-service POS system with its Clover Station. The Clover Station includes a touchscreen tablet with a swivel stand, a built-in card reader, a cash drawer, a receipt printer, and all of the cables a business needs to get started. The station is completely ready to use when it arrives at the location, allowing merchants to set the system up themselves.
Bank of America’s merchants have access to 24/7 US-based customer support by telephone. This help is available 365 days per year.
With Bank of America Merchant Services, businesses have access to the one of the top processors on the market today
The Clover Station gives a business everything it needs to start processing payments
Customer support is only available by telephone currently
AND THE UGLY
Transparent pricing is not available and there may be hidden fees
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