Bank of America Merchant Services Review

Bank of America Merchant Services
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Fair 3.7 / 5.0
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Bank of America Corporation is one of the largest and most comprehensive financial services and banking corporations in the country. Based in Charlotte, North Carolina, the Bank of America Corporation was formed via the acquisition of BankAmerica by NationsBank in 1998. BankAmerica was the first institution to issue a bank credit card, called BankAmeriCard, in 1958. In 2007 Bank of America acquired investment firm U.S. Trust Corporation. This firm oversees the investments of individuals who have a high net worth.
 

PAYMENT PROCESSING DIVISION

 
Bank of America Merchant Services is among the biggest merchant account providers in the country. Bank of America does not process payments directly via the card networks. Instead, it uses backend credit card processors TSYS and First Data (Clover). As a result, a large percentage of all credit card transactions in the United States are processed through Bank of America. One of the top benefits corporations have identified as being influential in their decision to open a merchant account and a business checking account is the fact that deposits from credit card sales are generally deposited a full day earlier than third-party merchant account providers.
 

PRICES ARE NOT COMPETITIVE

 
At the present time, there is no information available to indicate that Bank of America charges the annual – and highly unpopular – PCI Compliance fee. However, a number of merchants believe that the $95 annual fee charged by Bank of America is, in fact, the same fee disguised under a different name. Comparisons between a number of merchant accounts show that the Bank of America’s existing reports do not reflect good competitive contract terms.
 

SUPPORT OPTIONS

 
Support from all Bank of America merchants is available via mail, phone, and live chat. These options meet the expectations of the highest rated merchant account practices with regard to their customer service practices. Reviews of customer service communications indicate that in its seven years of operation the company has maintained a low number of complaints. It has been shown that the company’s low complaint rate has more to do with the consistent type of complaints than with the actual number of complaints.
 

MARKETING CHANNELS ARE BANK-BASED

 
Rather than using independent contractors, Bank of America primarily markets its services via outside sales reps who are employed within the company as well as through its many branches of banking. Even utilizing its own sales force, merchants indicate that they are experiencing similar issues when doing business with independent contractors. These issues include undisclosed contract conditions and fees prior to setting up accounts.
 

36-MONTH CONTRACT

 
Bank of America merchant account fees and costs seem to vary with regard to sales representatives, a merchant’s business type, the merchant’s ability to effectively negotiate pricing, and volume of processing. The corporation’s standard contract includes a 36-month service agreement along with an early termination fee of $495. Sales representatives for the Bank of America often promote non-cancellation, long-term equipment leasing via Clover POS or First Data Global Leasing. Merchants are advised to completely read service agreements prior to signing documents. It is also highly recommended that merchants buy equipment outright if possible rather than choosing the more costly leasing option.

If you are looking for a merchant account provider, check out our recommended payment processing company list.

One review on “Bank of America Merchant Services”

  1. Poor Customer Service: While even a big company can give you a nice personal experience via friendly and dedicated account reps, this doesn’t seem to be the case with Bank of America. One reviewer pointed out that the company is hands-on when working with you to get you to sign a contract but is less helpful when merchant issues arise. Complaints specifically focus on equipment issues, long hold times, being shuffled around from department to department without a solution, and outright rude and even condescending support reps.

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Our mission at PaymentProcessing.com is to provide you with helpful and detailed information about various credit card processing providers. Not all payment processing companies are the same and understanding your rates and processing agreement are some of the most important elements in making a sound decision.

 

Recommended Processors

If you are a low risk merchant looking for a credit card processor, we recommend checking out ProMerchant. If you operate a high risk business or have been told by processors that your business is hard to place, we recommend checking out Flow Payments.

what to look for?

  • Waived Setup Fees

  • Month-to-Month Agreements

  • No Early Termination Fees

  • Transparent Pricing Structures

  • No Hidden Fees

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