Bank of America Merchant Services has joined the mobile payments game with the launch of its new service, Mobile Pay on Demand.
Mobile Pay on Demand will allow users to accept credit and debit card payments with their smartphones by way of a small card-swiping device. In addition to providing users with the ability to accept payments on the go, the new service will offer other benefits including next-day access to funds, a customer service helpline, and the ability to be listed as the merchant of record on transaction statements.
The pricing for Mobile Pay on Demand will be 2.7 percent for all swiped transactions, and there will be no monthly or annual fees required. The service is set to start on Dec. 3 and will be available on iOS- and Android-enabled phones.
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