Bank of America Merchant Services Overview
Bank of America’s Payment Processing Division
Bank of America Merchant Services is one of the largest merchant account providers in the United States. Surprisingly, Bank of America uses First Data and TSYS as its backend credit card processors rather than processing payments directly with the card networks. The company also promoted POS systems through Clover.This partnership has resulted in a significant percentage of all U.S. credit card transactions being processed through Bank of America. The main benefit of opening your business checking account and merchant account through Bank of America is that your credit card sales will usually be deposited a full day sooner than if you were with a third-party merchant account provider.
A Forthcoming End to its First Data Partnership
Bank of America Merchant Services has had a contract with First Data to service their payment processing needs. The contract will run until June 2020. The companies announced that their partnership will not be renewed at the time of the contract’s expiration. This will invariably change the landscape of Bank of America Merchant Services’ rate and fee structure. Merchants with a contract running through June 2020 should be especially aware of this development.
Bank of America Merchant Services Location and Leadership
Bank of America was founded in 1930 and is headquartered at 100 North Tryon Street, Charlotte, North Carolina 28255. Brian Moynihan is the CEO of Bank of America.
Bank of America Merchant Services Review Table of Contents
- Costs & Contract: Bank of America Merchant Services offers a three-year contract with a $500 early termination fee.
- Complaints & Service: Bank of America Merchant Services has received more than 10 public complaints.
- BBB Rating: Bank of America Merchant Services (as Bank of America) has an “A+” rating and has received 5,489 complaints and 344 reviews in the past 3 years. The company has been accredited by the Better Business Bureau since 1949.
- Sales & Marketing: Bank of America Merchant Services hires independent sales agents and has received a moderate number of complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Bank of America Merchant Services
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