Bank of America Merchant Services Logo

Bank of America Merchant Services

Is This Your Business?
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3 User Reviews
LAST UPDATED: June 27th, 2019

Bank of America was founded in 1948 and is currently headquartered in Charlotte, North Carolina. They are an American multinational banking and financial services corporation. Bank of America is a leading electronic payments company with an innovative suite of award-winning online products and services. Bank of America offers variable rates, depending on customer's volume and an added rate of 1.1% for monthly dollar volume that is not swiped, and additional rates for American Express usage as well. They also have additional rates and fees that could apply based on other varying factors. The Bank of America standard contract is for a total of three years with a one-year automatic renewal. Therefore, it's important that customers note the contract expiration date should they decide to cancel at the end of the term.

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The Good

  • Secure and Reliable System
  • Clover Station
  • Bank of America's ECommerce Solution

Secure and Reliable System

Bank of America is a widely recognized brand around the world and they have developed a track record as a premier payments company. They provide their customers with transaction speed through an unrivaled state-of-the-art secure and reliable system over a wide variety of retail and eCommerce platforms. Bank of America touts the fact it offers merchant solutions that include next business day access to funds. They offer a 24/7/365, 100% U.S. based customer service and technical helpdesk, and local sales representatives who can come to your business. Being able to reach customer service is extremely important, especially when you have an issue that needs to be resolved quickly so you can get your business back online as soon as possible. Bank of America's client services also includes processing point-of-sale system payments, a gift card program and a customer loyalty program, along with a variety of eCommerce services to all merchants large and small.  All of which will help build your brand and your brand's following.

Clover Station

Bank of America's Clover Station is an all-in-one POS solution you can lease or purchase. You can take payments, view your inventory, track sales, manage employees and utilize custom apps. And you can access this system from anywhere, from any web-enabled device. All of this is secured through the use of a fully encrypted system. In fact, BOA was named the #1 rated merchant services processor with 99.99% authorization system uptime. Bank of America also offers an offline mode so you can still accept card payments when your internet is down. Bank of America's Clover Station is ready to use as soon as you take it out of the box and it has the following features: a touchscreen tablet on a swivel stand, a built-in card reader, POS software already loaded with everything you need, a quick printing receipt printer, a cash drawer and a kitchen printer, if you need one. It also comes with the printer cables and some printer paper as well. And all the equipment and software is backed by a dedicated U.S. based customer support staff 24-7-365, so you never have to worry about not being able to quickly resolve any equipment issues. The Clover Station's security entails encryption for all transactions and the data is securely backed up in the cloud, which will prevent data loss in the event of damage.

Bank of America's eCommerce Solution

Bank of America offers an impressive eCommerce solution which includes: four key payment processing strategies, help with improving your customer's experience and providing you with more traffic. You may also see an increase in the average order value and a boost in your sales as a result. Bank of America also offers a comprehensive global e4 gateway solution with multiple interface options, a real-time payment manager, hosted checkout, web service API, user-friendly admin interface and simple back-office management. The simple integration comes with extensive support options and a proven technology provided through a trusted, single-source relationship. Additionally, they offer fraud protection through the Bank of America Fraud FlexDetect tool and a TransArmor Solution to reduce the scope and cost of PCI compliance and protect card data at every stage, as well as sophisticated analytics, a business tracker online reporting tool and more! As you can see, we could write a novel about the benefits and features Bank of America has to offer. They are an all-inclusive one-stop shop, which is convenient and important to a business owner who wants to keep everything in one place.


The Bad

  • No Pricing Information

Additional Fees

Unfortunately, Bank of America Merchant Services offers no information regarding pricing on its website. This doesn't do well for BOA's transparency. Many consumers today want transparency and authenticity from the first moment, and the fact that other companies offer that better than BOA will cause them to lose potential clients.


The Bottom Line

Bank of America is a widely recognized and trusted brand and are rated the number one U.S. electronic payments processor.  And they process a large percentage of credit card transactions in the U.S. However, there are numerous complaints regarding undisclosed and hidden fees, but in some cases, this could have been avoided had the merchant thoroughly read the contract before signing it. Bank of America provides quality phone-based customer support and other various support options, such as live chat, email, and website FAQ's. However, the lack of upfront pricing information significantly damages the company's score. We recommend researching top industry competitors that offer more upfront and transparent information.

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Monica Montes Las Vegas, NV

Now I know that Bank of America Merchant Services is the worst merchant that I have had. Let me tell you why is my problem with them. A customer ask for his money back and Bank Of America just take off my money of my account and never they notified me about this charge back, when I sent all the documents that I have to prove that the customer did the purchase in our store (they only receive information by fax) and when I call to customer service to ask if they received my information, they told to review that papers late between 7 to 10 business days!!! Wauuuu !! But any way they rejected all my proofs. The customer service is horrible!! Please believe me, Bank of America Merchant Services is not a good choice for your business.

3 years ago

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lucia craciun Hollywood, FL

For anyone looking for a merchant account please stay away from Bank Of America Merchant. They make it loos so easy and it might seem fair price for your clover device but believe me they are ripping people off. They will sign you up for a long term contract and you won't be able to get out of it for a long long time. I closed my store last year and I called BOA Merchant customer service to close my account immediately after I shut down my business. They were unable to cancel my account unless I pay over $500 cancellation fee so now I'm stuck to monthly fees until next year. They should be more supportive of small business as we are the ones who work hard to make the magic happen ... but instead they will lure you in and if your business doens't go according to your plan you will be stuck with long term fees. There are many other companies out there to chose from .... This is my experience and I would like to share with everyone. Please don't make the same mistake I did.

3 years ago

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James Khan Towson, MD


4 years ago