![]() This BofA-branded reader (manufactured by PAX) supports magstripe, EMV, and NFC-based payment methods (Apple Pay, Google Pay, and Samsung Pay). Mobile Payments: If you need to take payments in the field or prefer to use a smartphone or tablet instead of a dedicated credit card terminal, BAMS offers the D135 Mobile Card Reader.Processing Hardware & Software Subscriptions Remember that you’ll need a Bank of America business checking account to be approved for a merchant account. Fees for this program are not disclosed, but we highly doubt that it’s free. To qualify for same-day funding, you’ll have to apply for the program and pass a credit check. Same-Day/Next-Day Funding: All BAMS users will have next-day funding as a feature of their accounts at no additional cost.Numerous fees and restrictions apply to this program, so we recommend reviewing the Terms and Conditions before signing up. Three tiers are available: Gold (which offers a 0.05% discount on processing rates), Platinum (which offers a 0.07% discount), and Platinum Honors Gold (which offers a 0.10% discount). Preferred Rewards Program: A unique feature offered by Bank of America Merchant Services is its Preferred Rewards program, which offers discounts on your credit card processing rates.There’s also a Fraud Management tool included with the Bank of America Payment Gateway. Security Features: BAMS uses tokenization and encryption to protect your account, and it’s available for free with all accounts.Most importantly, you must have a Bank of America business checking account to obtain a merchant account through BAMS. Also, note that BAMS does not appear to accept high-risk merchants. Note that you will receive a full-service merchant account (with a unique merchant ID number for your business) whether you opt for customized pricing or the advertised flat-rate pricing plan. However, it’s unclear whether Bank of America is processing transactions directly or through an unidentified backend processor. Merchant Accounts: BAMS merchant accounts are no longer underwritten by Fiserv/First Data.Bank Of America Merchant Account Features & ServicesīAMS provides a full line of products and services for retail, eCommerce, and omnichannel businesses, including the following key features: Credit Card Processing At the same time, we’ll be looking for fresh feedback from merchants as to how well it honors the promises made on its website. The company now scores 4 out of 5 stars overall. With its completely revamped product lineup and more flexible contract terms, Bank of America appears to be moving in a positive direction. The company now advertises merchant accounts that come without long-term contracts and no early termination fees (a vast improvement over its previous contracts through Fiserv/First Data which it recently split from). BAMS offers an array of merchant services, including credit card processing, processing hardware, and support for eCommerce businesses. What Is Bank Of America Merchant Services?īank of America Merchant Services (BAMS) is the merchant services division of Bank of America (BofA). Final Verdict On Bank Of America Merchant Services.Positive Bank Of America Merchant Services Reviews & Testimonials.Negative Bank Of America Merchant Services Reviews & Complaints.Bank Of America Merchant Services Reviews, Complaints, & Testimonials.Contract Length & Early Termination Fee.Bank Of America Merchant Services Sales & Advertising Transparency.Bank Of America Merchant Services Fees & Rates.Processing Hardware & Software Subscriptions.Bank Of America Merchant Account Features & Services. ![]() What Is Bank Of America Merchant Services?.Project Management Software For Construction.What Is Shopify & How Does Shopify Work?.Buy Now Buttons: The Key To Selling On Your Blog Or Website.Is Dropshipping Worth It? How To Make The Right Choice.Best eCommerce Platform For Small Business.Discover The Best eCommerce Platforms In 2022.Complete List Of Business Tax Deductions.Discover The Best Accounting & Payroll Software In 2022.Find Accounting & Payroll Software Reviews.Business Credit Cards Without Personal Guarantee.Which Business Bank Account is Right For You?.How Signing a Personal Gurantee Affects You.Explore Business Credit & Banking Resources.Best Business Credit Cards For Your Nonprofit Organization.Discover The Best Business Credit Cards In 2022.PayPal Working Capital Loan Alternatives.Best Loans For Startups With Bad Credit.What Is A POS System & Choosing The Best For Your Business.Research Credit Card Processing Reviews.
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