Skip to content
Español

Card processing review

Bank of America Merchant Services

Bank of America's merchant services: Simplified Pricing of 2.65% + 10¢ in person, 2.99% + 30¢ online and 3.50% + 15¢ keyed in, POS software from $10 a month, next-day deposits (same day if approved) and no term or penalty for closing, but only with a Bank of America business checking account. Other fees, such as statement, PCI or chargeback fees, are only in the fee schedule given when you open the account.

By Bank of AmericaParent company: Bank of America Corporation (NYSE: BAC)
Not enough data to score

Our verdict

A published flat rate with no term or closing penalty, for restaurants that already bank with Bank of America. Restaurant features cost more than the entry plan, and the other fees only arrive with the fee schedule when you open the account: ask for it in writing before you sign.

What we like

  • No minimum term and no penalty for closing the merchant account.
  • With Simplified Pricing, American Express costs the same as Visa and Mastercard.
  • 24/7 phone support for merchants.
  • Same-day funding, 365 days a year, if you're approved for it; Preferred Rewards for Business members get a rate discount.

What to watch

  • You must open a Bank of America business checking account and settle your sales into it.
  • Restaurant features (menu and tables, open tabs, tip adjust) need the Growth plan, $79 a month for the first terminal.
  • Statement, PCI, batch and chargeback fees aren't published: the fee schedule is only given when you open the account, so its full yearly cost can't be calculated from public data.
  • Its website disclaimer says rates and terms can change without notice, and its Merchant Services agreement isn't public.
  • No dual pricing or surcharge program published.
  • Devices are bought outright, with returns limited to the warranty and a restocking fee.

How the score breaks down

RTC ScoreNot enough data

Methodology v0.1.0

We could verify less than 60% of what we score, so we don't rank it.

Data completeness52%

We could verify 52% of the scoring data

Strongest points
What leaving in month 12 costs, Standard deposit speed, 24/7 support
Weakest point
Works with restaurant POS systems

Score by criterion

  • 12-month cost of the reference restaurantWeight 37%No data
  • Standard deposit speedWeight 11%Strongest8.0 out of 10
  • What leaving in month 12 costsWeight 9%Strongest10.0 out of 10

    $0 to leave in month 12

  • Price increases during the contractWeight 8%No data
  • Published pricingWeight 7%8.0 out of 10
  • 24/7 supportWeight 6%Strongest10.0 out of 10
  • Contract termWeight 4%10.0 out of 10
  • Support channelsWeight 4%5.0 out of 10
  • No equipment lease you can't cancelWeight 3%10.0 out of 10
  • Works with restaurant POS systemsWeight 3%Weakest1.7 out of 10
  • Automatic renewalWeight 2%10.0 out of 10
  • Equipment works with another processorWeight 2%No data
  • Offers dual pricing or a surcharge programWeight 2%0.0 out of 10
  • Works without the vendor's own POSWeight 1%10.0 out of 10

All the data, with sources

Each value links to its source. "Not published" means the vendor doesn't disclose it; "Unconfirmed" means we looked and couldn't confirm it. Data points we have for fewer than four vendors are left out until we can compare them.

Type of processor and pricing
Data pointValue
Type of processorBankSource: Bank of America (opens in a new tab)
Pricing modelFlat rateSource: Bank of America (opens in a new tab)Simplified Pricing (flat rates); custom pricing, including interchange-plus, is also offered.
Published pricing (points out of 100)80Source: Bank of America (opens in a new tab)Counted: in-person rate 25, online and keyed-in rates 15, software plan fees 20, early termination fee 20 (no penalty for closing), other fees 0 (statement, PCI, batch, chargeback and minimum fees are only in the fee schedule given before you open the account).
Card rates
Data pointValue
In-person rate2.65%Source: Bank of America (opens in a new tab)Preferred Rewards for Business members get 0.05% to 0.10% off.
In-person fee per transaction10¢Source: Bank of America (opens in a new tab)
Online rate2.99%Source: Bank of America (opens in a new tab)
Online fee per transaction30¢Source: Bank of America (opens in a new tab)
Keyed-in rate3.5%Source: Bank of America (opens in a new tab)
Keyed-in fee per transaction15¢Source: Bank of America (opens in a new tab)
American Express pricingSame rate as other cardsSource: Bank of America (opens in a new tab)
American Express rateN/ASource: Bank of America (opens in a new tab)American Express costs the same as other cards.
Rates by monthly volumeN/ASource: Bank of America (opens in a new tab)One rate at any volume; Preferred Rewards for Business members get a discount, and custom pricing is available by quote.
Monthly and other fees
Data pointValue
Monthly account or plan fee$10/moSource: Bank of America (opens in a new tab)Starter plan, for in-person terminals. Basics ($10 a month per location) is web-only; Growth costs $79 and Pro $129 a month for the first terminal.
Annual fee per accountNot publishedSource: Bank of America (opens in a new tab)Not published: Bank of America puts its fees in the fee schedule it gives you before you open the account, and it doesn't say whether an annual fee applies. It advertises no hidden fees.
Annual fees per device or locationNot publishedSource: Bank of America (opens in a new tab)Not published: Bank of America puts its fees in the fee schedule it gives you before you open the account, and it doesn't say whether an annual fee per device or location applies. It advertises no hidden fees.
PCI compliance fee (yearly)Not publishedSource: Bank of America (opens in a new tab)Not published: its encryption and tokenization come at no extra cost and its Product Guide includes the PCI Assist portal, but Bank of America doesn't say whether a PCI program fee applies; its fees are in the fee schedule given before you open the account.
PCI non-compliance fee (monthly)Not publishedSource: Bank of America (opens in a new tab)Its Merchant Services agreement isn't public; the fee schedule is given when you open the account.
Statement feeNot publishedSource: Bank of America (opens in a new tab)Not published: Bank of America puts its fees in the fee schedule it gives you before you open the account, and it doesn't say whether a statement fee applies. It advertises no hidden fees.
Monthly minimumNot publishedSource: Bank of America (opens in a new tab)Its Merchant Services agreement isn't public; the fee schedule is given when you open the account.
Fee per batchNot publishedSource: Bank of America (opens in a new tab)Not published: Bank of America puts its fees in the fee schedule it gives you before you open the account, and it doesn't say whether a batch fee applies. It advertises no hidden fees.
Chargeback feeNot publishedSource: Bank of America (opens in a new tab)Bank of America charges a fee per chargeback but only lists it in the fee schedule given at account opening.
Other feesSoftware plans: Basics $10 a month per location, Starter $10 per terminal, Growth $79 and Pro $129 for the first terminal ($19 and $29 for each additional terminal), plus tax. Cellular service, the email/text package and other optional services have fees in the fee schedule. Restaurant features (menu and tables, open tabs, tip adjust) start with Growth.Source: Bank of America (opens in a new tab)
Equipment
Data pointValue
How you get the equipmentYou buy itSource: Bank of America (opens in a new tab)
Price of a countertop terminal$729 one-timeSource: Bank of America (opens in a new tab)Countertop Compact A8700; it needs a software plan. Hybrid A800 $539, Pocket A6630 $589.
Equipment lease you can't cancelNoSource: Bank of America (opens in a new tab)Bank of America sells its devices; its Product Guide offers no lease. Returns are limited to the warranty and carry a restocking fee.
Equipment lease termN/ASource: Bank of America (opens in a new tab)No lease is offered.
Equipment at $0 upfront: what it commits you toNo $0-upfront offer published: devices are bought, from $109 for the card reader and $539 for the Hybrid A800 terminal.Source: Bank of America (opens in a new tab)
Equipment only works with this processorUnconfirmedSource: Bank of America (opens in a new tab)Its devices run Bank of America's software plans and can be deactivated if your plan doesn't support them; it doesn't say whether they work with another processor.
Getting your money
Data pointValue
Standard deposit speedNext business daySource: Bank of America (opens in a new tab)Same-day funding, 365 days a year, needs credit approval; deposits go to your Bank of America business checking account.
Instant payout feeUnconfirmedSource: Bank of America (opens in a new tab)No instant payout published; same-day funding costs nothing extra if you're approved for it.
Holds and reservesBank of America can hold funds or delay funding to validate transactions, defer payments it owes you and fund a reserve account to cover risk, as set out in its merchant agreement.Source: Bank of America (opens in a new tab)
Contract and exit
Data pointValue
Contract termMonth to monthSource: Bank of America (opens in a new tab)You sign a Merchant Services agreement, with no minimum term.
Automatic renewalMonth to monthSource: Bank of America (opens in a new tab)No term, so nothing renews.
Notice to avoid renewalN/ASource: Bank of America (opens in a new tab)No term to renew.
Notice to cancelUnconfirmedSource: Bank of America (opens in a new tab)No notice period published; there is no term or penalty for closing.
Early termination feeNone: Bank of America says there's no penalty for closing the merchant account.Source: Bank of America (opens in a new tab)
How the early termination fee is calculatedNo early termination feeSource: Bank of America (opens in a new tab)
Liquidated damages clauseNoSource: Bank of America (opens in a new tab)
Price increases during the contractUnconfirmedSource: Bank of America (opens in a new tab)Its Merchant Services agreement isn't public, so how it can change your fees isn't known. Its website disclaimer says programs, rates and terms can change without notice, and you can close the account with no penalty.
Right to raise pricesIts website disclaimer says programs, rates, terms and conditions can change without notice; its Merchant Services agreement isn't public.Source: Bank of America (opens in a new tab)
Personal guarantee by the signerUnconfirmedSource: Bank of America (opens in a new tab)Its Merchant Services agreement isn't public; the fee schedule is given when you open the account.
Dual pricing and surcharges
Data pointValue
Dual pricing or surcharge programNoSource: Bank of America (opens in a new tab)Bank of America publishes no dual pricing, surcharge or cash discount program; its POS feature comparison shows surcharging unsupported.
Cards the program coversN/ASource: Bank of America (opens in a new tab)No program published.
Monthly fee for the programN/ASource: Bank of America (opens in a new tab)No program published.
Your POS and your business
Data pointValue
Works with these restaurant POSOthersSource: Bank of America (opens in a new tab)Its partner list (for example SoftPoint and POS Bridge) names none of the restaurant POS systems we track by name; it also sells its own POS and a gateway.
Requires the vendor's own POSNoSource: Bank of America (opens in a new tab)Partner solutions and its gateway work without its POS.
Monthly volume it's built forUnconfirmedSource: Bank of America (opens in a new tab)No minimum volume published.
Accepts high-risk businessesUnconfirmedSource: Bank of America (opens in a new tab)Not published.
Routes debit to the lowest-cost networkUnconfirmedSource: Bank of America (opens in a new tab)Not published.
Support
Data pointValue
24/7 support for merchantsYesSource: Bank of America (opens in a new tab)
Support channelsPhoneSource: Bank of America (opens in a new tab)
Language
Data pointValue
Support in SpanishUnconfirmedSource: Bank of America (opens in a new tab)Bank of America doesn't say whether its merchant line serves Spanish.
Merchant dashboard in SpanishYesSource: Bank of America (opens in a new tab)You manage your Merchant Services account in Business Advantage 360 online banking; you can set it, and the Virtual Terminal, to Spanish.
Contract or terms in SpanishUnconfirmedSource: Bank of America (opens in a new tab)Its Merchant Services agreement isn't public; the fee schedule is given when you open the account.
US website in SpanishNoSource: Bank of America (opens in a new tab)Its merchant services pages have no Spanish version.

More about Bank of America Merchant Services

How we score