Bank of America Merchant Services Review

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Date Established
2009
Location
Charlotte, NC

Pros

  • Next-day deposits available
  • Chip card hardware available
  • Check/eCheck acceptance

Cons

  • $500 early termination fee
  • Poor customer support
  • Limited pricing disclosed online
  • Expensive terminal leases

Overview

Bank of America is a big bank. And for consumers, it’s very well-known. That’s why I can understand why so many merchants go straight to Bank of America Merchant Services for payment processing services. It’s already there, it’s convenient, and if you trust them to handle your banking, then why shouldn’t you trust them to handle your credit card processing?

But here’s the thing: Banc of America Merchant Services, LLC (the legal name of this company), is altogether different from the Bank of America consumers know. They aren’t the same company at all. From what I’ve been able to tell in the course of my research, local banks act as referring partners who pass leads onto sales agents who are supposed to close the deal.

Also referred to as BAMS, or occasionally BofA in this review, this is no mom-and-pop shop or a scrappy underdog trying to survive among the big dogs. BAMS is an enormous merchant acquirer. It was ranked number four in the nation by quantity of purchase transactions in 2016, according to the Nilson Report. That puts it behind Vantiv, First Data, and Chase, but slightly ahead of Global Payments/Heartland Payment Systems.

BAMS is actually just a First Data reseller, meaning all of its offerings are just repackaged and repriced First Data products. Its merchant contract terms are hardly competitive and BofA doesn’t add anything that contributes value to its product suite.

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Best Choice ForAll-In-One PaymentsNonprofits, Clover POSeCommerce, Authorize.NetLow-cost, Mobile, Poynt POSSmall-ticket, Canada, Mobile 
POS and Other Features IncludedYesYesYesYesYes
Rate Matching/ NegotiableYesYesYesYesNo
Pricing StructureSubscriptionInterchange-PlusInterchange-PlusInterchange-PlusFlat Rate
Retail Rates0.00% + $0.080.25% + $0.100.25% + $0.100.30% + $0.102.75%
Monthly Fee$99$10$10$0 (minimum fee may apply)$0

What’s more problematic is that the company uses questionable sales tactics alongside poor advertising transparency, which has led to a growing pool of unsatisfied customers who didn’t understand what they signed up for. High early termination fees, bank-breaking lease agreements, and high rates and fees seem to come up consistently with BAMS. Throw in shoddy customer support, and you’re probably starting to wonder how such a poor company manages to be so large.

For many merchants, the next-day deposits for BofA business checking account holders remains a major draw. If you’re really sure you want to look into Bank of America for your credit card processing, read this review carefully and proceed with caution. Be prepared to navigate a few pitfalls.

All things considered, I can’t give Bank of America Merchant Services more than 3 stars. It’s a big company with powerful resources, but I’m just not convinced that it wields these resources to the benefit of merchants. There are many things it could improve on, from its transparency to the fundamental way the company operates. If we saw any sort of improvement in any regard, we could raise the rating, but not until then.

Check out the full Bank of America Merchant Services review below for more information, or take a look at our comparison chart to see the best merchant services providers.

Products & Services

Screenshot of Bank of America Merchant Services Home Page

Bank of America Merchant Services is pretty much a First Data reseller. That means all of its products are just First Data offerings at BAMS prices. On the one hand, it means BAMS is capable of serving merchants in all kinds of industries, rather than having a limited scope.

On the other, it means that BAMS products are pretty generic and the company doesn’t offer much unique value. So why not go to First Data directly? Or any other processor that offers better value and service, for that matter?

Here’s what you’ll get with a Bank of America merchant account:

  • Tablet-based POS: If you don’t have a POS or you’re looking to upgrade, Bank of America offers the Clover suite of POS systems. There are several different devices available based on your needs, and the hardware kit includes support for magstripe, EMV, and NFC transactions. Plus, Clover supports a large app market for all kinds of integrations.
  • Terminals: If you do have a POS and aren’t inclined to change over, you can also just get an EMV/NFC enabled credit card terminal. BAMS offers a handful of models to choose from. It’s nice to see there’s a consumer-facing PIN pad option, too.
  • Check Acceptance: Bank of America Merchant Services offers check acceptance through Clover for small merchants. It also offers Tele-Check acceptance for large businesses, but it doesn’t clarify what the difference is or what the threshold is for being classified as a large business.
  • Mobile Payments: Clover Go, an offshoot of the Clover Station POS, is BofA’s solution for mobile merchants. The rates are different from the regular Clover fees, at 2.7%per swipe or 3.5% + $0.15 per keyed transaction. BAMS sells its two readers, a headphone jack model with magstripe and EMV support and an all-in-one Bluetooth model with EMV, NFC and magstripe support, for $34.99 and $59.99, respectively. You can get Clover Go as a standalone if that’s all you need, but I’d be wary.
  • Payment Gateway: Bank of America offers its own payment gateway for online merchants, but it’ll still charge you a large setup fee and a per-transaction fee on top of processing rates.
  • eCommerce Support: If you haven’t the foggiest idea how to go about building a website, or if you really hate the one you have now, BAMS has a partnership with Yahoo Small Business to get you set up.
  • Dynamic Currency Conversion: If you frequently deal with customers from another country, BAMS offers dynamic currency conversion so you can charge customers in their card’s currency and they’ll know right then what they’ll pay.
  • Global ePricing: BAMS calls this Global ePricing, but other companies generally refer to it as multi-currency displays. If you sell online to a global audience, you can display prices in different currencies based on the location of the shopper.
  • Real-Time Reporting and Analytics: BAMS promises detailed reporting and analytics. But if you look close, you’ll see this will cost you an undisclosed monthly fee. Considering how many of the best merchant account providers and third-party processors like Square offer free and detailed analytics as part of the package, I’m not impressed by this.
  • Gift Card Services: Nothing new here, but it’s always good to see.
  • Loyalty Program: Bank of America’s loyalty program seems to be centered around stored value/gift cards, but there’s not a whole lot of information about it.
  • TransArmor Data Protection: TransArmor is a data breach protection service that provides tokenization and encryption. It’s included for free with Clover products. If you’re bringing your own POS to the party, expect BAMS to charge you a monthly fee for this service. This is NOT the same as a PCI compliance fee.
  • Next-Day Deposits: If you have a Bank of America business checking account, your funds are released to you the next business day. Having a BAMS account also means the bank will waive your $30 monthly fee. If you don’t have a BofA checking account, your deposits will take longer. BAMS doesn’t clarify, but I would expect 2-3 business days.

That’s really about it for Bank of America’s services. For the most part, I feel like this will address most everything a merchant needs, which is nice. But it doesn’t excite me. Maybe it’s because nothing stands out as ground-breaking or even better-than-average. Most services are just re-packaged deals from another provider, and they’re going to cost you more.

Fees & Rates

BAMS does not publicly disclose much information on rates or fees. There are no terms of service on the site, either, so we can’t look at a sample contract and point out the red flags.

This is usually the case with large processors. They base their pricing on a whole mess of factors — your industry, your monthly or annual volume, what kind of hardware you need, etc. And so they don’t like to give pricing information because they don’t want to deal with “but your website said…” complaints. However, plenty of other businesses will clearly disclose their markup so you know exactly what you’ll pay when you sign up. So you shouldn’t accept lack of pricing disclosure as perfectly normal.

BofA’s live chat feature also isn’t helpful if you introduce yourself as a reviewer and just want some general information. Last time I did that I was immediately shut down and couldn’t get any information, not even whether the company offers interchange-plus or how long the contract is for. The most helpful information that I got was that each package is customized to the individual business. That’s processor code for “we assign lots of arbitrary fees.”

I got a bit sneaky this time around when I reached out to Bank of America and was able to get some numbers. If you’re a low volume merchant, here’s what you can expect:

Online Transaction Rates 

  • Gateway Setup Fee: $99 (one time)
  • Gateway Service Fee: $16/month
  • Gateway Per-transaction fee: $0.10
  • BAMS Transaction Rate: Interchange plus 0.99% + $0.20
  • PCI Compliance Fee: $9.95/month

Clover Go Rates

  • Swiped/Dipped/Tapped Transactions: 2.7%
  • Keyed Entry Transactions: 3.5% + $0.15
  • EMV-Enabled Headphone Jack Reader: $34.99
  • All-In-One Bluetooth Card Reader: $59.99
  • No Monthly Fee

When I asked about contracts, the sales rep told me that there was a 3-year contract, but with no ETF. In my very careful exploration of the BofA merchant site, I noticed one fine-print reference to “Clover Go On Demand” that suggests that maybe low-volume mobile merchants don’t have an annual contract. Zero other information is available. However, if you use anything other than Clover Go, you should expect a three-year contract with an early termination fee. Even if all you are using is Clover Go, you should still be wary of a potential ETF.

If you’re using the Clover Station (including the Mini, Mobile, or Flex variants), you’re not going to have the same pricing as Clover Go. The fact that BAMS uses interchange-plus rates for its online payments gives me hope that BAMS might have switched from its previous qualified pricing plan finally. But I don’t have confirmation of this.

Aside from transaction rates and fees, you can expect these additional costs:

  • Clover Station: $1,264 to buy outright or $68.83/month to lease. This includes:
    • Clover Station
    • FD40 PIN pad
    • Receipt Printer
    • Cash Drawer
    • Printer Paper
    • Cables
  • Barcode Scanner: $149 to buy outright or $7.93/month to lease (36 months)
  • Kitchen Printer: $396 to buy outright or $18.93/month to lease (36 months)
  • Clover POS Monthly Service Fee: $49/month
  • Additional Registers Service Fee: $25/month per register

All of these costs start to add up quickly. Clover is definitely competitive in the POS space, but I don’t think anyone except a Clover representative would tell you it’s the best pricing available.

But even here, there’s more fine print: This is the web-only price, meaning if you sign up online, this is how much you’ll pay. If you contact the company over the phone to get set up (especially if you’re also using some other part of BAMS’ offerings), you’ll pay an undisclosed price. I have no information about whether that’s lower or higher.

BAMS doesn’t disclose the lease term for the Clover POS, but merchant complaints say that it’s four years. This is not good. It also means you end up paying a LOT more for a piece of hardware you don’t even own in the end:

  • 68.83 x 48 = 3,303.84 

Compare that to $1,264 to buy outright and not be trapped in a lease.

Finally, one of the big draws of Bank of America is that BAMS promises next-day deposits for merchants who also have a business checking account with them. If you don’t have a BofA business checking account, your deposits will take longer (2-3 business days being most likely).

If you are with BofA, your business checking account costs about $30/month to maintain — unless you’re also using merchant services and/or payroll as well. In which case, the company is happy to waive that fee. It claims that this saves you money. In fact, BAMS goes so far as to claim this is a great way to reduce your processing fees:

Screenshot of Bank of America Merchant Services FAQ - "Q: How can I reduce my credit card and overall fees? A: There is no monthly fee on a Bank of America Business Advantage checking account for active Bank of America Merchant Services account users, saving you money."

But do you want to know how else you can save money? Get a business account with another bank or a credit union that has low or nonexistent monthly fees. Choose a processor who will give you next-day deposits regardless of which bank you use.

Contract Length & Early Termination Fee

When I talked to a Bank of America rep using the live chat feature, he told me that there was a three-year contract in place, which fits with everything we’ve heard from merchants. He also said there was no early termination fee, which definitely does NOT fit with everything we’ve heard from merchants. We have multiple reports of merchants being assessed a $500 ETF, which is $200 MORE than the typical ETF (most processors I’ve seen charge about $300). That’s ridiculously expensive for a company that already charges a boatload of fees.

The most ethical of merchant account providers operate on a month-to-month basis without contracts, so you certainly shouldn’t feel like an ETF is unavoidable. If you don’t want to be locked into a contract, I recommend checking out our top-rated processors.

I also want to point out that Bank of America uses an equipment leasing program. It’s not even an in-house leasing program. If you want to lease Clover hardware, you’ll be dealing with First Data. While the company is a large and overall solid processor, it has an absolutely godawful leasing program that you should avoid at all costs. Your contract for the lease will be separate from your processing contract — and it will be a four-year, non-cancellable lease, compared to the three-year processing agreement. I’ll come back to this in the next section, but for right now the takeaway is this: Do NOT, under any circumstances, lease your equipment from BAMS/First Data if you can help it. Buy it outright. Buying outright will cost more up front, but it’ll be a much better deal. If you need to, consider a small business loan to buy the equipment instead. Since the lease is non-cancellable anyway, if you don’t like the system, at least you’ll have paid less for a loan.

Sales & Advertising Transparency

BAMS exhibits almost every transparency issue I’ve come to expect from less-than-stellar processors. For starters, BAMS only offers pricing information for its entry-level Clover Go plan. There’s no other pricing information on the website, not even for the cost of any hardware. Any processor that does this will tell you it’s because pricing is contingent on your industry, your average transaction size, your monthly/annual volume and other factors. And that’s true — that’s how they set rates. But that’s not true across the board. Other companies have no trouble disclosing their markup and fees because they charge consistent, transparent rates.

Second, I am utterly unimpressed by the BAMS website. It is clunky, poorly designed, and lacking information in obvious places. The design feels like three sites within one, and as a result is very difficult to navigate. (There’s even a separate mini-site on the main Bank of America site under its small business services, which is completely different!) Do you want to know more about actual processing options? Then you’ll have to scroll on down to the website footer to get a link that will take you somewhere with a modicum of helpful information. But it’s still mostly generic. You can get a feel for what’s available for you, but that’s about it.

My impression is that Bank of America doesn’t want you to rely on the website. It wants to get you into a live chat or on the phone or submitting information via email so that its sales reps can work their “magic.”

Third, the “resources” offered on the site are inadequate at best. For example, let’s just take a look at BAMS’ explanation of processing fees:

Bank of America Merchant Services website FAQ - Headline: Common fees assessed for payment card processing services  1) Interchange Fee: Charged to you, by the acquirer, and paid to the issuing banks. 2) Processing Fees: Charged to you by the acquirer/processor. These are fees set by the acquirer/processor in connection with its processing services delivered to merchants.

 

This to me is laughable because it neglects to explain monthly service fees, account statement fees, PCI compliance fees, annual fees or any number of other costs processors tend to sneak into their plans. It sort of tries to simplify everything to the point that you think “all processors charge the same fees” and that’s not true at all.

And that’s not getting into all the disclaimers and fine print on the site. Each page is filled with its own footnotes and little catches. For example,  BofA promises insights and analytics but only mentions in the fine print that this service costs an extra monthly fee (but it doesn’t mention what that monthly fee is).

Similarly, BAMS lists the monthly lease price for its Clover hardware, but neglects to mention that it’s a four-year, non-cancellable lease. This annoys me a great deal because A) the lease is a four-year term while the processing contract is for three years, and B) you end up paying not quite three times the value of the equipment over the duration of the lease. (Three times the value would be $3,600 for those of you who are really bad at numbers). And then you don’t even own the equipment! This is just an awful practice. Lots of merchants cancel with BAMS and then are told they still owe hundreds of dollars on equipment they’ve already returned.

There are no active social media channels dedicated to Merchant Services — just a LinkedIn page that seems to have no real purpose. There’s a BofA Twitter feed and Facebook page, as well as dedicated news and help Twitter channels. However, remember that Merchant Services is a different company. You’re better off trying to go through the official support channel (a phone line) than getting help on social media.

For a company that claims to tailor itself to small business, I find this extremely disappointing.  Things work differently in an enterprise environment, where doing business usually involves sales calls, presentations, reps visiting on site, meetings to discuss the decision, etc. Small businesses just don’t operate like that and so to see such a disappointing site and nonexistent social media (and minimal educational content) leaves me disheartened. A company as large as Bank of America can certainly do better — it just has to want to. And sadly, I don’t think it does.  

Many reviewers complain about non-disclosure of important contract terms, misleading fee/rate explanation, and overall poor sales transparency during consultations. Although it looks like most, if not all of the BAMS sales reps are company employees and not independent agents, this doesn’t guarantee a good sales experience.

In fact, one thing I often do when reviewing a company is check out an employee review site to see what people say. Sales agents are particularly great about leaving reviews, so this gives me some helpful information (like whether the agents get a base pay plus bonuses or work solely on commission). In BofA’s case, I saw references to having to “compromise integrity” and “morally bankrupt” team members. The overall feedback isn’t positive. High-pressure environments are one thing. I see that a lot. But to have sales agents outright admit to using shady practices is another. Combined with what seems like a lot of turnover, constantly changing priorities, and a lack of regard for customer service, the inconsistent and poor experiences that merchants report starts to make sense.

When dealing with Bank of America, I urge you to proceed cautiously and don’t sign anything until you’ve read it carefully. Be very thorough in asking questions and make sure that what you’ve been told lines up with what your contract says. If you need help understanding your contract, reach out to us.

Customer Service & Technical Support

I’m left feeling underwhelmed concerning the customer and technical support offered at BAMS, both regarding what they advertise and how current merchants seem to rate it.

At BofA, you’ll find:

  • Phone Support: Offered 24/7 at (800) 228-5882. This seems to be the sole means of support from actual BAMS agents. On the one hand, being able to talk to a live person is great. On the other, some people (myself included) loathe getting on the phone if we can get an answer another way (email or live chat).
  • Small FAQ: This self-help section looks fairly useless, and I am quite disappointed by it. Then again, if BofA signs most merchants up with Clover, the Clover FAQs (which you can find on the Clover site) will address most of the software and hardware problems.

If you’re not signed up with Bank of America yet, you can also access a separate phone line, live chat, or an email inquiry form. The live chat feature is okay — I didn’t wind up having to wait for ages for someone to join the chat and I didn’t get much of a runaround when I asked for pricing without giving them all of my business information. But they definitely want to get your information passed off to a sales rep who can talk you into signing.

If you have experience using the BAMS customer service options, please leave your thoughts in our comments section. Thank you!

Negative Reviews & Complaints

Since Bank of America doesn’t have a separate BBB profile for its merchant services wing, we don’t have that resource to draw from in this case. There are nine reports on RipOffReport.com, the most recent of which is from October 2016.

Elsewhere, though, the web is populated with complaints against BAMS. It was fairly simple to pinpoint major problems, given how numerous and explicit they are. Here are the common issues:

  • Expensive Terminal Lease Contracts: Some merchants have complained about not being aware that they were signing a non-cancellable terminal lease. The whole “not being aware” part can be chalked up to some merchants not fully understanding how leasing works, but I think more likely it’s sales reps being dodgy about explaining the terms. Terminal leasing is unnecessary to begin with. And First Data’s insistence on leasing is a huge mark against the whole Clover system, as well as the inconsistency in pricing from one reseller to the next.
  • Withholding Funds/Termination Of Accounts: This can happen for a number of reasons. Chargebacks and/or suspicious charges can easily raise a red flag that will either get you suspended or shut down. Both First Data and Bank of America have been known to be a bit trigger-happy when it comes to holding funds, and sadly merchants are having trouble getting funding from legitimate transactions. You’re going to want to learn how to avoid holds and minimize chargebacks if you plan on signing up with BofA.
  • High Cancellation Fee: If you want to cancel before your contract is up (three years), then Bank of America will likely charge you a $500 cancellation fee. That’s pretty steep considering there are plenty of other providers that don’t charge a fee at all and the industry standard is usually about $300.
  • High And/Or Hidden Fees: You’ll see first that Bank of America isn’t great at disclosing fees, but also that they are quite high. In addition to setup, monthly, and PCI compliance fees (not to mention the ETF) you could also be hit with annual fees. Merchant complaints aren’t clear what other kinds of fees they encounter, just that they sometimes can amount to almost 10% of a single transaction. Related to this, you’ll see general complaints that Bank of America is expensive — and that may be as a result of high processing rates and all the assorted other fees BofA charges.
  • Poor Customer Service: While even a big company can give you a nice, personal experience via friendly and dedicated account reps, this doesn’t seem to be the case with Bank of America. Sure, they have 24/7 support, but that doesn’t mean it’s good quality. Complaints specifically focus on long hold times, being shuffled around from department to department without a solution, and outright rude and even condescending support reps.

Positive Reviews & Testimonials

The most you’ll see for testimonials on Bank of America’s merchant services home page is a small and somewhat questionable bar near the bottom of the page.

Screenshot of Bank of America Merchant Services testimonials from home page

I’m a little bit wary of the “Somewhere, USA” and the fact that one business appears twice.

There’s not a lot of happy news in this category, which isn’t a surprise given the complaints. But it’s worth noting (again) that BofA is large enough that it ranked as the fourth largest acquirer in the US by number of purchase transactions in 2016. BAMS processed 15.28 billion transactions. 

I’m inclined to think a lot of happy customers (at least, for the small business side of things) are just people who already banked with BofA and don’t realize just how much they’re overpaying. Large corporate clients are a different matter entirely.

And I will say this: A lot of merchants seem to like the Clover platform itself. The software is pretty solid, and the hardware isn’t bad either. It’s just the pricing and the leasing terms that are so problematic.

But you can get everything Bank of America offers from another, more reputable processor.

Final Verdict

Bank of America Merchant Services isn’t doing anything really special for the average merchant. I’d bet a large portion of its clientele signed up mostly due to name recognition and being pitched to at a local BofA branch where they already bank. But those really shouldn’t be the reasons you choose a credit card processor.

Nothing that Bank of America offers is anything you can’t get elsewhere. Plenty of merchant service providers offer (free) next-day deposits regardless of who you bank (Fattmerchant comes to mind), and that’s the biggest standout feature. And as I hope I’ve conveyed to you here, Bank of America doesn’t offer competitive pricing for its services or its hardware. In fact, its outsourced terminal lease program (through First Data) is hugely problematic.

A company as large as Bank of America Merchant Services can and should do better than just repackaging another processor’s goods for high prices and poor customer support.

For these reasons, I’m leaving the Bank of America Merchant Services review at 3 stars. I’m not saying run for the hills — but please, seriously consider other options before jumping on board with BAMS. You can find a much better deal for better pricing and get much better support without sacrificing next-day deposits. And if you’re paying $30/month for business checking, then maybe you should look at another bank or credit union (even though I’m not actually reviewing BofA’s checking services).

If BAMS showed any sort of commitment to improvement in any regard, I’d happily raise the rating. Until we see better customer service, or less awful leasing terms, or even just an improvement in transparency on the website, Bank of America Merchant Services will stay right where it is in my books.

If you have experience with or insight into BofA Merchant Services, leave your thoughts in a comment! Thanks for reading and good luck.

Melissa Johnson

Melissa Johnson

Melissa Johnson has been writing about payment processing and mobile payments since 2014, and has been quoted in articles for Credit Karma and The Next Web, among others. She graduated from The University of Kansas in 2010 with bachelor's degrees in English and journalism.
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76 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Kalpana Bogati

    Organization Name: Deeva Threading

    OMG, i came here after i have been victimized by BAMS, they never told me about the contract and termination fee. i thought the machine from first data is $500. they have very poor communication skills. They are big frud. They charge me $1478. at the end when i close my business and try the close the account. I feel like so cheated and the amount goes to collection. then finally i had to pay $1478 after paying the monthly fee of $42 for a year. This so sad that most of the people have kind of same situation.

    1
    • Organization Name: Deeva Threading
    Beverly

    Organization Name: MicroAdvantage, Inc.

    We’ve had BofA Merchant Services for over a decade and frankly I’m surprised that BofA got as many as three stars in this review. When the reviewer listed “poor customer service” under cons, she was not kidding. Because this bank farms out all its merchant services to other companies, whenever anything goes wrong they point fingers and NOTHING gets done. There is no ownership of their product so they don’t put any initiative into solving any problems. It’s the number one reason we would leave BofA in a heartbeat if we could. We’ve tried at least twice to survey all the various processors but because the bulk of our charges come from large ticket or Tier 3 charges, we’ve been unable to find another company that can handle that.Our only saving grave at this point is the fact that they switched their online processing provider and that company’s technicians are outstanding, both knowledgeable and helpful and it’s simple to get through to somebody. You could call BofA all day and never get through to someone who could or is willing to help you. The only worse company in terms of customer service (or lack thereof) is AT&T.

    1
    • Organization Name: MicroAdvantage, Inc.
    raul reveron

    Organization Name: Pelham Services Inc

    This BOA merchant service has the worst service that i have ever seeing only comprable with trash collection. Our terminal got Hacked and were issue wrong charges, they not only took from my account the amount the was deposit (no complains about that, but they also did charge backs in the same amounts and BOA is charging us huge fees for those transaction and now we do not find a person in the whole organization who can help us to solve the situation. Please advice if anyone has gone thru the same case and how did it get solved.

    1
    • Organization Name: Pelham Services Inc
    amy lop

    Organization Name: helix

    Terrible customer service. No support. They charge YOU for fraudulent online services. They do not update you on requirements. They do not respond to requests. They do not monitor your account until it is 100 times over the normal usage with obvious fraudulent charges online.

    1
    • Organization Name: helix
    Deborah May

    Organization Name: Life Transitions, LLC

    I gave a rating of one star because there is no available rating that is lower . I wish the Bank of America representative would have explained to me that BOA Merchant Services is a separate entity and getting in touch with the right department to resolve an issue is close to impossible. Fortunately, I was able to discontinue my contract before actually activating if after I read these reviews. However, it’s not completely resolved and it’s going into the 5th month. The customer service which I’m lumping all departments (sales, customer service, collections, IT, etc.) are horrible. There is no communication between these entities and you have to start over with your issue each time you are transferred, which in my case has been a minimum of 20 times (not an exaggeration). I did not expect type of behavior from a reputable business (Bank of America) but as I mentioned, they are separate from BOA. A few of the representatives were very helpful and tried to resolve the issue and for them I am grateful. However, overall, I would not recommend Bank of America Merchant services to anyone for their processing needs. I’m still searching and will make sure I read the fine print before proceeding with a merchant services provider.

    1
    • Organization Name: Life Transitions, LLC
    Roxana Gonzalez

    Organization Name: Around The Clock Gas Service

    Bank of America Merchant has very poor customer service, I was on the phone with them for 3 hours and 32 minutes today, I was transferred 4 times to 4 different departments and nobody seem to find the problem, while having some charge backs they first tell you that the best and fastest way to respond to a dispute is to fax it…. Well did that on two occasions and get denied on both, reason! well because my first fax did not go through completely, when I did re-fax and made sure it was sent the second time because I did notice all the pages did not go through. When I called back because I received a denied letter, they said that it was because they only received partial fax, goes to show they are getting paid as a merchant but do nothing for you because instead of checking the paperwork before sending it to the credit card company, they send what they receive first.. to me they are just big bullies and do not care about their customer’s interest even paying them. I am under contract but as soon as my contract it up, I will be taking my business elsewhere. It is such a shame because I’ve had them for as my bankers for more than 20 years, any recommendations on a better bank?

    1
    • Organization Name: Around The Clock Gas Service
    Mar Smith

    Organization Name: M.S. Auditing & Comsulting

    As it was said in the beginning of this this review they say that Bank of American and Bank of American Merchant Services are two different companies. There are not the same. That is important to know. So if you have a loan or bank account with Bank of America it is not with Bank of American Merchant Services. The other thing is that First Data is the company that processes for Bank of America Merchant Services.
    I have audited Bank Of America Merchant Services statements and have found that they are padding merchants statement. this is costing merchants a lot of money.

    • Organization Name: M.S. Auditing & Comsulting
    AMY M LEMANIAK

    Organization Name: Ten Tiny Toes Photography, LLC

    This company is such a scam. I haven’t used my account in 9 months, and called to cancel it and was NEVER told that there was a contract in place nor that there would be a $500 early termination fee. The fact that they would not tell me this is absolutely absurd and has to be illegal!!! They just took the money out of my account one day. I will be filing as many complaints as possible about this and telling EVERY business owner I use to stay away from them!

    1
    • Organization Name: Ten Tiny Toes Photography, LLC

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    Artak Harutyunyan

    Total rip off! Somehow sold a $120 worth credit card machine for a $1,500.And they have me on a hook on leasing. Plus we keep receiving charges nobody could explain.Way to treat start-ups BoA

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      Stephanie Pontiff

      The absolutely worst costumer service.The person helping me was actually arguing with me about closing my account!?!? I would never recommend ever,ever ever!! Merchant services explained to me that they would close my account then proceeded to continue to take ‘fees’ from my small business.i wish I would have read these reviews before choosing to use their services

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        B

        We believe that this company is complete scam. Save yourself headaches and find a better company. Payeezy/First Data/Clover, if you keep playing with businesses, we will take you to court…

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          Clint Montgomery

          Horrible service!! I was told by a Merchant Services representative at Bank Of America that they could give me great rates and beat my QuickBooks go payment rates. FAR FROM THE TRUTH!!! I processed one payment of 8900 using QuickBooks. Client had AmEx. Fees were 302.00. Processed second payment of 8900.00 with same card using First Date/ Payeezy and the fees were close to 600.00!!! Rip OFF!!! I will be switching banks and have already closed my First Data Account.DO NOT TRUST THESE COMPAINIES!!

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            Clyde Swalwell

            Bank of America Merchant Services in tandem with Clover Card Reader is a huge scam. Using Bank of America Merchant Services was a huge mistake and cost my company thousands of dollars. The support is horrible, there are hidden fees, and they do everything possible to screw you. Using BofA and Clover was the biggest mistake my company made this year. Do yourself a favor and stay far away. Considering a lawsuit against BofA because of the awful merchant services.

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              AMY M LEMANIAK

              Please let me know if you end up suing. I think a lot of people have grounds for this!

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                Michael Carlsen

                When you switch processors it will take an act of congress to get this bank to stop stealing money from your account and you will not get it back. For several months we were getting charged for the monthly base fee even though we cancelled. They told me that they could not undo what was done. When we finally were told we would not be charged anymore an annual fee of 57.00 was taken out two months later. I have now had to pay my bank to put a hold on any withdraws from these people. I will never do business with them again in any way shape or form and I tell everyone I know to do likewise.

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                  Epifanio Flores

                  YEEEEESS… BAMS is the worst step for starting a small business. Their representatives are not transparent as they hide critical information. They are specialist avoiding contact with customer that want to cancel this service. The representatives never tell you about the $500.00 cancellation fees or a four year contract, auto renew, hidden fees or annual fees.
                  What is the role of Bank of America’s representative in this scam?
                  If the Federal Trade Commission has any concern, is about time for a complaint

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                    Heather Lindaman

                    Epifanio,

                    I’m really sorry you had a crummy experience. Unfortunately that happens too often in this industry..

                    I am a relationship manager with Heartland. I would be more than happy to help you personally, or get you in contact with a local rep in your area. If you haven’t heard of us, Heartland is the 5th largest direct processor in the United States. Feel free to check out the review Merchant Maverick wrote about us.. We pride ourselves in doing right by our clients, and have developed many practices in order to achieve that.

                    Please feel free to contact me. I’m happy to tell you more or to get you connected with someone in your hometown.

                    Warm regards,

                    Heather Lindaman
                    heather.lindaman@e-hps.com

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                      Michael Carlsen

                      I will never do business with them again in any capacity. When we changed vendors we notified them. They continued to charge us even though no processing occurred. We called again and they said they could not credit us for months past even though there were no processes however they would stop the charges. We got another round of charges and they said it was because we called in the middle of the cycle. They are scam artists and it is a wonder they are allowed to do business at all. I will tell everyone I know not to do business with B of A in any capacity.

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                        bdd

                        Very crooked business pracitices! Dont ever sign up with them! I had a merchant account with Bank of America for several years. Over that time, I received notices constantly that my rates were increasing. When I called to try to have them lowered, they were rude and not helpful. It took several phone calls to close my account. Three months after closing my account, I am still being charged very high fees. They conveniently don’t have record of my requests to close my account and will not credit my account for these charges. NEVER NEVER get involved with this company!!!

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                          Zeyad Ramadan

                          I spoke with Barry, a representative from BoA Merchant Services about switching over to them and specifically asked him about contract obligations, early termination fees, etc. and he said that this was not the case. There was a one-time initiation fee of ~$180 that would waive this and allow me to cancel at any time. After speaking with him, I did a quick Google search for reviews and found this site. When I pointed him to this article to confirm/deny some of the points raised he became belligerent in his tone and tried to switch the tables and talk about how my company was not worth his time.Based on this experience alone and tone I will not do business with BoA Merchant services even though I have a business and personal account with them.

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                            Alexandra's Crafts

                            We are a small mobile cafts business and only choose Bank of America because in 2013 we traveled from the west coast to Michigan and back in the RV and quickly discovered that while buying local is something that has helped us grow our business, our customers seek out that quality, banking local is a problem. How does one deposit a $5000 check when your bank is two or three time zones over and their out of network ATM fee is a %. (Before the days of mobile deposit capabilities). Having a national Bank became a clear necessity. With the only other available being US Bank, Chase and Wells Fargo, we found there was just no way we could afford to have accounts at any of them, as a small business they wanted five or ten thousand min balance, or electronic deposits or have a $50 (some cases higher) monthly fee. Bank of America however, offered an option of a waiver of monthly fee if use their merchant services. Hence, they became the only national bank we can realistically afford else we’d find aother option. We are semi seasonal, and there are a few months during the year that we do not run cards, and only that month does Bank of America charge the monthly fee. Though one transactions, no min amount, waives that. When we catch it we’ve charged our own Bank of America business debit card one dollar near the end of the month. Yes, we loose the credit card processing fees on our own money, however, part of that dollar goes back into the account, and even a dollar is far less than the monthly service fee. By no means is Bank of America easy to work with customer service on accounts or merchant services via the phone. However, if you can find a branch with good customer service, sometimes that means the drive outside the major metropolitan city to the town of 5-10 thousand people they will work with you and make the phone calls right there in the branch. If you know what it is you should have or be getting you can get it. Getting there is far more work than I’ve ever experienced with any other merchant services company or bank. They are very vague and try to dodge their guarantees at all cost. When our mobile card reader quit working after over a year they wanted me to purchase a new one. After many days of phone calls and faxing both squares and intuits policies on ordering card readers and how often they’d replace the reader did we not have to pay $50 plus shipping. Because as they said , “they are very fragile devices and not expected to last a year.”However, the biggest scam I’ve seen is the overdraft charges based on pending/processing items. You can have the same item show as processing for 4 days, and if any of those days if it were to clear would overdraft the account the nail you. However, if you don’t check every day it looks like day 1 the money was subtracted from the account, so when the deposit goes in on day two, and more items clear, on day three you don’t realize that there were less deposits on day two then withdraws, so on day 3or 4 when the $600 one clears it overdrafts the account. Top that with , on day 4 a $7. $20. And $15 all also hit and now show as process/pending, because that $600 one processes first, all 4 trigger overdraft fees. I shouldn’t have to call them and debate it very time when the bottom line was the actual balance never dropped below $1,000.Other than small local banks I can’t say that I’ve experienced any bank that you don’t have to figure out how to navigate and what the correct phraseology is to obtain the desired outcome.BankofAmericas ability to find ways to charge fees is astounding. Nearly always if you’re willing to take/have the time to debate them they will recredit the account. Seriously though, I shouldn’t have to do that with someone I’m letting borrow my money, even if it is a relatively small amount. 100 bills under the mattress are still a good option until I need to process money.

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                              Gwen

                              Tom,

                              I am currently looking for a respectfully Merchant Credit Card Company. I was thinking of BOA since I have all my accounts with them but after reading the reviews, I’m going to hold off.

                              Based on your experience, can you tell me which companies out there that you can trust. I have a Consulting Business that is currently transacting between 50K-100K a month. The Merchant Service that I am currently with is holding 20K on my money for security deposit. I have been with this Merchant for 3 years and they have never asked for a security deposit until now.

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                                Chloe Bahal

                                Hi Gwen,

                                I would try Durango Merchant Services, Payline Data, or Instabill.

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                                  sony bains

                                  which bank is the best to give merchant facility
                                  for website designing business where should i go to apply merchant account online payment if someone knows please let me know on my email. sonybains2411@gmail.com
                                  i’m very thankful

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                                    David

                                    My company has used BAMS for the past 10 years. We process approx $300,000/yr in cc. Four weeks ago an international scam artist was running test cc #s thru our online terminal. We secured the site and fixed the problem.BAMS risk department, located in Suffolk County, NY, froze our account. That was FOUR WEEKS ago. The account is still processing payments daily, but we are not being paid for this. The risk dept has no way of communicating with the customer service dept. They NEVER return calls. The only way to contact them is to call cust serv, have them send an email to the managers, then wait 2-4 biz days for a manager to email the risk dept. This is a NIGHTMARE!!!We have had to hire an attorney and plan on suing BAMS. We are also getting a new merchant account with a different bank. The business has $0 now and we can’t pay our operating expenses.

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                                      Ray

                                      2.7% per transaction. Sweet deal, right? Here’s the catch.Term of contract : 36 monthsEarly termination fee: $500Annual maintenance fee: $100Those are all written in fine letters. Be aware when you write your initials on their E-file.

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                                        Beverly K

                                        B of A has been our processor for 10+ years and I’m frankly surprised at the 3.5 stars. We have only stuck with them for so long because they, to are also our bank and therefore we get 1-day deposits.

                                        Their tactic is to use third parties for their services (we use a virtual terminal) and then when problems arise – as they do – they point fingers and pass the buck and say there’s nothing they can do. For example, we literally had a 4 month period in which our virtual terminal was unable to accept swiped cards. Both the software provider and B of A did nothing to facilitate a solution (I have a 1-inch stack of notes and emails from both parties to confirm this). We got stuck paying keyed rates for that entire time and B off A refused to refund us any fees.

                                        Customer service is notoriously unresponsive and their ‘help desk’ (for which one pays $15/month) needs to be renamed “I just answer the phone and no matter what you ask me I will be unable to help” desk. Top that off with fee after fee and they are no bargain.

                                        The good news? Thanks to your great reviews, we are in the process of possibly negotiating with Helcim.

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                                          Heather Lindaman

                                          Beverly,

                                          Did you end up negotiating with Helcim? If not, I would love to schedule a meeting with you to share the benefits of Heartland. We are the 5th largest direct processor in the country. Our customer service center is open 365/24/7 is located in Indiana where a live representative will answer your call with an average wait time of under 10 seconds.

                                          I saw that your draw for staying with Bank of America merchant service was the next day funding–that is a service that Heartland also provides without additional fees. I would love the opportunity to chat with you if you’re still in the market to make a switch.

                                          Best wishes,

                                          Heather Lindaman
                                          heather.lindaman@e-hps.com

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                                            Andrew Markuszewski

                                            Hi, I’ve recently been sent an application to initial from BOA Merchant Services. I’m setting up an online WooCommerce site and need to have a gateway in place. I currently have a business checking account already with BOA.

                                            I’m told in my agreement: The Payeezy service has a monthly cost of $16.00, online PCI security for $10.95, and an initial set up cost of $199.00.

                                            I would also be getting a Clover Go Moto which runs $9.95 monthly.

                                            According to the Sales Rep: A qualified debit card will be 1.00% online, Qualified MasterCard Credit card will be 2.56%. These are only for the online payments with payeezy.

                                            A lot of these reviews have me second guessing initialing the application I’ll admit. What are your thoughts on these numbers, and is there any other option available that would make more sense for me? This is for a new record label, and my sales surge and dip depending on release schedules. The Clover unit is for being able to process payments through my phone at shows selling merch.

                                            Thanks for anyone’s help!

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                                              Heidi T

                                              Tom,
                                              We recently set up our Website on Shopify.
                                              There are many things about Shopify that I don’t like, one of which is their payment processing.
                                              It is taking 5-7 days to receive the money from the transactions/Purchases on our site, and as a small business getting starte, we don’t have the reserve to carry us while we wait 5-7 days for payment.

                                              We were looking to switch to BofA for our Mobile POS and a Gateway to Shopify for our Merchant Services, but after your review, I’m very skeptical.
                                              Can you recommend any other options/Providers?
                                              Our main need is to accept mobile POS transactions, and for the online transactions on our website. We were with Amazon Register for the last year until they discontinued service.
                                              Thanks,
                                              Heidi

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                                                Charmaine

                                                Thank you so much for this review, just left the bank today and in NO WAY did they let me know that this is a separate company, I thought she was calling someone’s desk within the branch, something told me to say no, happy I listened.

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                                                  Adam W

                                                  BAMS is a giant scam! I signed up to lease my Clover Pos at Bank of America in Houston from a lady named Ashley Sinkowitz. She promised me a great deal and great service. Its been 16 months and im yet to recieve either. They charge me double for my lease every month which was already a huge rip off to begin with and I didnt fully understand what I was signing up for. No matter who I speak to, Ashley, BAMS, First Data, Bams corporate office, NOBODY can fix this for me! Also they took the lease out as a loan against my credit. Im only writing this because if I can stop one person from joining these con artists it would be worth it. -Adam W

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                                                    sunny ross

                                                    Very frustrating customer service they with-held 2 my transactions for over a week. And only thing they give you is tickets. It takes days just to talk to the head person to understand what’s going on. and 3.5% for a transaction? It’s ridiculous I wish I never signed up for this. Chase is a more better bank

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                                                      Doris

                                                      Thank you so much for this information! I have a call scheduled with one of their sales people and was researching but couldn’t find any information on the BofA website. You just saved me probably an hour of listening to a sales pitch for something that’s not right for me! 🙂

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                                                        Tica

                                                        Hi there, I wish I would have read your review prior to choosing BofA for my merchant services.
                                                        I am now hoping to that someone here has some insight on the following. In addition to processing fees I’m also charge a monthly wireless fee of $15 and a monthly transamor solutions fee of $19.95. Looking back at my statements I was also charged a $94 annual account maintenance fee in 2012 with the rate going up to $134 for 2013 and 2014. The monthly transamor solutions fee of $19.95 was added to my account in march of 2015. I’m wondering if this fee is in addition to my annual account maintenance fee or in lieu…I was expecting the annual account maintenance fee to be charged to my account today but it was not. All the other fees were. Anyone know about this?

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                                                          Steve

                                                          Hey Tom,

                                                          I just wanted to say thank you for such an awesome and informative review. I’d also like to thank those that commented your review. I was really hoping to find at least one positive reviewer, however, that obviously did not happen. I came across this site while studying the products offered by BAMS for an interview I have with the company in two days. I’m unfortunately plagued with a conscience though, and I can’t offer this level of bad service to anyone. I’ll call and cancel my interview tomorrow. I know the frustration felt through similar bad experiences with Verizon and I can’t imagine myself being responsible for coaxing anyone into such a bad deal.

                                                          ~Steve.

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                                                            Kevin Jay

                                                            Hi Tom,

                                                            I have a freemium business model where you can purchase additional features. The company is online and accepts payments via ecommerce. I looked at your recommended payment processors. I checked with CDGcommerce and they seem great. I also bank with BofA and they offered me a 1.99% + .20 for each transaction. The monthly fee is $16. One thing attracted me to it is that by having a business checking account with them, I am not charged for any additional transactions that are over the monthly transaction limits. Similar to Capital One Spark account. My question is, do you know if this is a good deal for freemium model businesses where you can large number of transactions one month and very minimal the next? Also should I lean towards CDGCommerce instead? Any advice would be appreciated.

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                                                              Tom DeSimone

                                                              Hi Kevin,

                                                              I’m not sure what you mean when you say that you are not charged for transactions over your monthly limit with BofA. I haven’t heard of this.

                                                              What you need is an account that has no monthly minimum, low monthly fees, and works with your current e-commerce setup. I would also recommend interchange-plus pricing instead of tiered pricing (the 1.99% + $0.20 is part of a tiered plan, and is just one possible rate you could be charged).

                                                              As long as you have no monthly minimum, it won’t be a big deal to have some months with lots of transactions and some months with very few. Just be sure that your transaction limits are set to accommodate your highest volume months. I think CDG would be a good option for your business type.

                                                              Good luck!

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                                                                Eric Stephen Heckman

                                                                While we do not use B of A we did open our restaurant with Clover a year ago. If anybody wants to buy it it is for sale, cheap. Do not listen to B of A or PNC if they try to sell you Clover unless you are a small carry-out or restaurant that does not need much sophistication in order entry, management or reports. Support is almost non-existent. Clover continues to fiddle with the application and make things worse. Try to get a year’s worth of revenue in one report. Some genius decide 90 days was all anybody needed and changed the reporting function. Apps and third party software is expensive, does not work half the time and have little or no support. The bottom line is Clover and First Data have no clue what a restaurant requires or wants. A simple advisory board of experienced restaurantuars could make this POS viable but Clover wants no part of that as they are simply a technical company. My new POS should be installed next week, thank goodness!

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                                                                  Shawn

                                                                  Hey Eric,

                                                                  We’re opening a new entertainment venue in VT that will include food and beverage services. We were seriously considering Clover as one of our POS finalists, but your review has us second-guessing that decision. We’re curious… What POS solution did you end up changing to?

                                                                  Thanks in advance!

                                                                  Shawn Bendig
                                                                  Stonehedge Indoor Golf – Owner
                                                                  Rutland, VT

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                                                                    vilian tambe

                                                                    Card reader no longer works, call for replacement they’re charging $49.99! After paying BAMS monthly and other related fees plus the inconvenience of keying in customer information, i think its time to go back to SQUARE with no hidden costs and fees.

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                                                                      Val

                                                                      I wish I had come upon your site before I got the wireless terminal from BofA!!!! Now, it’s costing me more than its worth with fees up my rear and I called them to cancel and they said there is no way to cancel!!!!! I *KNOW* that’s not righr!!!!! I’ve been looking through my paperwork and there is no mention of what to do to cancel the lease. This really sucks because my business is still a baby and I feel like I’m sinking before I even leave the dock!!!! Please help!!!!! I have the hand terminal.

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                                                                        Katrina

                                                                        Hey Tom,
                                                                        I’m the office manager of a small chiropractic business based in a small town. We were looking into the Clover when I came across your review and several others. My sales rep didn’t mention anything about extra costs and etc. They said there would a $ fee for leasing the Clover mini and a $ fee for access to their apps. Right now we are just using an omni through Elevon to process our credit cards. We liked the idea of Clover to have our scheduling, inventory, and trends at our finger tips. And we liked that they offer gift cards as we currently offer only gift certificates. What might you suggest for a small business like ours?

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                                                                          Drew

                                                                          Hi Katrina,

                                                                          Did you end up using Clover for your office. The scheduling and inventory tracking seems like a good perk.

                                                                          Thank you,

                                                                          Drew

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                                                                            Amanda L.

                                                                            Wow, I am SO glad I came across these comments! I spoke to BAMS this morning and they offered me a 2.3% fee per transaction vs. the 2.7% that square charges. I was told there was no other fees whatsoever. They emailed me the paperwork to sign and I was reading and seeing red flags so I just googled it and came across all your comments. THANK YOU for your honest feedback!

                                                                            Tom – I am curious on your opinion about Square? Square is the only company I have ever heard about and it has been working great for me. What company do you suggest over Square, and why?

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                                                                              Tom DeSimone

                                                                              Hi Amanda,

                                                                              There are a lot of mobile processing options, and all have merits and drawbacks. You can see my review of Square here. My first recommendation is usually Flint Mobile, but it depends on the business.

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                                                                                Amanda L.

                                                                                Hi Tom,

                                                                                Thank you so much for your response and your reviews. I am a licensed cosmetologist who booth rents. Most of my clients pay with a credit card. My transactions run anywhere from $20 to over $200, just depending what services and/or products they get.

                                                                                I have had my square a little under a year now and it has worked great for me. I am just open to seeing what else is out there as well.

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                                                                                  Bob

                                                                                  Been with them since 99 and never one charge back. Ran a 25K through this month and it has been on hold for over 5 days! Still can’t get an answer.

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                                                                                    Daniel Toledano

                                                                                    BOA Merchant service is a Rip off!!!They first matched the rate I had with another merchant for one of my stores.Then after a year started to increase the fees a little by a little till they DOUBLED the initial percentage fee.Result they overcharged my TEN THOUSAND DOLLARS in one year.When I found out, they just said ” TOO BAD” but if you are willing to stay with us we will bring back the fees as the were initially.They use their name and the trust we have in a big institution as Bank Of America to take advantage.Take this good advice. RUN AWAY from these crooks…

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                                                                                      John Rockwell

                                                                                      We recently had to change our store’s checking account to a new checking account due to the old one being compromised. The change was effective 3/30/15 and none of our credit card transactions are reaching the new account (today is 4/03/15). After multiple calls to Merchant Services and Bank of America an account specialist admitted that there was a funding issue that they were responsible for. Their solution – wait another 48 hours to see if the funds make it into the checking account. Why do I get the feeling they wouldn’t have come up with that same solution if my company was called GE or IBM? Still waiting for the funds to come through . . . .

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                                                                                        Susan Tereba

                                                                                        I would recommend to anyone wanting to open an account in any manner with B of A – DON”T!! After more than 45 years as a customer and 20 as a merchant I have been treated very badly. First they closed my account without giving me an extension for filing a paper they needed – I was out of the country and it proved impossible to do this from afar. I just wanted an extension of a few weeks but it was denied. They closed the account four days before I returned to the States. Then when I closed the Merchant Services I was charged the $500 cancellation fee. I was never told about this fee – I would have gone elsewhere had I known about it. I was lied to by their representatives. And of course there is no recourse for this.

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                                                                                          Frank Sperandeo

                                                                                          Hello Tom, I am soon going to be starting a magazine in which the advertisers will be e-faxing their contracts to me with their credit card numbers. Do you think there is a merchant account that would be better for me than the others? Thanks, Frank

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                                                                                            Tom DeSimone

                                                                                            Hi Frank,

                                                                                            I think PayJunction might be a good fit for your needs. Check them out. One thing to consider here is data security. By handling credit card details you open yourself up to security breaches and PCI compliance issues. PayJunction may be able to help you come up with a more secure solution, or at least help you execute it as securely as possible.

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                                                                                              Frank Sperandeo

                                                                                              Thank you for getting back to me Tom! I’ll check them out!

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                                                                                                Diego C

                                                                                                I just spoke to a merchant rep at BofA and offer me 0.50% +5 cents on each transaction then a $10 monthly fee and 5cents close batch fee. This sounds too sweet for what this post is saying. I am asking myself how is this possible. I am an startup sporting good business and currently used square. Are there any hidden fees or something I am missing?

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                                                                                                  Tom DeSimone

                                                                                                  Hi Diego,

                                                                                                  This is an interchange-plus price quote. This means that you pay the .5% + $.05 on top of the actual interchange cost of the transaction. There are likely other fees, such as PCI compliance fees, that you will be charged annually. If the rep you spoke to did not explain interchange-plus to you, I would NOT sign up with them. A lot of dishonest sales people will give you an interchange-plus quote and lead you to believe this is all you’ll pay. You should check out our preferred providers, and if you need more help choosing submit this form and we’ll get back to you.

                                                                                                  Hope this helps,
                                                                                                  Tom

                                                                                                    This comment refers to an earlier version of this review and may be outdated.

                                                                                                    Diego Costales

                                                                                                    Thanks, Tom. Very helpful your input. I almost sign up with BofA. I see in a lot of posts you recommend CDG, and in reality they seem a good way to go with. I currently use square but trying to see who offers a lower fee.

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                                                                                                      Captn Dan

                                                                                                      I am a very unhappy former B of A customer and merchant services customer. When B of A closed the branch on Pine Island I closed my checking account as I do not wish to drive off Island for banking, But the ETF ( $500.00) from Merchant services caused me to open another checking account in another bank to pay the quarterly fees ( $19.95) to keep an unused merchant account alive and well. I just got my statement and the Merchant services charged me an additional $40.00 to certify the card processing equipment which I gave back to the bank in May was compliant ! I do not use the account, I do not process any cards, all I do is pay the bank and they just seem to want more free funds. When can someone in the bank see that they are not gaining customers but losing them forever !!
                                                                                                      I will never have an account with B of A for any reason based on what I have seen.

                                                                                                        This comment refers to an earlier version of this review and may be outdated.

                                                                                                        Michelle Pickering

                                                                                                        Lying THIEVES that later tell you the merchant services are NOT affiliated with Bank of America. The reason customers say they did not know they had a lease with First Data is because the sales rep does NOT EVER tell you there is a SECOND contract for FOUR years in addition to the 3 year BAMS contract. It is a purposely unethical method of leaving out important information that they profit VERY well from. The lease is a sham too. You get a demand for equipment insurance from FIrst Data which Is when you initially find out you are involved contractually with another company.

                                                                                                        ALSO if there is ever a problem with your surprise annual fee to BOTH BAMS and First Data that you are never told about or given notice of (my rep said there was a $50 annual fee in June which turned out to be a $100 fee in November, but don’t worry there is a $50 fee from First Data too), you get a $50 collection fee immediately, the bank NSF fee PLUS another NSF from the 3rd party payment processing company you didn’t know you were using. A total of $110 in fees in case your account is low and you are not prepared for a surprise $100 deduction which is taken out with your processing fees, but with no breakdown given until your statement comes a week or two AFTER the deduction.

                                                                                                        I could write an entire book of additional criminal behavior by BAMS, but to spare the readers I will just say my deposits were held one day for about $400 last December. When I called I was on hold to speak with collections for at least 30 minutes several times, to be hung up on by an unbelievably rude rep that refused to explain how they were entitled to my deposit, and when I finally was given a breakdown of what I supposedly owed 3 calls later, there was still $140 that was never accounted for or returned to me. The BAMS representatives also have a very hard time reaching the collections department, so unless you have a minimum of two hours to spend on the phone (I’m NOT exaggerating), you will get nothing resolved.

                                                                                                        Liars, thieves, hidden fees and an extra contract they will not give you a hard copy of EVER…. Please do not EVER sign anything that you cannot have a hard copy of on the spot. They have this pin pad they have you sign and they only show you what they want you to see 🙁 My fault I guess. After banking with B of A for 25 years I was not careful. RUN FOR THE HILLS!!!!!

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                                                                                                          John Rockwell

                                                                                                          My experience has been similar.

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                                                                                                            Marcos Olivo

                                                                                                            I am currently looking for a respectfully Merchant Credit Card Processing company. Based on your experience, can you tell me which companies are out there that you can trust. I am a seasonal small business. I have recently signed a 30 days trial. but after reading the agreement, I told them that I am was not interesting. So they still charged my account and also got hit with two fees of $428.00 for two terminals, one that I signed for it and other that I refuse to sign and return by fedx. I was told that I will get $856.00 minus $75.00 in 7 to 10 business days. The majority of this companies are a bunch of thief, once they have your account, they think they have a right to withdrawal your money. thanks

                                                                                                              This comment refers to an earlier version of this review and may be outdated.

                                                                                                              Tom DeSimone

                                                                                                              Hi Marcos,

                                                                                                              That sounds like a headache! I’d suggest trying out any of our top rated processing companies, including Dharma MS, CDGcommerce, Helcim, and Payment Depot. All of these companies have interchange-plus pricing (best value), no early termination fees (cancel whenever you want with no penalty), quality customer support, and ethical business practices.

                                                                                                              Good luck, and feel free to get in touch if you need more help. Also let us know how Bank of America does with getting you the refund.

                                                                                                              -Tom

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                                                                                                                Nate Wyatt

                                                                                                                A textbook example of a large corporation preying on smaller businesses. There were hundreds of dollars in hidden fees and a $500 cancelation fee. The customer service is the worst I’ve ever experienced. It took nine months, over fifteen calls and a request to the legal department to just get them to cancel my account. The way that I was billed was also pretty tricky, it stated -39.95 like I wasn’t getting billed at all. There were no other amounts listed on the statement so it appeared as if I wasn’t getting billed because I wasn’t using their services. I was wrong and the got me for at least a thousand dollars.

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                                                                                                                  This comment refers to an earlier version of this review and may be outdated.

                                                                                                                  Natalie Alexander

                                                                                                                  This has to be the biggest mistake in leaving a stable, big bulky Point of Sale system that was reliable for a slick, compact, fun piece of inconvenience.DONT LET THE LOOKS FOOL YOU… THIS IS NOT EFFICIENT AT ALLThey need to have a panel with seasoned business owners that have to deal with systems daily

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                                                                                                                    This comment refers to an earlier version of this review and may be outdated.

                                                                                                                    Susan Phatsadavong

                                                                                                                    I called Merchant Services regarding a debit and credit in my account was missing. They said I need to go and apply for Business Track.com
                                                                                                                    In order for me to see all of the batches and activity on my accounts.
                                                                                                                    I did all that and I rec’d an email stating that I was approve to to view the Business Track!!!!!!
                                                                                                                    I don’t understand why I can not get approve to view my own information?? I am not applying for a loan!!! I just want to understand where my money goes when it I can see on my regular statements.
                                                                                                                    BOA Merchant Service makes this really hard for customers. I talked to many business owners they all said the same thing” NOT SATISFIED”. I can’t wait to be done with them.
                                                                                                                    New Business Owner run run run from BOA merchant service. they’ll suck up your bank account and you have no control over it!

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                                                                                                                      Nick

                                                                                                                      The Dept of Security Manager froze my merchant account after six weeks because I charged the same exact dollar amount to each of my clients. I explained that my service is offered as a daily flat fee as part of the business model. They said it looks suspicious. Then they requested invoices to back up the charges and said they were not good enough because the invoice address did not correlate with the billing address on the credit card. I explained that one AP girl is responsible for many locations and they use one credit card across them for payment.I am still going around in circles, they were rude to my bookkeeper and are basically calling me a crook. They keep on asking for additional information, which is provided and then they say it doesn’t match their records. It is some kind of delay tactic and I have no recourse because there is no direct contact with their Security Department. They have an inexperienced kid on my case who does not understand that each business is different, some use one card for multiple locations and sometime one will process several invoice in one day. This kid keeps asking for different information trying to create some kind of case and sniping for unscrupulous activity, but cannot find it because it simply does not exist. In the meantime my business is in limbo.Avoid BoA like a leper. I have a spotless financial history over 30 years and have assets and were with them over 10 years. They treated me like a criminal.

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                                                                                                                        This comment refers to an earlier version of this review and may be outdated.

                                                                                                                        Susan Phatsadavong

                                                                                                                        Wow..I thought that I was the only one who have a problem with BOA merchant services. No one should go eith them. They are a crook.

                                                                                                                          This comment refers to an earlier version of this review and may be outdated.

                                                                                                                          John Rockwell

                                                                                                                          You’re definitely not the only one. Even when they admitted a funding issue was their fault they said I’d have to wait 48 hours for any of the credit card transactions to post to my Bank of America account. Not very convenient when both the rent and payroll are due.

                                                                                                                            This comment refers to an earlier version of this review and may be outdated.

                                                                                                                            Douglas South

                                                                                                                            They called me for a sales position. What’s the catch. I have no blanking experience and they wanted a one day telephone interview and hit the road the next. Something smells fishy here.

                                                                                                                              This comment refers to an earlier version of this review and may be outdated.

                                                                                                                              Jin Lee

                                                                                                                              Bank of American is another rogue company as far as card processing is concerned.Their local rep promised, after statement review, that I would save at lease $30 a month if I switched. It turned out their charge was about double what I paid to former processor (Moneris). The total charge surpassed 4% in recent months.I told them if they could not match Moneris, I was going back. The rep said he would check into it but nothing happened. After waiting 2 weeks. I sent the bank the cancellation notice, attaching the two processors’ statements when the card sales were about the same amount.The bank kept charging monthly fees including an annual fee of $98. When I protested, they said I need to call to cancel and I would be subject to the $500 cancellation fee, although I protested that the contract was based on false representation.

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                                                                                                                                Susan Phatsadavong

                                                                                                                                You take the words out of my mouth. I can’T wait to cancel with Bank of America merchant services. Everthing you said are true. I am in process of openings another stores. Definitely will not deal with this company sgain.

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                                                                                                                                  Liana Vitorino

                                                                                                                                  Worst service you can get is this one, and plus, cames with First Data to complete. I sold my business, Bank of America opens a new account with the new owners at the same location. Bank of America keeps the machine from my contract for more than a year and only when I got notified by a colect company (from First Data) and I when to Bank of America to know what was going on, they finally gave me the machine so I could send it back to First Data…. gess what? I still have to pay for almost 2 years more for a service that I am not having with First Data because Bank Of America and First Data are reciving payments from 2 business on the same location. I really call this TO ROB. There is a no concelation fee on my contract. Be carefull with these Bank of America, I really advise you to read every single line and if possible DO NOT SIGN ANYTHING WITH THEM. And of course, NO STARS

                                                                                                                                    This comment refers to an earlier version of this review and may be outdated.

                                                                                                                                    Vinh Le

                                                                                                                                    They asked me to send the bad terminal back to them so they will reimburse me $300.00 already charged in my business account. But it has never happened. They are totally lie and all B.S. customer services. If I am a CEO I will terminate all of them. No Star for rating.

                                                                                                                                      This comment refers to an earlier version of this review and may be outdated.

                                                                                                                                      EVALDAS ZIZILIAUSKAS

                                                                                                                                      worst merchant service still fighting with fees account closed in june ,don’t do business with

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                                                                                                                                        EVALDAS ZIZILIAUSKAS

                                                                                                                                        worst merchant service i ever had i used my merchant account for 1 month in june,and in august i still paying fees,do not recommend bank of america merchant service to no one,they will charge you so many fees you wont believe it.

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                                                                                                                                          This comment refers to an earlier version of this review and may be outdated.

                                                                                                                                          Ericka Komlo

                                                                                                                                          Agree!!

                                                                                                                                            This comment refers to an earlier version of this review and may be outdated.

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