Bank of America Merchant Services Review

Bank of America Merchant Services Review



Bank of America Merchant Services (BAMS) came into existence in 2009 as a result of a partnership between First Data and Bank of America. The company is subsidiary of Bank of America that offers credit card processing services with a different name of Bank of America Merchant Services (BAMS).

The first thing you need to know about when signing up with Bank of America is that you also are signing with First Data, as both companies are partner and operate together. It looks confusing to new merchants, but I suggest that you can trust BofA when it comes to processing of your money.

It is good to read about the both companies to keep things clear when signing up with them. If you know about the partnership between First Data and BofA, you will not surprise when you have to contact customer service of First Data when a problem arise.

I can’t predict the future of this young partnership and its effects on Merchants in long term as the partnership is still at its early phase. The ratio of complaint is not high, so right now, we have to wait and see how things progress for both companies.

Few important things that every Merchant should know about BofA are listed below

  • There is a cancelation fee involved for early termination of $495. If you are signing up with the company, make sure to get it off from your contract.
  • One suggestion especially for Merchants, avoid lease. Even though, BofA push merchants for credit card machine lease, but I always consider it a bad move for new merchants. A good practice is to buy the machine instead of leasing it.
  • Avoid billback even if they try to sell it to you. They often use enhance billback billing method, one of the key issue when it comes to complaints about their services.

Make sure to read contract details in detail and consult us before making a deal with BofA. As the company is subsidiary of a Bank, the good thing is first processing and transaction of your money. For example, when other companies takes 48 hours to process your money, you will get it done within 24 hours with BofA.

For now, the rating of Bank of America Merchant Services (BAMS) is 3.5 out of 5.

Date Established:

Spokane, Washington.

Domain Name(s):


Parent/Partner Company:
Bank of America is the Parent company. They started their partnership with First Data back in 2009.


Acquiring Bank(s) (Acquirer):
Bank of America.

Payment Processor(s):
First Data.

Payment Gateway(s):
Authorize.Net or First Data Global Gateway (formerly known as LinkPoint).

Trust Symbols:
BofA has a separate BBB profile for its banking wing vs. its credit card processing wing. Since the credit card processing wing is still pretty young, you’re going to have trouble finding very many complaints on that profile.


Negative Reviews/Complaints

I had to put an extra effort and time to differentiate between the common complaints against BofA and complaints against their merchant services subsidiary. You need to filter them properly to avoid confusion.

As the company only came into being in 2009, there are not many complaints out there against their services.

Common Complaints

Even though, there are not many complaints but there are some common complaints that are as follows

Expensive Terminal Lease Contracts

Some Merchants complained about not knowing about the fact that they were signed in for four year terminal lease. As most merchants don’t know much about how leasing works, they don’t try to negotiate a deal at the time of contract and later complain about it. For a new merchant, I always recommend buying terminals instead of leasing them. Leasing only make sense for larger organizations that require many terminals.

Termination of Accounts/Witholding of funds:  

Termination of account happens due to number of reasons including suspicious charges and chargebacks. It is obvious that BofA and First Data, both are quick to terminate and account and withhold funds as soon as they sense something fishy about the account. I recommend to learn about their withholding policy in detail before signing with them.

Some other common complaints include Enhanced Bilback, High cancelation fee, and poor customer service.

Verifiable Testimonials/References:
There aren’t any testimonials on the Bank of America website that I could find, but when you’re dealing with a company like BofA, the name speaks for itself. Try to ask your sales rep for references. Specifically for businesses that operate in your same industry.

The Bank of America online application is secured by Verisign.

Customer Service:
Existing customers get 24/7 service and support. The quality of that support on the other hand is questionable (see Common Complaints).

Contract Duration:

Cancellation Fee:

Interchange-Plus Pricing:
Interchange-plus is offered by Bank of America. Be sure to learn what it is, then ask for it when the time comes.

Seasonal Downtime:
Seasonal downtime is also offered by Bank of America.

Product/Service Offering:
Retail (Credit/Debit), Online/e-Commerce Payments, Mail Order/Telephone Order (MOTO), Wireless, Mobile, Fraud and Risk Management, Recurring Payments, eCheck Processing, Gift & Loyalty, Point-Of-Sale (POS), Check Processing.

Product/Service Specialty:


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One Comment

  1. merchants services for subway restaurant. worst service ever when we call they pit us on hold for ever until we got disconnecting and they don’t return your call. bank of america worst service everyone merchants services

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