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We’ll look at Bank Of America Merchant Services from a few different perspectives in this analysis so you can get the information you need before making a major decision. There are many factors to consider, including the processing business, the goods and services you may receive, and the cost of the services. First and foremost, we’ll determine which corporate agency is actually delivering your services.
Customers and business owners alike are familiar with Bank of America; it is virtually a household name. In this light, it’s easy to see why so many merchants turn to Bank of America Merchant Services for payment processing. Why do you not trust it with your credit card processing if you trust it with your banking?
And the name BAMS is definitely appropriate, as this company is a massive merchant acquirer with a massive footprint. The Nilson Report ranks it as the fourth best US acquirer, and here’s the kicker: BAMS is essentially a Fiserv (formerly First Data) reseller, which means BofA repackages and resells Fiserv goods. This is a very popular occurrence among the top acquirers. So, according to the Nilson Report below, the combination of BAMS and Fiserv, which recently acquired First Data, takes the lion’s share of transactions.
A year in review 2018 – payments white paper
Bank of America Merchant Services was founded in 2009 by Bank of America Corporation and First Data Corporation, one of the country’s largest processors. Bank of America and its representative Banc of America Merchant Services, LLC provide merchant services. BofA or BofA merchant services are other names for the same business. BAMS is a less popular form of BAMS. (This is not to be confused with Bank Associates Merchant Services, which also goes by that name.)
With Bank of America Merchant Services, you can accept all major credit cards, including Visa, MasterCard, Discover, American Express, Diners’ Club, and JCB. Most debit cards, including PIN-based and signature-based variants, are accepted.
You will accept checks from your customers if they prefer. TeleCheck is a service from Bank of America that allows you to accept checks electronically with either Verification or Warranty. Checks are screened by the Verification solution to reduce the chance of returned checks. The Warranty solution necessitates permission, which aids in the reduction of fraud. Although electronic checks are more reliable and save time at the bank, you can still use paper checks if you prefer. With paper checks, both the Verification and Warranty solutions are available.
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Bank of America Merchant Services is a global leader in eCommerce, payment processing, and security. They assist clients of all sizes in successfully managing and growing their companies by enabling them to provide excellent customer service. They handled over 16.6 billion transactions in 2017 at about 705,000 retailer locations across the United States, Canada, and Europe. 1
Payment acceptance and delivery at a low cost is vital to your business’s success. With the support of Bank of America Merchant Services, you can accept a wide range of payment forms (credit, debit, and digital) online. Small and medium-sized companies can use their solutions to become more profitable, have better customer experiences, and expand.
Not only does supplying your customers with a wide range of payment options help you improve the bottom line, but you can also get your money from credit and debit transactions the next business day.
2 Active merchant services users also don’t have to pay a monthly fee for a Bank of America Business Advantage Checking account3, and you can get monthly cash rewards based on card processing volume through Bank of America Business Advantage Relationship Rewards. 4
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Bank of America provides cutting-edge banking products and services with unrivaled accessibility and security, all delivered by pleasant, knowledgeable employees for a simple and straightforward banking experience. As of 2011, Merrill Lynch Wealth Management and U.S. Trust had over 18,800 client-facing practitioners for individuals with wealth management needs. These experts offer their clients customized financial advice and guidance on all aspects of their financial lives. Merrill Lynch Wealth Management and U.S. Trust advisors are well-positioned to offer the widest range of capabilities to clients, whether it’s investing in the post-recession economy, managing risk within a portfolio, moving wealth to the next generation, or preparing for life after retirement. We are making significant progress in transforming Bank of America Corporation across all business divisions. To meet our customers’ and clients’ core financial services needs, we’re streamlining our businesses, increasing resources and liquidity, and bolstering our market-leading capabilities. We are building deeper relationships with our customers and clients by putting them at the core of everything we do as a bigger, more open business, and we are doing our part to restore trust and strength to our economy. We’re also keeping our commitment to giving back to the communities we represent through philanthropy and local volunteerism.