Features of Mobile Pay on Demand include:
- A free mobile app and free secure card reader for smartphones and iPads developed with First Data – a global leader in electronic commerce and payment processing - enabling credit card acceptance. The card reader is specially designed to reduce transaction mis-swipes.
- Next-day access to funds through a Bank of America checking account, even when payments are accepted outside of normal business hours 2.
- Encryption on every credit card transaction, so customers can be confident their information will be secure.
- Easy self-sign-up, with approval in as little as one hour, with no monthly, annual or set-up fees.
- Pricing includes 2.7 percent swiped 3, 3.5 percent plus15¢ keyed 4 for Visa, MasterCard and Discover. Also includes transaction processing support AMEX One Point at competitive rates 5.
- Integrated redemption of card based offers through the iDeals Marketing Platform allowing merchants to reach more customers.
1 Based on bankcard, other credit, and PIN debit sales volume and transactions. Per The Nilson Report, March 2012, Issue 990.2 After deposit of transactions and only when you have a Bank of America business checking account. Only valid on Visa ®, MasterCard ® and Discover ® transactions. Exceptions may apply. 3 Card-swiped rate applies to swiped Visa, MasterCard, or Discover network transactions (also sometimes referred to as card present transactions) and requires the Mobile Pay card reader. Card-swiped transactions will be listed as "Qualified" on your merchant agreement and statement. 4 Keyed rate will be charged on all manually keyed Visa, MasterCard, or Discover Network transactions that have verified addresses. Keyed transaction will be listed as "Non Qualified" on your merchant application. 5 American Express rates range from 2.30% to 3.50% + $0.00 to $0.15 and will vary based a variety of factors. Please review your merchant agreement and statement which will contain the rate you will be charged. 6 Transaction fees may apply. About Bank of America Merchant Services Bank of America Merchant Services, a joint venture between First Data and Bank of America, provides payment solutions by combining the technology and innovative products of First Data with the relationship strength and prominent global brand of Bank of America. Bank of America Merchant Services delivers a comprehensive suite of products and services, called Paymentum™, to merchants of all sizes. Paymentum includes over 100 products including traditional payments like terminals and point-of-sale solutions, gift card and loyalty programs but also provides innovative mobile and ecommerce solutions, security options and customer service. In fact, Bank of America Merchant Services is the number one-rated electronic payments processor in the industry with more than 300,000 active merchants processing more than 13.5 billion transactions annually. For more information, visit http://www.bankofamerica.com/merchant. Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 55 million consumer and small business relationships with approximately 5,500 banking centers and approximately 16,300 ATMs and award-winning online banking with 30 million active online banking users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.For more Bank of America news, visit the Bank of America newsroom. www.bankofamerica.com