A Bank of America business checking account is required to apply for a Merchant Services account. You must be enrolled in Business Advantage 360, our small business online banking, to have a Merchant Services account from Bank of America. Merchant Services processing funds must be settled into a Bank of America business checking account.
1Use of security solutions is not a guarantee that your systems will not be breached or guarantee that you will be compliant with the Payment Card Industry Data Security Standard or Payment Network Rules. May require eligible equipment.
2Same day access to funding is subject to credit approval. If your merchant account is approved for same day funding, you will have the option to select one funding window to initiate a payout of proceeds to your designated Bank of America business checking account used for settlement. Valid only on Visa®, Mastercard®, Discover® and American Express OptBlue® transactions and PIN debit transactions including EBT. Exceptions may apply.
3In order to accept online payments through your existing website, you must integrate your website to the Bank of America Gateway which allows you to successfully process payment transactions.
4The Bank of America Gateway includes the use of the Fraud Management tool at no extra cost. We disclaim all warranties (express or implied) that the Fraud Management tool will accurately identify every instance of fraud or that every transaction identified as suspicious or high risk is, in fact, fraudulent. You are solely responsible for all settings, configurations, and decisions you make or actions you take or do not take, or are made or taken or not taken at your direction, on alerted transaction activity.
5Point of Sale Virtual Terminal transactions will be processed using your Card Not Present transaction rate. Point of Sale Virtual Terminal requires the purchase of a Point of Sale solution software plan.
6Pricing rates subject to change. Signing a Merchant Services agreement which pertains to the terms of your merchant account and services selected is required however, there is no length of term required or penalty for closing the merchant account and ending any related services.
7The Preferred Rewards for Business program is only available to, Merrill Business, Bank of America Private Bank® Business, or Business Banking clients. Other categories of clients, such as those commonly referred to as Global Commercial Banking, Global Corporate Investment Banking, or Institutional clients are not eligible to participate in the program. Subject to certain exceptions, eligible business checking accounts generally are any Business checking account and the following Analyzed checking accounts: Full Analysis Business Checking or Analyzed Business Interest Checking. Clients in the eligible business categories may enroll in the program. To enroll you must have an active, eligible Bank of America business checking account, and maintain a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier in your combined qualifying Bank of America business deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill business investment accounts (such as Working Capital Management Accounts, Business Investor Accounts, Delaware Business Accounts). The qualifying balance is calculated based on either (i): your average daily balance for a three-calendar month period, or (ii) your current combined balance, provided that you enroll at the time you open your first eligible business checking account and satisfy the balance requirement at the end of at least one day within thirty days of opening that account. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements. Not all account types will count towards the balance requirements and receive program benefits. Refer to your Business Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Not all products and services eligible for benefits under the Preferred Rewards for Business program are available in all locations. Business Banking clients may contact their relationship manager for details about which products are available to them. Please contact 888.BUSINESS (888.287.4637), or if you are a Merrill Lynch Wealth Management or Bank of America Private Bank client, contact your advisor, for details about which products and services are available in your location.
Merchant Services Processing Rate Discount (Simplified Pricing plan): If you: (1) are enrolled in the Preferred Rewards for Business program, (2) have a Merchant Services processing account with Bank of America that has an 8-digit Merchant ID number (“Merchant Services”), (3) are on the Simplified Pricing plan, and (4) are settling your sales processing transactions into a Bank of America business checking account, then you are eligible to receive a discount on your Merchant Services processing rate based on your tier status in the program as follows: Gold tier: 0.05%, Platinum tier: 0.07%, Platinum Honors tier: 0.10%. For example, if your regular processing rate for swiped transactions is 2.65% +$0.10, your rate at the Gold tier would be 2.60% +$0.10, at Platinum: 2.58% + $0.10, and at Platinum Honors: 2.55%+ $0.10. The processing rate discount savings will be applied as a credit on your Merchant Services account at the end of each billing cycle. To receive this benefit, your Merchant Services processing account, and the Bank of America business checking account where you are settling your sales processing transactions, must be open and you must be enrolled in Preferred Rewards for Business at the time the benefit is paid. Any pending benefits forfeit upon account closure. Your processing rate discount will be based on your Preferred Rewards for Business tier at the time the benefit is paid. Exclusions may apply based on merchant processing product. Subject to change.
Hardware and some software features subject to change and may not be available.
Merchant Services products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Opening a merchant account subject to approval. Terms and conditions apply. This is not a commitment to open an account. Programs, rates, terms and conditions are subject to change without notice.
A valid email address is required to apply for a Merchant Services account. Statements will automatically be sent electronically each month. Printed statements are available by request.
Banking products and services are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.
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