Bank of America Merchant Services – Interchange Rates & Fee Updates (2024)

Here at Merchant Cost Consulting, we’re always striving to keep our readers and clients informed with noteworthy information in the payments industry. 

This useful resource is updated whenever Bank of America Merchant Services changes its prices or makes important announcements that impact its current and prospective customers.

Bank of America is Sunsetting Payeezy Gateway

Bank of America customers using the Payeezy gateway from Fiserv are being moved to Clover. While the change will not immediately impact the cost to accept payments, there are certain actions that must be completed to ensure the transition goes smoothly.

In a notice to merchants, Bank of America outlined action items and notes on what to expect before, during, and after the transaction. Here’s a summary of those highlights.

• Merchants must log into their Payeezy accounts and confirm their email addresses and employee email addresses
• Ensure all IP addresses in Payeezy are added to the firewall whitelist
• Merchants can expect a welcome email to Clover about two weeks before the migration with an account activation link
• Once the accounts have been activated, merchants will automatically get migrated and can start accepting payments through Clover
• The “Payeezy Monthly Fee” on statements will be changed to “Gateway Fee”
• The “Payeezy Authorization Fee” on statements will be changed to “Internet Auth Fee” for each payment network
• The Clover Service Addendum will automatically replace the existing Terms and Conditions for Payeezy in merchant agreements

Reach out directly to your point of contact at Bank of America Merchant Services for more information. 

Bank of America Merchant Services Processing Fees

Here’s a quick overview of Bank of America’s credit card processing rates and fees:

• 2.65% + $0.10 for swipe, dip, and tap transactions
• 2.99% + $0.30 for ecommerce transactions
• 3.50% + $0.15 for manually keyed transactions

Rates are subject to change. Check out our complete guide to interchange fees for more information. 

About Bank of America Merchant Services

In addition to traditional banking, Bank of America Merchant Services provides dedicated tools and resources to businesses for payment acceptance. 

They serve businesses across industries like restaurants, ecommerce, professional services, retail, and more. BOA provides merchants with software, hardware, and infrastructure required to accept payments. Examples include virtual terminals, mobile point of sale, and ecommerce gateways. 

Hardware options range from printers to scanners, weight scales, cash drawers, and more.