Bank of America Merchant Services Versus Fattmerchant

Hands holding smartphone and credit card.

Updated April 2019

When you need a credit card processor, it can make sense to first see what your bank offers for these services. After all, wouldn’t it be more convenient to process payments where you already have an account? Unfortunately, a lot of banks charge a premium for this level of convenience. We’ll compare the difference between Bank of America merchant services versus Fattmerchant.

See our full comparison of the major payment processors.

Bank of America Merchant Services

With its secure and helpful products and services for merchants, Bank of America merchant services can be a viable payment processing option for some businesses. They offer a tablet POS system, mobile payment processing, along with small business eCommerce solutions. Before you sign, be sure to review the following ways that BOA falls short for businesses.

In general, with Bank of America you’ll find:

  1. Higher equipment fees (can be over $1,000)
  2. Less than stellar customer support
  3. Expensive credit card processing rates

High Equipment Fees

With Bank of America, you have to use Clover devices. Just like with Fattmerchant, you’ll own the equipment outright instead of paying monthly leasing fees. However, with Clover, you may get locked into an annual contract for a T-Mobile or AT&T internet connection.

Plus, Clover devices are some of the most expensive on the market, with an up-front cost of $500-600. If you want to be able to accept contactless NFC payments like Apple Pay, you’ll have to buy an additional add-on which is another $300. All-in, you could pay over $1,000 for the Clover and all its add-ons.

To compare, Fattmerchant offers a number of in-person payment terminals at a variety of price points starting at just $175.

close-up shot of hand giving credit card to another person

Lacking Customer Service

Have you heard of Net Promoter Scores (NPS)? It’s a widely-used metric to measure companies based on customer surveys. NPS scores range from -100 to +100. The merchant services industry averages at a -12 score and the banking industry averages 24. Bank of America currently has a NPS score of -24.

Frustrated businesswoman on the phone while looking at her laptop

Meanwhile, Fattmerchant has soared to a 73 on the NPS Scale. That means our customers are so thrilled with their service and our products that we rank higher than most businesses – not just those in the financial sector.

What does this mean? Bank of America customers are unhappy with the level of support they receive for their products. On the other hand, Fattmerchant offers in-house customer service – not a third party call center. When you call during business hours, you speak with someone who knows our product intimately and is always happy to help. From training to troubleshooting, we are the company to choose if you appreciate a human touch to your customer service needs.

Expensive Processing

Because of the convenience of adding payment processing to your bank account, Bank of America charges you more for your credit card processing. In fact, BOA has one of the highest processing costs on the market today. In-person card-present transactions are charged There is a 2.7% per transaction charge for card-present transactions and a 3.5% plus 15¢ per transaction charge for keyed-in or not-present transactions.

Read more about the price comparison of BOA and other merchant services versus Fattmerchant. With banks, the more you make, the more you pay. And, if you don’t have a Bank of America business checking account, you have to pay an additional monthly fee to get your money.

close up of person writing with a calculator nearby

Meanwhile, Fattmerchant is a subscription-based merchant service provider. We offer complete transparency when it comes to your bill. There are no annual fees, no contract fees, no statement fees, and 0% markups – not to mention in-house customer support. If you want to save money and watch your business grow, Fattmerchant is the right merchant processor for you.


If you conduct your personal banking with Bank of America, you may be tempted to add on their processing. However, you’ll want to be aware of the full costs and small print before you sign on.  In addition, with Fattmerchant’s Fast Access Funding add-on, you can still get paid just as quickly and while saving on processing.

Before you choose a payment processor, see our full comparison of merchant services on the market, including banks, PayPal, and more. Or fill out the form below to see how easy payment processing can be.

Fill out the form below to request a free savings analysis.

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