Bank of America Merchant Services

Last updated
Bank of America Merchant Services
Company type Joint venture
Industry Merchant services
Founded2009;16 years ago (2009)
DefunctJune 2020 (2020-06)
Parent Bank of America, First Data
Website merch.bankofamerica.com

Bank of America Merchant Services was a merchant services company owned by partners Bank of America and Fiserv. It was among the largest payment processing companies in the United States based on card-transaction volume. [1]

Bank of America Merchant Services was created by Bank of America and First Data in 2009. [2] Bank of America Merchant Services manages sales and customer service and First Data handled the transaction processing. [1] In 2013, the company was the largest U.S. merchant acquirer by Visa and Mastercard volume, processing $517 billion in payments. [2]

The company expanded into Europe in 2016 [3] and operates locations in the United States, Canada, and Europe. [4]

Bank of America ended this joint venture with Fiserv in 2020 and established its own independent Merchant Services platform. [5]

References

  1. 1 2 "Bank of America Merchant Services moves money to South Florida merchants". Miami Herald. 14 April 2017. Retrieved 22 January 2018.
  2. 1 2 Ensign, Rachel Louise (26 September 2017). "Bank of America Venture Trims 10% of Staff as Part of Digital Push". The Wall Street Journal. Retrieved 22 January 2018.
  3. ↑ "Bank of America expands merchant services". Business Insider. 14 April 2016. Retrieved 26 January 2018.
  4. ↑ Manning, Margie (26 January 2018). "Tampa workers laid off in Bank of America Merchant Services cutbacks, report says". Tampa Bay Business Journals. Retrieved 10 November 2017.
  5. ↑ "Bank of America ends joint venture with Fiserv's First Data". Reuters. 2019-07-29. Retrieved 2022-06-09.
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