Bank of America Merchant Services

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
TypeJoint venture
IndustryMerchant services
DefunctJune 2020 (2020-06)
ParentBank of America, First Data

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 Edit

  1. ^ a b "Bank of America Merchant Services moves money to South Florida merchants". Miami Herald. 14 April 2017. Retrieved 22 January 2018.
  2. ^ a b 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.

External links Edit