Bank of America Credit Card Processing Fees
If you’re a business owner, you know processing fees are a cost of doing business. But what exactly are Bank of America credit card processing fees, and how much will they cost you?
Bank of America offers a variety of credit card processing options, so the fees you’ll pay will vary depending on the type of card you accept and the type of transaction.
For example, Bank of America charges a 2.65% fee for swiped Visa and Mastercard transactions. That means that if you process $100 worth of Visa or Mastercard transactions, you’ll pay $2.65 in processing fees.
Bank of America also charges a 3.5% fee for keyed-in Visa and Mastercard transactions. Keyed-in transactions are those that are entered manually, such as when a customer gives you their credit card number over the phone.
In addition to the per-transaction fees, Bank of America also charges a monthly statement fee of $15. This fee is charged regardless of how many transactions you process.
In addition to the fees listed above, Bank of America may also charge additional fees for certain types of transactions, such as:
- Chargebacks: When a customer disputes a transaction, Bank of America may charge you a chargeback fee. The fee for chargebacks varies depending on the reason for the dispute.
- Foreign transactions: If you process a transaction in a foreign currency, Bank of America may charge you a foreign transaction fee. The fee for foreign transactions varies depending on the country where the transaction is processed.
Beware of Hidden Fees
In addition to the fees listed above, Bank of America may also charge you hidden fees. These fees are often not disclosed upfront, so it’s important to be aware of them before you sign up for a merchant account.
Some of the most common hidden fees include:
- PCI compliance fees: Bank of America may charge you a fee to help you comply with the Payment Card Industry Data Security Standard (PCI DSS).
- Gateway fees: Bank of America may charge you a fee to use its payment gateway.
- Monthly minimum fees: Bank of America may charge you a monthly minimum fee if you don’t process a certain amount of transactions.
How to Avoid High Processing Fees
If you’re concerned about high processing fees, the best thing to do is to compare your options. There are a number of different payment processors out there, and each one has its own fee structure. You’ll also want to consider the type of card you accept and the volume of transactions you process to minimize bank of america credit card processing fees.
