Bank of America Merchant Services Announces Mobile Pay on Demand Solution for Small Businesses

  Bank of America Merchant Services Announces Mobile Pay on Demand Solution
  for Small Businesses

    First to Offer Bank of America Small Businesses a Mobile Point-of-Sale
         Terminal With a Free Mobile App and Free Secure Card Reader

Business Wire

ATLANTA -- November 13, 2012

Bank of America Merchant Services, the No. 1-rated electronic payments
processor in the U.S.^1, today announced the upcoming release of Mobile Pay on
Demand.

Available on December 3, Mobile Pay on Demand is a new solution designed
specifically for small businesses that will turn a client’s smartphone or iPad
into a mobile point-of-sale terminal. Mobile Pay on Demand  will include a
free mobile app, free secure card reader, no monthly or annual fees and
expanded functionality to meet the needs of small business owners nationwide.
Customers can find more information about the product and sign up at
http://www.bankofamerica.com/mobilepay.

“In today’s economic environment, small businesses are looking for secure,
easy and portable ways to confidently accept payments beyond cash, and promote
their business to a broader customer base,” said Tom Bell, chief executive
officer, Bank of America Merchant Services. “With Mobile Pay on Demand, we are
making it even easier for small business owners to accept secure payments
anywhere. The product is fully integrated with existing Bank of America
accounts and services, allowing deposits made into a Bank of America small
business checking account to be processed as soon as the next business day.”

As part of a fully integrated suite of products and services, merchants who
sign up for Mobile Pay on Demand can also access BankAmeriDeals  and  iDeals
Marketing Platform Pro. The  two services are designed to connect merchants
with new and existing customers through promotional offers, online coupons and
deals.

“We believe we can meet the combined merchant needs of accepting payments and
marketing to clients,” said Bell. “Merchants want simple, holistic, integrated
solutions that allow them to better serve their own customers in addition to
the secure, fast processing that meets their own business needs.”

Features of Mobile Pay on Demand include:

  *A free mobile app and free secure card reader for smartphones and iPads
    developed with First Data – a global leader in electronic commerce and
    payment processing - enabling credit card acceptance. The card reader is
    specially designed to reduce transaction mis-swipes.
  *Next-day access to funds through a Bank of America checking account, even
    when payments are accepted outside of normal business hours^2.
  *Encryption on every credit card transaction, so customers can be confident
    their information will be secure.
  *Easy self-sign-up, with approval in as little as one hour, with no
    monthly, annual or set-up fees.
  *Pricing includes 2.7 percent swiped^3, 3.5 percent plus15¢ keyed^4 for
    Visa, MasterCard and Discover. Also includes transaction processing
    support AMEX One Point at competitive rates^5.
  *Integrated redemption of card based offers through the iDeals Marketing
    Platform allowing merchants to reach more customers.

“Mobile Pay on Demand provides an easy-to-use, secure solution for small
businesses that have a need for mobile merchant services,” said Robb Hilson,
Small Business executive, Bank of America. “Offering a mobile point-of-sale
solution for our customers is one more way Bank of America is demonstrating
its commitment to serving the needs of small businesses.”

With BankAmeriDeals, merchants are able to serve offers to Bank of America
online banking and mobile banking customers, who can access the offers for
free. Since its launch earlier this year, BankAmeriDeals has served more than
400 million offers, and 2,800 merchants nationwide now participate in the
program, including discount department stores, fast food chains and casual
dining restaurants.

Also, merchants who sign up and are approved for Mobile Pay on Demand between
December 3 and year-end will receive a free, one-year subscription to the
iDeals Marketing Platform Pro – a $200 value^6. iDeals Marketing Platform is
an online marketing tool kit that helps business owners reach customers
through promotional offers, coupons and events.

Bank of America’s commitment to small businesses

Bank of America has a long history of serving the small business community –
providing clients not only with customized product solutions but also with the
personal touch of small business experts and specialists. Bank of America is
in the final stages of hiring approximately 1,000 small business bankers
across the country. These bankers will serve as a dedicated resource for small
business owners, helping them assess their companies’ deposit, credit and cash
management needs. Bank of America continues to actively lend to small
businesses across the U.S. Through September of this year, Bank of America
extended more than $6.2 billion in new credit to small businesses – an
increase of 26 percent over the same period last year. In addition, combined
new and renewal small business lending totaled $14.9 billion.

^1 Based on bankcard, other credit, and PIN debit sales volume and
transactions. Per The Nilson Report, March 2012, Issue 990.

^2 After deposit of transactions and only when you have a Bank of America
business checking account. Only valid on Visa^®, MasterCard^® and Discover^®
transactions. Exceptions may apply.

^3 Card-swiped rate applies to swiped Visa, MasterCard, or Discover network
transactions (also sometimes referred to as card present transactions) and
requires the Mobile Pay card reader. Card-swiped transactions will be listed
as "Qualified" on your merchant agreement and statement.

^4 Keyed rate will be charged on all manually keyed Visa, MasterCard, or
Discover Network transactions that have verified addresses. Keyed transaction
will be listed as "Non Qualified" on your merchant application.

^5 American Express rates range from 2.30% to 3.50% + $0.00 to $0.15 and will
vary based a variety of factors. Please review your merchant agreement and
statement which will contain the rate you will be charged.

^6 Transaction fees may apply.

About Bank of America Merchant Services

Bank of America Merchant Services, a joint venture between First Data and Bank
of America, provides payment solutions by combining the technology and
innovative products of First Data with the relationship strength and prominent
global brand of Bank of America. Bank of America Merchant Services delivers a
comprehensive suite of products and services, called Paymentum™, to merchants
of all sizes. Paymentum includes over 100 products including traditional
payments like terminals and point-of-sale solutions, gift card and loyalty
programs but also provides innovative mobile and ecommerce solutions, security
options and customer service. In fact, Bank of America Merchant Services is
the number one-rated electronic payments processor in the industry with more
than 300,000 active merchants processing more than 13.5 billion transactions
annually.For more information, visit http://www.bankofamerica.com/merchant.

Bank of America

Bank of America is one of the world's largest financial institutions, serving
individual consumers, small- and middle-market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk management products and services. The company
provides unmatched convenience in the United States, serving approximately 55
million consumer and small business relationships with approximately 5,500
banking centers and approximately 16,300 ATMs and award-winning online banking
with 30 million active online banking users. Bank of America is among the
world's leading wealth management companies and is a global leader in
corporate and investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and individuals
around the world. Bank of America offers industry-leading support to more than
3 million small business owners through a suite of innovative, easy-to-use
online products and services. The company serves clients through operations in
more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a
component of the Dow Jones Industrial Average and is listed on the New York
Stock Exchange.

For more Bank of America news, visit the Bank of America newsroom.

                            www.bankofamerica.com

Contact:

Reporters May Contact:
Joseph Rauch, Bank of America Merchant Services, 1.980.387.4101
Joseph.Rauch@bankofamericamerchant.com
 
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