Banc of America Merchant Services, LLC is a joint venture between Bank of America and Fiserv (formerly First Data). In July 2019, it was announced that they will pursue independent merchant services strategies as of July 2020 – resulting in the dissolution of Banc of America Merchant Services, LLC. Bank of America and Fiserv have an agreement to provide uninterrupted delivery of products and services to Banc of America Merchant Services, LLC clients. Your services will continue uninterrupted and there is no action needed by you.
This change will not impact your ability to accept card transactions or the other services provided by Banc of America Merchant Services, LLC to your company.
You will receive a notice in the mail which will inform you if your merchant services contract has been assigned to either Fiserv or Bank of America.
Frequently Asked Questions for clients assigned to Bank of America:
Bank of America is fully committed to continuing to provide a high level of service and solutions for your business.
Below are answers to questions you may have about this change. You will receive additional communication in the near future from us with additional information about your merchant services relationship.Show all answers
Your contract with Banc of America Merchant Services, LLC will be assigned to Bank of America, N.A. You will continue to have access to 24/7 live technical support, and will continue to receive the same level of service, benefits and support as per your contract. Bank of America is fully committed to providing your organization with the highest quality payment processing, eCommerce and security solutions.
No. Service delivery and all relevant services will continue uninterrupted. The obligation to provide services for the term of your merchant relationship is covered under your merchant agreement, and the transition of your agreement will not impact these obligations.
We understand that you have long standing relationships with your team members and recognize the value and power of their knowledge of your business and systems. It is our goal to ensure you continue to receive the level of service you expect.
At this time the contracting process will not change – it is business as usual. Your merchant consultant will work with you on the renewal.
No. Bank of America and Fiserv have agreed to provide continued processing services to former Banc of America Merchant Services, LLC merchants. In most circumstances your existing equipment will continue to function, if a change has to be made we will contact you. Your merchant consultant will work with you regarding new products and services as they become available.
Your current pricing and terms are not changing. You will continue to receive the same pricing when your contract is transferred to Bank of America. Any future pricing adjustments will be subject to the terms of your current merchant agreement.
Your current phone number will remain the same. Bank of America will notify you if there are any changes to phone numbers or website addresses.
You do not need to do anything. Bank of America will contact you to welcome you and provide additional information about your merchant services relationship.