Authorize.net or BofA for credit card processing?

[marc100]

Right now I just got signed up with Authorize.net and e-onlinedata.com, they're underwriting it now.

Then I happened to be at Bank of America today and mentioned my business and they told me they have a merchant processing department, and they offer $500 if they cant give you a better rate than your current processor. Bank of America Merchant Services

I was wondering if theres any huge reason NOT to go to BofA for business services, or if it doesnt matter.

I dont have any rates on anything yet as they're still underwriting it all, so I cant compare rates.
But I do have 30 days to leave Authorize & e-OnlineData, so if I do change I need to do it soon.

What is nice for BofA is that I already have a business account with them, so it would be easier to transfer money right into my account.

Thanks for any opinions

 

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[PatrickP]

I am very interested in this as well.

I am in the same situation Authorize.net but have business bank accounts with BOA.

I don't know if it is a good idea to have your business bank accounts in the same place as your credit card processor. So I would be interested in people with experience with this.

 

[marc100]

I have a little comparison data now, and e-OnlineData looks a little bit better.

BofA's grade is C: Bank of America Merchant Services Review & Complaints
And their CC processor, FirstData is got a C -: First Data (FDIS) Review & Complaints
I didnt like what I read in their complaints, $500 cancellation fee if you leave before 3 years?

e-onlineData's grade is B: e-onlinedata Review & Complaints

 

[Guest682]

The last time I dealt with a bank trying to offer me merchant services they were actually representing another company and not an internal solution. I currently have Authorize.NET and iPayment for the swiper on my iPhone. I haven't had any issues on either of these solutions, why do you guys want to switch?

 

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[PatrickP]

I have a little comparison data now, and e-OnlineData looks a little bit better.

BofA's grade is C: Bank of America Merchant Services Review & Complaints
And their CC processor, FirstData is got a C -: First Data (FDIS) Review & Complaints
I didnt like what I read in their complaints, $500 cancellation fee if you leave before 3 years?

e-onlineData's grade is B: e-onlinedata Review & Complaints

Thanks man!

I think I will stay with who I am with now. Better not to rock the boat and possibly cause some issues.

 

[bkypes]

My brother got Authorize.net down to about half of what PayPal was. You just have to play hard to get. It's only nickels and dimes but it counts when you do a large amount of transactions.

 

[BrianPM]

Thanks man!

I think I will stay with who I am with now. Better not to rock the boat and possibly cause some issues.

Banks all are reselling services of another company (First Data, PaymentTech, Vantiv, etc).

Typically branch managers get tasked with increasing the banks overall business/sell more services. Having business banking customers is an easy access to more clients so they push these services hard as it is such an unknown area and people think they can trust their bank etc. The ONLY benefit of using your bank is if they get the money to you in less than 4 hours (think restaurant - you batch out on your POS at 4am and money is in your account pre noted by 8am). Everyone else would be a day behind at minimum. If thats the case your cash flow is very limited that you need the funds immediately, but that is fairly common in a lot of situations.

You want interchange plus pricing, and avoid bogus or undisclosed fees (PCI, batch, statement, semi-regualatoy, monthly non-compliance, etc the list goes on and on)

 

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