Attention Merchants processing credit cards with Bank of America.  Whether your one of those business owners that overlook the monthly merchant services statement simply because you're too busy to care, or you're the Controller that watches every transaction like a hawk, you'll be glad to know you received a holiday wish from BAMS. 

Banks of America Merchant Services (BAMS) sent out a letter to all it's customers in December basically letting you know the rate(s) increased. Now you can take this 2 ways. A pessimist will see this as the Man trying to steal another dollar from the hard, working business owner, especially during the holiday season when most merchants are too busy to take any action. However, an optimist could take the change in terms as an opportunity to renegotiate or exit the contract. Be wary though. Not everything is green on the other side. If you're going to make a move, make sure the new terms with your processor (or another) are legitimately saving your business money. 

Below is a copy of the letter which was mailed out December 1, 2014. Note: If you want to make any changes, the deadline is January 1, 2015. Otherwise, you accept the change in terms and carry on (which is what most merchants unfortunately do). 

 

If you have any questions or concerns, feel free to reach out to Bankcard Revelation. 

Happy Holidays!!

 

 

Add a Comment