Simplified Biz

The Bank of America Online offers lower rates on processing credit cards as part of its attempt to help small merchants during the global financial crisis. The press release of bank of America Online can be read below. Bank of America Online also offers security features like SiteKey and SafePass, and how they help protect you when you transact online.

In addition, Bank of America Online states that transactions with Bank of America Online lowers your risk of identity theft and mail fraud by viewing copies of your checks online and stopping delivery of your paper statements. You can also get a special offer on industry-leading security from Symantec, only from Bank of America and come with a free 90-day introductory subscription.

The press release about Bank of America online offering lower credit card processing rates is as follows:

As the economy weighs heavy on the RV industry, Bank of America Merchant Services reaches out to RV dealers in a small, but potentially beneficial way by offering lower credit card service charges and swipe fees to RVDA members.

Average service charges imposed by merchant account providers in 2008 for Visa and MasterCard swipe transactions were anywhere from 2.5% to 5.5% depending on the business’ monthly volume. Transaction fees in 2008 averaged anywhere from 30¢ – 45¢ per item. Bank of America Merchant Services, endorsed by RVDA, announced last week that it will offer 1.74% service charge and 10¢ per item fee to RVDA members.

“Pedata RV feels this is step toward bringing a failing industry back. While this isn’t a huge difference in fees B of A offered in 2008 to RVDA members, it is better, and every little bit helps these days,” says Clint Ethington of Pedata RV, who has been a long time customer of Bank of America Merchant Services. “We are taking advantage of the discounts. Our customers use their credit cards for deposits, down payments, RV service and RV rentals. Small rate changes can mean thousands of dollars to a large volume RV dealer. It’s a great thing to offer the industry.”

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