Head to head
Compared side by side on published facts and the same six criteria every review is graded on — generated from the live directory, not a sales page.
Bank of America Merchant Services
Payment Processor · 3.0/5 mean
Bank of America Merchant Services is a large, bank-integrated payment processing solution ideal for existing BofA business checking customers who value brand stability, seamless funding, and broad payment acceptance though it lags behind fintech competitors on pricing transparency, modern integrations, and third-party review scores.
Read the full review →Square
POS System · 3.8/5 mean
Square offers simple, transparent payment processing ideal for small businesses. Flat-rate pricing, no monthly fees, and excellent software make it a top choice — but account holds and limited support are key concerns.
Read the full review →Square holds the higher standing — by grade, then mean category score. The row-by-row picture below is what should actually decide it for your business.
Both graded against the same six criteria. How we grade · Last fact-checked August 19, 2026 and September 2, 2026.
| Criterion | Bank of America Merchant Services | Square |
|---|---|---|
| Pricing transparency | 2.0 | 4.0wins this criterion |
| Feature set | 4.0 | 4.0 |
| Ease of use | 3.0 |
Straight from each provider's published documentation. Where a number isn't published, we say so rather than estimate.
| Metric | Bank of America Merchant Services | Square |
|---|---|---|
| Online rate | 2.99% + .30 | 3.3% + $0.30 for Square Online and invoices on the free plan; 2.9% + $0.30 through the Payments API, or on Plus and Premium |
| Monthly fee | No standard monthly fee on the simplified pricing plan; POS software solutions require a monthly subscription fee | Not disclosed |
| Payout | Next business day for all merchants (settlement to a required BofA business checking account) | Next business day |
| Contract | No length of term required. No penalty for closing the account. | Month-to-month |
| In-person rate | 2.65% + .10 | 2.6% + $0.15 (free plan); 2.5% + $0.15 (Plus); 2.4% + $0.15 (Premium) |
| Keyed rate |
From the Bank of America Merchant Services review
Square requires no banking relationship and bundles genuinely good free POS software with transparent flat-rate pricing, where Bank of America Merchant Services locks your processing to a BofA checking account. BofA still holds up for merchants who already bank there and value same-day funding plus in-person branch support.
Pick Square if you want free POS software and month-to-month terms without opening a bank account
Ideal for
Not recommended for
Ideal for
Not recommended for
The full reviews carry the pricing narratives, contract analysis and everything else behind these numbers — or let the matching funnel score the whole directory against your business.
| Customer support | 3.0wins this criterion | 1.0 |
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| Contract terms | 3.0 | 5.0wins this criterion |
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| Industry reputation | 3.0 | 4.0wins this criterion |
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| 3.5% + $0.15 |
| International rate | Not disclosed | Additional 1.5% on cards issued outside your account's country |
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| Chargeback fee | Not disclosed | None |
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| Early termination | No early termination fees on simplified pricing plan. Older/legacy contracts through Fiserv/First Data had ETFs up to $500. | Not disclosed |
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| Last fact-checked | August 19, 2026 | September 2, 2026 |
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