Comparison · Updated October 7, 2026
Chase vs Bank of America for merchant services
Chase Payment Solutions and Merchant Services
B
Chase Payment Solutions is the merchant services arm of the #1 US bank, offering small and mid-sized businesses a deeply integrated combination of payment processing, same-day deposits, and banking tools. They're backed by the trust and scale of JPMorgan Chase but with flat-rate fees that may not suit high-volume merchants.
Bank of America Merchant Services
C+
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.
VS
Overview
This comparison is for US small businesses taking cards. Chase Payment Solutions and Bank of America both offer card processing from a bank you can also keep your checking with, and both publish simple flat rates. As of October 2026, Chase is slightly cheaper on every published rate: 2.6% + 10¢ in person against Bank of America's 2.65% + 10¢, 2.9% + 25¢ online against 2.99% + 30¢, and 3.5% + 10¢ keyed against 3.50% + 15¢. The bigger difference is how tightly each ties you to the bank. Bank of America requires a Bank of America business checking account and settles only into it. It funds every merchant next day, and same day at no fee if you are approved for it. Chase's simple QuickAccept product also needs a Chase Business Complete Banking account and pays out the same day. Its standalone merchant accounts can pay into another bank, but those deposits take 2 to 3 business days. Bank of America answers the advantages Chase has with 24/7 US-based technical support, a written promise of no contract term and no termination fee, and rate discounts of 0.05% to 0.10% for Preferred Rewards members. Payment Review grades Chase B and Bank of America Merchant Services C+.
Key Takeaways
- ✓Chase is cheaper on all three published rates: 2.6% + 10¢ in person, 2.9% + 25¢ online and 3.5% + 10¢ keyed, against Bank of America's 2.65% + 10¢, 2.99% + 30¢ and 3.50% + 15¢. On a $100 in-person sale that is $2.70 against $2.75.
- ✓Chase is the less restrictive of the two: its standalone merchant accounts can deposit to a non-Chase bank (in 2 to 3 business days). Bank of America requires a Bank of America business checking account and settles only into it.
- ✓Chase pays out faster by default: QuickAccept deposits arrive the same day into Chase Business Complete Banking, and $2,000 a month in card deposits waives that account's $15 monthly fee. Bank of America funds everyone next day and offers no-fee same-day funding only after credit approval.
- ✓Bank of America makes the clearer support and exit promises: 24/7 US-based technical support, and no contract term or termination fee in writing. Chase's QuickAccept phone line is open weekdays 9 a.m. to 8 p.m. CT, and Chase publishes no term for its standalone accounts.
- ✓Bank of America has the deeper POS software, at a price: table mapping and appointment scheduling start on its $79-a-month Growth plan, while a kitchen display and online ordering and booking need the $129-a-month Pro plan. Chase's own POS app and terminal carry no monthly software fee but Chase lists only the essentials for them; for more complex needs it integrates with partner systems such as TouchBistro and NCR Voyix Silver Essentials.
Chase Payment Solutions and Merchant Services
Chase suits US small businesses that want the lowest published bank flat rate and the fastest default payouts, especially retailers, service businesses and mobile sellers who already bank with Chase or are willing to open Chase Business Complete Banking. It also suits merchants who want to keep their main account at another bank and can accept 2 to 3 day deposits.
Bank of America Merchant Services
Bank of America suits businesses that already bank there, particularly Preferred Rewards members whose balances earn a 0.05% to 0.10% rate discount, and owners who value round-the-clock technical support and a written no-contract, no-termination-fee promise. Restaurants and appointment-based businesses that want POS software from their bank should also look at its Growth plan (table mapping, appointment scheduling) and Pro plan (adds a kitchen display, online ordering and online booking).
Overall Winner
🏆 Winner
Chase Payment Solutions and Merchant Services
Bexpert grade
Runner-up
Bank of America Merchant Services
Why?
Payment Review grades Chase B and Bank of America Merchant Services C+, and for most US small businesses Chase is the better choice. Its published rates are lower on every channel. QuickAccept pays out the same day by default, and card deposits of $2,000 a month waive the checking account's $15 fee. Chase also lets standalone merchants deposit to another bank, which Bank of America does not allow. Bank of America is the better pick in narrower cases. If you already bank there with enough balances for Preferred Rewards Platinum or Platinum Honors, its discounted in-person rate drops below Chase's. It promises 24/7 technical support and no contract or termination fee in writing. Its paid Growth and Pro POS plans add restaurant and appointment features that Chase does not list for its own POS. Whichever you choose, the account you settle into ties your processing to the bank, so leaving later means moving your banking too.
Feature by feature
Detailed Comparison
Filter Options
Published card rates (US, October 2026)
| Feature | Chase Payment Solutions and Merchant Services | Bank of America Merchant Services |
|---|---|---|
| In person (tap, dip, swipe) | 2.6% + 10¢ Winner | 2.65% + 10¢ |
| Both rates are the banks' standard flat rates, with the same 10¢ fixed fee, so Chase is 0.05 percentage points cheaper at every sale size: $2.70 against $2.75 on $100. Chase's rates are binding in its fee schedule (effective 14 June 2026) for QuickAccept, which also covers Tap to Pay on iPhone; the schedule notes that other Chase Payment Solutions products may cost more or less, and its merchant fees page quotes the same rates without that caveat. Bank of America's rates are its Simplified Pricing plan. Bank of America's Preferred Rewards for Business members get 0.05% (Gold, $20,000 in qualifying balances), 0.07% (Platinum, $50,000) or 0.10% (Platinum Honors, $100,000) off, credited at the end of each billing cycle. That brings Gold members level with Chase and puts Platinum and Platinum Honors members below it. Both banks offer custom pricing for larger merchants. | ||
| Online (e-commerce) | 2.9% + 25¢ Winner | 2.99% + 30¢ |
| Chase is lower on both the percentage and the fixed fee, so it is cheaper at every order size: $1.70 against about $1.80 on a $50 order. Bank of America's worked example of its Preferred Rewards discount covers only the in-person rate; if the top 0.10% discount also applies online (2.89% + 30¢), Chase still stays cheaper on orders under $500. Chase's Authorize.net gateway has a monthly fee from $9.95. Bank of America does not publish a monthly fee for its own Gateway. | ||
| Keyed-in (manual entry) | 3.5% + 10¢ Winner | 3.50% + 15¢ |
| The percentages are the same, so Chase is 5¢ cheaper per transaction. Chase's sources conflict: its fee schedule (effective 14 June 2026), merchant fees page and product pages give 3.5% + 10¢, but the FAQ on its main payments page still says 3.5% + 15 cents. The fee schedule is the binding document, so the table uses 10¢; at 15¢ the two banks would charge the same. Chase's rate also covers payment links; Bank of America labels its rate for manual keyed-in payments and does not publish a separate payment-link rate. Bank of America's Preferred Rewards example covers only the in-person rate; if the discount also applies to keyed payments, its keyed rate drops below Chase's on transactions above $100 (Gold) or $50 (Platinum Honors). | ||
| Refunds and chargebacks | Transaction fees not returned; chargeback fee Not disclosed | Not disclosed |
| Chase's fee schedule says QuickAccept transaction fees are not returned when you refund a payment or receive a chargeback, and does not list a separate chargeback fee. Its QuickAccept terms reserve the right, on notice, to charge a fee for handling chargeback disputes. Bank of America publishes neither its refund policy nor a chargeback fee. It says ancillary fees appear in a fee schedule shown before the account opens. | ||
In person (tap, dip, swipe)
Chase Payment Solutions and Merchant Services
2.6% + 10¢
Winner
Bank of America Merchant Services
2.65% + 10¢
Both rates are the banks' standard flat rates, with the same 10¢ fixed fee, so Chase is 0.05 percentage points cheaper at every sale size: $2.70 against $2.75 on $100. Chase's rates are binding in its fee schedule (effective 14 June 2026) for QuickAccept, which also covers Tap to Pay on iPhone; the schedule notes that other Chase Payment Solutions products may cost more or less, and its merchant fees page quotes the same rates without that caveat. Bank of America's rates are its Simplified Pricing plan. Bank of America's Preferred Rewards for Business members get 0.05% (Gold, $20,000 in qualifying balances), 0.07% (Platinum, $50,000) or 0.10% (Platinum Honors, $100,000) off, credited at the end of each billing cycle. That brings Gold members level with Chase and puts Platinum and Platinum Honors members below it. Both banks offer custom pricing for larger merchants.
Online (e-commerce)
Chase Payment Solutions and Merchant Services
2.9% + 25¢
Winner
Bank of America Merchant Services
2.99% + 30¢
Chase is lower on both the percentage and the fixed fee, so it is cheaper at every order size: $1.70 against about $1.80 on a $50 order. Bank of America's worked example of its Preferred Rewards discount covers only the in-person rate; if the top 0.10% discount also applies online (2.89% + 30¢), Chase still stays cheaper on orders under $500. Chase's Authorize.net gateway has a monthly fee from $9.95. Bank of America does not publish a monthly fee for its own Gateway.
Keyed-in (manual entry)
Chase Payment Solutions and Merchant Services
3.5% + 10¢
Winner
Bank of America Merchant Services
3.50% + 15¢
The percentages are the same, so Chase is 5¢ cheaper per transaction. Chase's sources conflict: its fee schedule (effective 14 June 2026), merchant fees page and product pages give 3.5% + 10¢, but the FAQ on its main payments page still says 3.5% + 15 cents. The fee schedule is the binding document, so the table uses 10¢; at 15¢ the two banks would charge the same. Chase's rate also covers payment links; Bank of America labels its rate for manual keyed-in payments and does not publish a separate payment-link rate. Bank of America's Preferred Rewards example covers only the in-person rate; if the discount also applies to keyed payments, its keyed rate drops below Chase's on transactions above $100 (Gold) or $50 (Platinum Honors).
Refunds and chargebacks
Chase Payment Solutions and Merchant Services
Transaction fees not returned; chargeback fee Not disclosed
Bank of America Merchant Services
Not disclosed
Chase's fee schedule says QuickAccept transaction fees are not returned when you refund a payment or receive a chargeback, and does not list a separate chargeback fee. Its QuickAccept terms reserve the right, on notice, to charge a fee for handling chargeback disputes. Bank of America publishes neither its refund policy nor a chargeback fee. It says ancillary fees appear in a fee schedule shown before the account opens.
Best For Your Business
Recommendations based on your business type
Retail shop or service business with no existing bank preference
Recommended
Chase Payment Solutions and Merchant Services
Chase's 2.6% + 10¢ in-person rate is below Bank of America's 2.65% + 10¢. QuickAccept deposits arrive the same day, and $2,000 a month in card deposits waives the $15 checking fee. The Chase POS app and terminal carry no monthly software fee.
Business that wants to keep its main account at another bank
Recommended
Chase Payment Solutions and Merchant Services
Bank of America settles only into a Bank of America business checking account. Chase's standalone merchant accounts can deposit to a non-Chase bank in 2 to 3 business days.
Existing Bank of America customer in Preferred Rewards Platinum or Platinum Honors
Recommended
Bank of America Merchant Services
A 0.07% or 0.10% discount takes Bank of America's in-person rate to 2.58% or 2.55% + 10¢, below Chase's 2.6% + 10¢. You also keep processing and banking in one place, with 24/7 technical support.
Restaurant or appointment-based business wanting POS software from its bank
Recommended
Bank of America Merchant Services
Bank of America's Growth plan ($79 a month for the first terminal) adds table mapping, appointment scheduling and physical gift cards, and its Pro plan ($129 a month) adds a kitchen display and online ordering and booking. Chase lists only essential features for its own POS and offers integrations with partner systems such as TouchBistro for more complex needs.
Mostly online seller
Recommended
Chase Payment Solutions and Merchant Services
Chase charges 2.9% + 25¢ online against Bank of America's 2.99% + 30¢: $1.70 against about $1.80 on a $50 order. The Authorize.net gateway adds a monthly fee from $9.95, deposits as soon as next day into Chase checking, and comes with documented APIs and shopping-cart integrations.
Chase Payment Solutions and Merchant Services: Best for 3 use cases
Bank of America Merchant Services: Best for 2 use cases
Frequently Asked Questions
Common questions about this comparison
At standard rates, Chase is. As of October 2026 Chase charges 2.6% + 10¢ in person, 2.9% + 25¢ online and 3.5% + 10¢ keyed. Bank of America charges 2.65% + 10¢, 2.99% + 30¢ and 3.50% + 15¢. Bank of America's Preferred Rewards members get 0.05% to 0.10% off, which matches or beats Chase's in-person rate at the Gold tier and above.
Yes. Bank of America requires a Bank of America business checking account and enrolment in Business Advantage 360, and your card sales must settle into that checking account. Its Business Advantage Fundamentals account is free for 12 months and then $16 a month unless you meet a balance, debit-card or Preferred Rewards waiver.
Only for QuickAccept, Chase's simple option that includes the Chase POS app, card reader and terminal. QuickAccept requires Chase Business Complete Banking. Chase's standalone merchant accounts, set up through a Payments Advisor, can deposit to another bank, but those deposits take 2 to 3 business days.
Chase QuickAccept deposits arrive the same day, every day except Saturday, for sales settled by 8 p.m. ET. Chase's standalone accounts are funded next day into a Chase account, or in 2 to 3 business days into another bank. Bank of America funds all merchants next day and offers no-fee same-day funding to accountholders approved for it.
Bank of America says there is no required term and no penalty for closing your merchant account. Chase's QuickAccept terms set no minimum term or termination fee, but ask you to keep your Chase account open for 180 days after you stop using the service. Chase does not publish the terms for its standalone merchant accounts, so ask for them in writing.
Not as an owner. Banc of America Merchant Services began in June 2009 as a joint venture between Bank of America and First Data, which Fiserv bought in July 2019. Fiserv's annual report says the venture was dissolved effective 1 July 2020, with clients split between the two companies. Fiserv also agreed to keep processing for Bank of America's merchant clients under a five-year non-exclusive agreement; Bank of America does not say who processes for it today. Bank of America now sells merchant services under its own name, with its own POS software. Chase went through a similar split: its merchant business, Chase Paymentech Solutions, was a joint venture with First Data until 1 November 2008.
Related Comparisons
Explore more payment processor matchups