Insight & Analysis

Press release: BofA merchant services wins on customer satisfaction

Published: Feb 2023

2nd February 2023 – Bank of America today announced that, for the second year in a row, its Merchant Services have been recognized as number one in customer satisfaction by J.D. Power in its 2023 U.S. Merchant Services Satisfaction Study.

J.D. Power is a global leader in consumer insights, data, analytics, and advisory services that help clients drive growth and profitability. The company’s industry benchmarks and reputation for independence and integrity have established it as one of the world’s most well-known and trusted brands. Based on responses from more than 4,800 small business customers of merchant services providers nationwide, J.D. Power’s rankings measured cost of service, security and chargeback management, payment processing, equipment and technology and service interactions. Bank of America ranked #1 in four of five factors: cost of service, security and chargeback management, payment processing, and equipment & technology.

“We are honored to be recognized two years in a row by J.D. Power for outstanding merchant services,” said Guy Harris, head of Merchant Services at Bank of America. “Having merchant services integrated into their total banking relationship allows our business clients to focus on what matters most to them.”

Bank of America’s proprietary merchant services solutions serve the unique payment needs of all business clients. The platform leverages innovations such as real-time payments and best-in-class digital capabilities to provide essential functions such as merchant acquiring, payments processing and settlement, along with value-added services such as analytics and security solutions. Additional benefits may be available for Bank of America’s Preferred Rewards for Business members.

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