Bank of America has joined the mobile payment crowd and announced their version of the Square or PayPal Here mobile credit card processor. The Bank of America offering is called Mobile Pay on Demand and similar to the others, will include a card reader that works with iOS and Android. More specifically, Bank of America has the support listed as being the iPhone, iPad and Android.
According to Bank of America, Mobile Pay on Demand is perfect for those with “few” transactions per day, for those looking to accept payments in person and with an average sale amount under $2,000. Otherwise, Mobile Pay on Demand allows the user to pay as they go with no monthly fees. In other words, just like the competitors.
Bank of America will provide the mobile card reader for free and charge just 2.7 percent per swipe. And for those looking for comparison, that is just a tiny bit under the 2.75 percent charged by Square. Bank of America did not offer a timeline of how quick your money will fund, however they do mention that “instant authorization ensures fast funding for you.”
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