Bank of America Simplifies AmEx OptBlue for Small Businesses
Bank of America Merchant Services is participating in AmEx OptBlue to give small businesses a simpler way to process American Express transactions.
Bank of America Merchant Services is a payment platform that allows users to accept and process most major credit and debit cards. Under the new partnership with OptBlue, merchants can manage American Express transactions through their Merchant Services accounts, rather than receiving two separate statements every month. Bank of America says it will offer “competitive” fees for AmEx transactions, so users will not have to worry about spending extra money for this added convenience.
“OptBlue will allow our small business clients to accept and manage American Express transactions in a simpler and easier way, so they can spend more time focused on their own business,” Tim Tynan, chief executive officer of Bank of America Merchant Services.
American Express is one of the largest credit card companies in the United States, but it has a reputation for charging high interchange fees to merchants. Under the OptBlue program, small businesses are able to accept AmEx credit cards without spending a fortune on fees. Eligible Bank of America Merchant Services clients can sign up for OptBlue through the new partnership, as long as they process less than $1 million in American Express transactions per year.
“OptBlue is part of a broader set of initiatives aimed at helping American Express’ small merchants grow their businesses,” said Ed Jay, Executive Vice President of Merchant Services in the Americas at American Express. “OptBlue helps deliver a simple solution for U.S. small merchants to enjoy the benefits of accepting American Express.”
Bank of America Merchant Services also provides processing options for Apple Pay, so merchants can stay up-to-date with the latest payment solutions on the market. More information about the program is available on the Merchant Services website.