Bank of America Mobile Point of Sale vs Lopay

Bank of America Mobile Point of Sale combines the BofA Point of Sale Mobile app with the Mobile Card Reader D135 for mobile payment processing and sales reporting. Customers can pay by magnetic stripe, EMV, contactless Visa or Mastercard, signature debit, cash, or check recording, then receive receipts by email or text. The app brings Business Advantage and Merchant Services account management together. Use requires a Bank of America Merchant Services account and a Bank of America business checking account, with funds settled into that checking account; Business Advantage 360 enrollment is required for a Merchant Services account. The reader works with a compatible merchant-supplied iOS or Android phone or tablet. Listed rates are 2.65% + 10¢ per in-person sale, 3.50% + 15¢ for keyed payments, and 2.99% + 30¢ online. The D135 costs $109.00 once; its charging base costs $87.00 once.

Lopay provides businesses with tools to accept in-person payments, collect money through payment links, and use point-of-sale features. Its listed payment methods include chip and PIN, contactless and wallet payments, NFC and wearables, Tap to Pay, subscriptions, donations, QR codes, invoicing, and refunds. The point-of-sale feature lets merchants organize products, manage stock, and check out on a smartphone or tablet. Payment links can collect deposits or payment for remote services, as one-time or recurring charges. Lopay documents integrations with Xero and QuickBooks, and its payment page describes adding payment links to Intuit invoices. A Lopay account can connect to one Xero organization; daily syncing requires a supported Xero plan and excludes Ignite and lower or free plans. Tap to Pay requires an iPhone XS or later running iOS 16.4 or later, or Android 10 or later with NFC enabled. Lopay lists in-app, email, and phone support, guided onboarding, and more than 60 help articles. Its three listed plans have no monthly fee.