Bank of America Mobile Point of Sale vs PayAnywhere

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.

PayAnywhere provides point-of-sale software, payment processing, Payments Hub back-office tools, and payment hardware for businesses. It runs on Android, iOS, and the web. Listed payment types include EMV chip, contactless, magstripe, PIN debit, and EBT. Merchants can accept browser-based payments through Virtual Terminal without hardware, including orders taken online or by phone. Payment Links support fixed, multiple, or open-ended amounts and can be shared by email or text, embedded as a button, or shown as a QR code. Inventory tools cover product catalogs, categories, price variants, modifiers, bulk uploads, discounts, stock alerts, and sales tracking. Reports cover sales, customers, employees, inventory, deposits, and chargeback activity, with exports and scheduled email delivery. The company says next-day funding is the default and same-day funding is available at no charge, subject to cutoff times. Listed rates are 2.69% for swipe, dip, or tap transactions and 3.49% + $0.19 for keyed transactions. Services are limited to the 50 U.S. states and the District of Columbia.