What should I compare when choosing a payment processor?

Compare the full pricing structure, contract requirements, equipment, payment methods, funding schedule, integrations, chargeback support, customer service, and suitability for your industry.

Is ONKORE always less expensive than other processors?

Not necessarily. Processing costs depend on the merchant's industry, volume, transaction size, card mix, payment channels, risk profile, equipment, and program eligibility. ONKORE can review your current statement and provide a customized comparison.

Does ONKORE offer flat-rate pricing?

Available pricing structures depend on the merchant, processing program, platform, and eligibility. Contact ONKORE for a customized quote.

Can ONKORE help me switch from another processor?

ONKORE can assist with reviewing your current setup, selecting compatible equipment, completing onboarding, and planning the transition. Merchants should review existing contract and cancellation terms before switching.

Can I keep my current POS system?

Compatibility depends on the POS platform, processor, gateway, equipment, and integration. ONKORE can review the current system before recommending a solution.

How accurate are the competitor comparisons?

Comparison information should be based on publicly available official sources and reviewed regularly. Competitor pricing, products, and terms can change, so users should verify details directly with each provider.

Does submitting a statement affect my credit?

A preliminary statement review generally evaluates processing costs and does not itself constitute a credit application. Additional underwriting requirements may apply if a merchant later applies for processing services.

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ONKORE vs Bank of America Merchant Services

Bank of America Merchant Services offers bank-integrated payment processing with published flat-rate pricing and no long-term contracts or early termination fees, often paired with Clover POS hardware. ONKORE differentiates through processor independence, merchant-specific guidance, and True Daily Funding on supported programs.

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True Daily Funding

Available on supported processing programs.

No Contract

No long-term ONKORE processing contract on supported programs.

POS Solution Choice

Restaurant, retail, and other supported POS configurations.

3DS Authentication

Available through supported gateway configurations.

Dedicated Support

Merchant-focused ONKORE guidance and support.

ONKORE may be a strong fit for businesses seeking:

Personalized payment consultations
Pricing based on the merchant's business profile
POS and terminal options
In-person and online payment solutions
Virtual-terminal capabilities
Dedicated merchant support
Statement reviews
Industry-specific recommendations
Processing flexibility without a long-term ONKORE processing contract

Bank of America Merchant Services may be a strong fit for businesses seeking:

Integrated with Bank of America business banking
Published flat-rate pricing (2.65% + $0.10 in-person; 3.50% + $0.15 keyed)
No long-term contracts and no early termination fees
Dedicated account representatives
Clover-based POS and hardware options
Established banking infrastructure and support

The best provider depends on transaction volume, average ticket, payment method, industry, equipment, support needs, and account eligibility.

ONKORE vs Bank of America Merchant Services: Feature Comparison

Last verified: 2026-08-27

Pricing, features, hardware, promotions, and service terms may change. Confirm current information directly with the provider before making a decision.

Feature	ONKORERecommended	Bank of America Merchant Services	What to consider
Primary target customer	Businesses seeking personalized payment processing and POS solutions.	Businesses with an existing Bank of America banking relationship.	Compare which business types each provider is designed for.
Best-fit business types	Businesses seeking personalized service and transparent pricing.	Businesses with existing Bank of America banking.	Consider whether the provider's strengths align with your business model.
Pricing & Commercial Model
Pricing model	Interchange-plus and custom programs based on merchant eligibility.	Flat-rate published pricing; no long-term contracts, no hidden fees, no early termination fees.	Compare whether pricing is flat-rate, interchange-plus, or custom. Ask for the effective rate on your actual transaction mix.
Published transaction pricing	Customized quote — contact ONKORE for a personalized rate.	In-person swipe, dip, and tap: 2.65% + $0.10. Manual keyed-in payments: 3.50% + $0.15. Confirm current rates directly with Bank of America.	Review the published rates but confirm they apply to your specific plan and payment mix.
Customized pricing availability	Yes — pricing tailored to merchant profile.	Available for established businesses and higher volume.	Determine whether pricing is tailored to your volume, ticket size, and industry.
Monthly software cost	Depends on selected processing platform — contact ONKORE for details.	Varies by solution.	Check whether a software subscription is required and what it includes.
Setup or implementation cost	Based on merchant eligibility and selected platform.	Through a sales representative or bank.	Evaluate whether onboarding is self-serve or guided by a specialist.
Hardware cost	Countertop, wireless, mobile, and kiosk terminals available — contact ONKORE for details.	Clover and other supported terminals — separate charges apply.	Compare terminal types, connectivity options, and whether hardware is purchased or leased.
Payments & Funding
In-person payments	Available where supported — countertop, wireless, mobile terminals.	Merchant-services terminals and Clover hardware.	Check terminal types, connectivity options, and whether hardware is purchased or leased.
Funding options	True Daily Funding available on supported processing programs — contact ONKORE for eligibility and availability. Next-business-day funding also available.	Next-day available.	Compare settlement schedule, eligibility, availability, cutoff times, and any applicable fees rather than relying only on labels such as daily, next-day, or instant funding.
Virtual terminal	Browser-based virtual terminal available where supported.	Available.	Determine whether keyed-in transactions and MOTO processing are supported.
Payment links	Branded payment links available.	Available.	Check whether branded checkout pages and QR codes are available.
Recurring billing	Subscription billing with automated dunning available where supported.	Available.	Compare dunning management, proration, and customer self-service options.
Invoicing	Email invoicing with pay-by-link available where supported.	Available.	Evaluate whether invoicing is built-in or requires a third-party integration.
Online Payments & Security
Online payments	Payment gateway with developer-friendly API; 3D Secure (3DS) authentication available through supported gateway configurations.	Payment gateway.	Consider gateway features, API quality, and checkout customization options.
3D Secure / 3DS Authentication	Available through supported gateway configurations.	Verify current 3DS availability with Bank of America Merchant Services for your gateway configuration.	3DS adds an additional cardholder-authentication layer for eligible online transactions. Availability and implementation vary by gateway and configuration.
Integrations	Integrations with major platforms — contact ONKORE for details.	Third-party integrations.	Check compatibility with your e-commerce platform, CMS, or accounting tools.
Chargeback tools	Chargeback management and dispute support available.	Dispute management.	Compare dispute management tools and chargeback response support.
PCI-related fees	Contact ONKORE for PCI program details.	Varies; confirm with Bank of America.	Ask whether PCI compliance fees are included or charged separately.
POS & Operations
POS capabilities	Multiple POS options by industry — restaurant, retail, and other supported configurations; contact ONKORE for details.	Through Clover and partner integrations.	Consider industry-specific POS features, inventory, and reporting.
Inventory	Depends on selected ONKORE POS solution — contact for details.	Available through POS.	Compare inventory management depth and real-time tracking.
Employee management	Depends on selected ONKORE POS solution — contact for details.	Available through POS.	Evaluate team management, scheduling, and payroll features.
Reporting	Reporting tools available — contact ONKORE for details.	Reporting tools available.	Compare reporting and analytics depth across providers.
Relationship & Contract
Customer support	Dedicated merchant support team.	Phone and dedicated representatives.	Compare hours, channels (phone/email/chat), and whether you get a dedicated rep.
Processing Contract	No long-term processing contract on supported ONKORE programs.	No long-term contracts; no early termination fees (per Bank of America Merchant Services published terms).	Compare whether a long-term processing contract is required and whether terms vary by provider, reseller, plan, or hardware arrangement.
Contract requirements	Contact ONKORE for current contract terms.	No long-term contracts; no early termination fees.	Review contract length, auto-renewal clauses, and equipment lease terms.
Early termination provisions	Contact ONKORE for current terms.	No early termination fees.	Check for cancellation fees and equipment lease buyouts.
Industry restrictions	Wide industry coverage — contact to confirm eligibility.	Broad — retail, restaurant, services.	Confirm the provider supports your specific industry and business type.
Important limitations	ONKORE capabilities depend on selected processing platform. Confirm with an ONKORE payment specialist.	Pricing and POS are tied to the Bank of America relationship; Clover terms may vary. Confirm current rates and terms directly with Bank of America.	Review key limitations and restrictions that may affect your decision.

Primary target customer

ONKORERecommended

Businesses seeking personalized payment processing and POS solutions.