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BAC's Mobile Pay on Demand

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  • Description

    Bank of America Merchant Services CEO Thomas Bell on the company's new pay-as-you-go mobile app.

  • Duration 3:02
  • Date

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I -- the competition in the mobile payments market totally heating up America actually launching a mobile lap and credit cards wiper that would let small businesses except payments using a Smartphone or tablet.

He read more on that how about Bank of America merchant services CEO.

Tom I think it's really cool so you're basically taking on square which is it.

Company out there right now it's allowed people to do this take you know kind of playing off what apple did in their own stores and making -- -- half.

Absolute first of all we're providing a solution that serves -- false segments of the merchandise so the smallest of the largest.

You apply online it's a simple process you can be approved within an hour and start taking payments immediately.

We send your free reader the application -- -- and -- two point 7%.

On a secure process.

And give other -- early today not available until December construct to register we'll start shipping on December 3 you -- your customers demand at this -- come absolute we've been working with customers for well over a year and a half -- and various different mobile strategies we actually have a pilot program in market now we've had great success for that.

We've got large retailers that are asking for mobile solutions and we have small merchants that want to take their business mobile they wanna be -- it.

Have a business that they plan got advocates have sold -- -- -- everybody this it's a it's a reader and my iPhone 5 it's on the bottom it looks into the bottom I suspect it snaps and very simply.

You basically launch the application.

Swipe the card into the amount sign the ticket and received his predators received -- emailed to you in your way to go.

What is to stop every bank from eventually doing this while certainly -- other banks can move into this other banks are moving into this we believe.

That the combination with the broad breadth of services at Bank of America brings makes us unique everything from treasury services.

To deposit services payroll services payment services we believe it really is going to be unique offering and that's the ecosystem that we want to play and is their -- -- set of services from.

Yes so really honing in on the small business you know Wall Street has vilified these banks is like these evil and all they do is help the rich that you want -- here trying to help the little -- I guess the park being with Bank of America vs square is -- -- deal with your product may be -- get financing next time out.

And we'll also mystery mutual funds as soon as the next day for small business when they sell the product to deliver the service they want the money right that they want don't wanna wait as -- -- thirty days sometimes actually get the money from the -- OK so people go online December 3 again the product is available.

Do you how many people do you have already registered 2000.

So small businesses or get out there absolutely and there are sound product that is good news and very good news.

How quickly do you see -- -- small business environment is it are they somewhat encouraged.

Yeah I think there's.

-- to see opportunity such as this to take their business in a different way before they might have.

Felt like there restricted to be and they brick and mortar situation or storefront now they realize that they can take their business mobile.

They can deliver service mobile and they can serve customers in a different way than they've been able to serve in the past.

Can that it's too you can -- your product at the next house party like -- Tom value great thank you very -- check -- out on the web -- and again available December 3.

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