Bank of America Merchant Services Assistant Vice President Merchant Solutions Specialist Reviews | Glassdoor

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Bank of America Merchant Services Assistant Vice President Merchant Solutions Specialist Reviews

Updated Oct 18, 2015

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Found 7 reviews

1.1
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Rating TrendsRating Trends
9%
Recommend to a Friend
78%
Approve of CEO
Bank of America Merchant Services CEO Tim Tynan  (no image)
Tim Tynan
2 Ratings
  1. Helpful (3)

    "THIS COMPANY NEEDS WORK!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Assistant Vice President Merchant Solutions Specialist in Coral Springs, FL
    Recommends
    No opinion of CEO

    I worked at Bank of America Merchant Services full-time for more than a year

    Pros

    Benefits and the the Bank of America Brand!

    Cons

    If you are considering to work for this company DO NOT work for ISB (inside sales). If you are not assigned a good territory and do not have the ability to sell POS, leased equipment, you are screwed. ISB mainly measures their employees based off how many leases they can sell and most reps are forcing leases down merchants throats and not telling them that it is for 4 yrs. This department significantly lacks any... ethics, integrity or morals. Managers are aware reps are deceiving customers and signing deals they are not supposed to sign but they are turning a blind eye. Do not work here or in this department if you have any ethics or integrity as a person or how you do your job. There is major turnover and significant pressure on reps to oversell small merchants.

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    Advice to Management

    Management needs to actually be more knowledgeable themselves. Too many managers being hired who have no idea about merchant services.

    Bank of America Merchant Services2014-09-02
  2. Helpful (1)

    "Merchant Solution Specialist"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Assistant Vice President Merchant Solutions Specialist in Dallas, TX
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I worked at Bank of America Merchant Services full-time for more than a year

    Pros

    Initially you can make decent money and the environment "appears" jolly.

    Cons

    The inside sales teams(call center) have little to no training in true merchant processing. From equipment knowledge to pricing methods. After a while, since the inside sales team only handle small deals (under 50k in processing) the reps will experience BUYBACKS or in other words refund in commission. Yes the company will take back your hard earn money if the client cancels their lease or can't afford to pay it any... more. Management is worse with experience. They hired banking center managers with less merchant experience. They don't even know the systems to type applications and submit deals. No room for growth, they make promises but are more concerned in being profitable for IPOs. They will be lying to you if they say you will make over 60k, I'd say only the top 5% can make over 60k on the inside sales teams.

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    Bank of America Merchant Services2015-10-18
  3. "Bad management"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Assistant Vice President Merchant Solutions Specialist 
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Bank of America Merchant Services

    Pros

    Freedom and virtual office is the biggest perk.

    Cons

    Poor management. Always threatening you. Horrible culture. Accounts that you get cancel so recoup is high. Which branch you get matters. No raise to base ever!

    Bank of America Merchant Services2015-08-15
  4. Helpful (1)

    "AVP Merchant Solutions Specialist"

    StarStarStarStarStar
    • Compensation and Benefits
    • Senior Management
    Assistant Vice President Merchant Solutions Specialist in Coral Springs, FL
    Doesn't Recommend

    I worked at Bank of America Merchant Services

    Pros

    Really clean secure building. Restaurant on site. Good sales training seminars. Good benefits. 9-5 basic work day.

    Cons

    Went away for training for two weeks after receiving offer. The commission structure was changed for the worse the day I got out of training. Daily sales meeting was typically a kill joy and negative. Management constantly "writes up" employees for complete nonsense. They may have a policy in place for this and may believe it is actually constructive. Who knows. Even the best ones, whom you would never suspect.... Sadly, most of the apparent top earners were actually getting recouped, which basically meant that they were more or less in a type of indentured servitude. Their checks could often be negative $2500, which they would have to pay back. If a customer doesn't activate their product or deactivates it within a certain amount of time, the employee gets recouped. Basically they completely lied about the compensation and the process, and it is a boiler room. Compensation is about 32K per year plus commission. Quickly cut my losses, resigned and ran as fast as I could. I felt that I had been deceived, and was being robbed of my time and skill set. It was absolutely ridiculous.

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    Advice to Management

    Be more positive and transparent.

    Bank of America Merchant Services2015-07-06
  5. Helpful (1)

    "Good Benefits and schedule about it"

    StarStarStarStarStar
    Current Employee - Assistant Vice President Merchant Solutions Specialist 

    I have been working at Bank of America Merchant Services full-time

    Pros

    Good Benefits and schedule about it

    Cons

    Too Many Recoups ,pushing people with real small businesses into non cancel leases of 48 months

    Bank of America Merchant Services2014-09-23
  6. Helpful (2)

    "They make it hard to create your monthly budget, because you get short term loans not paid!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Assistant Vice President Merchant Solutions Specialist in Coral Springs, FL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Bank of America Merchant Services full-time for more than a year

    Pros

    The initial concept of the new department was good, however due to management, and the ever changing goals and focus, it was very short lived.

    Cons

    You can't keep most of the money that you earn. Recoups run a mock throughout the entire ISB. Blind eyes are turned when the wrong things are done over and over, as long as POS is sold. Major lack of intergrity on the part of managment. They lied right to the faces of the team to deepen their own pockets. Not a good situation for the employee or the merchant.

    Advice to Management

    Revise the comp plan, reward the folks doing the right thing and maybe the turnover will not be so high.

    Bank of America Merchant Services2014-09-15
  7. Helpful (3)

    "Don't believe the recruiters salary pitch of 65-70k for meeting minimum goals, try 50k."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Assistant Vice President Merchant Solutions Specialist in Coral Springs, FL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Bank of America Merchant Services full-time for less than a year

    Pros

    PTO, Co-workers, Benefits, Work Schedule

    Cons

    "Management," Low Salary, Commission Recoups, Excessive Micromanaging, Terrible Post Sale Customer Support, Unethical Sales Practices, Assigned Territory will make or break you

    Advice to Management

    Hire leaders not micro-managers. Train the managers so they can actually be of use when asked a question. The company is still in it's infancy stage and already the compensation plan is horrible give that some thought.You might actually retain talented individuals.

    Bank of America Merchant Services2014-02-04
Found 7 reviews