Bank of America Merchant Services "comp plan" Reviews | Glassdoor

Bank of America Merchant Services Employee Reviews about "comp plan"

Updated Sep 4, 2019

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Found 295 reviews

3.3
StarStarStarStarStar
Rating TrendsRating Trends
52%
Recommend to a Friend
61%
Approve of CEO
Bank of America Merchant Services CEO Tim Tynan  (no image)
Tim Tynan
153 Ratings
Pros
Cons
  • "BAMS listens to feedback and seeks the make fact based decisions from my experience (8 years with BAMS plus 19 with Bank of America before that)(in 13 reviews)

  • "Low base salary, confusing comp plan, no advancement opportunities(in 12 reviews)

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Reviews about "comp plan"

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  1. Helpful (3)

    "Lack of direction"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Business Consultant in Newark, NJ
    Negative Outlook
    No opinion of CEO

    I have been working at Bank of America Merchant Services full-time for more than 5 years

    Pros

    Great work life balance. Good bank partnerships. Decent pay.

    Cons

    The comp plan changes every 6 months. BCs aren't making what they made 3 years ago. The company has lack of direction with the BC position as a whole.

    Advice to Management

    Be transparent about the future of BAMS and the BC position to your employees

    Bank of America Merchant Services2018-08-15
  2. Helpful (4)

    "Unorganized, comp plan so complicated mangers can’t explain it."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Assistant Vice President 
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Bank of America Merchant Services full-time for more than 8 years

    Pros

    Used to be a great place with good pay, not anymore

    Cons

    Low base salary, confusing comp plan, no advancement opportunities.

    Advice to Management

    Be upfront about changes being made and how this effects compensation. Comp plan is so confusing even when doing well “modifiers” can completely eliminate your monthly commissions.

    Bank of America Merchant Services2018-08-27
  3. "Business Consultant"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
     
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Bank of America Merchant Services

    Pros

    Flexible schedule, work life balance

    Cons

    No room for growth, complicated comp plan

    Bank of America Merchant Services2016-09-13
  4. Helpful (6)

    "This place is a JOKE"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    VP- Business Consultant in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Bank of America Merchant Services

    Pros

    There are no Pros associated with this company. Even when you take vacation you are expected to have your lap top and corporate phone with you.

    Cons

    Do you like working in a convoluted environment where leadership can't tell you how you get paid? Compensation structure is a mystery, unobtainable sales goals, comp plan changes every quarter (9 times since I started here). When I first started here at BAMS I kept thinking to myself that things would get better, just one more comp plan change, one more management change, one more lay off to the support group. I... truly believe that the light at the end of the tunnel is non-existent. Management is disconnected from the real world, you are penalized for compression on your accounts even though they were priced over market value by whomever was responsible before you got duped into this job. Any positive reviews on this site are most likely paid for. My advice to anyone considering a position here is to RUN AWAY

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    Advice to Management

    Hire executives that have experience in the Merchant Industry not just stop over execs from BAML. They have no idea about our markets and how our products work. Stop changing the comp plan to fit your budget restraints. I have never worked for a company that makes it so difficult to retain clients or gain new ones.

    Bank of America Merchant Services2016-07-14
  5. Helpful (3)

    "Would not reccomend to my enemy!!"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Assistant Vice President/Business Consultant in Los Angeles, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Bank of America Merchant Services full-time for more than 3 years

    Pros

    The only pro is that field reps work from home, allowing some type of work/life balance.

    Cons

    The Comp Plan changes every 6 months. They constantly play with residual compensation. They have a high turnover rate, and do not place value in their employees and customers. Customer Discount Rates are adjusted at will every Spring & Fall causing massive amounts of attrition. Constantly working over 40 hours plus a week.

    Advice to Management

    Listen to feedback from your employees in the field. Have more open dialogue with the bank, and demand their support in achieving goals instead of always having them tell you that there is "no communication". MSMs are not always right about what is going on, so you need to hear both sides of the story. Stop telling us that it's "our business" and then play with our residual compensation by telling us to "make money".... You are playing with our lives and our families!

    Show More
    Bank of America Merchant Services2016-04-09
  6. Helpful (2)

    "Assiatant Vice President, Merchant Sales Specialist"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Orange, CA
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

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

    Pros

    Freedom with virtual office. But they do morning and end of day conference calls since they monitor your daily activity on submissions.

    Cons

    A lot! Poor company culture. They are always threating to fire you for somthing. Although, it is a lot of bark and not too much bite. However, that enviroment doesnt make for a postive work culture. You will just be through in and have to learn it on your own. it is a slimmy industry so be prepared to 'present and explain a deal in whatever way you can" inorder to make it happen. I have ehtics so I was truthful... to the best of my ability but the job can definetly mess with the lines if you let it. They dont pay well on equipment. it is a 3 year residual but you wont get paid on it unless you make your goals in all areas monthly. The comp plan is not explained well so you never really know how you are paid. it took me a long time to figure it out.

    Show More
    Bank of America Merchant Services2015-07-23
  7. "AVP merchant services"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee in South Florida, FL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Bank of America Merchant Services full-time for more than 3 years

    Pros

    Great medical benefits and 401k

    Cons

    I worked there for over 4 years, the 1st year was awesome every year after that it got worse. The comp plan changes every year and never improved. Sales meetings everyday and reporting every day giving the feeling that your not trusted.

    Bank of America Merchant Services2015-07-08
  8. Helpful (1)

    "Not a long term gig!"

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

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

    Pros

    Bank name and leads help, but the territory/branch matters,virtual office and that is it!!!!

    Cons

    Bad company culture. You cant understand your comp plan on PURPOSE. No real training( 1 week only), just learn as you go. The money is not good, just okay. You can make more money if you work like 12 hours a day. They will threaten to write you up for everything for everything. Churn is very high for your clients(cancel a lot ). Residual not really a good thing. High turn over with employees also

    Bank of America Merchant Services2015-06-11
  9. "its okay"

    StarStarStarStarStar
    Current Employee - Anonymous Employee in Coral Springs, FL
    Recommends
    Neutral Outlook
    No opinion of CEO

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

    Pros

    decent money and a decent place to work. sometimes it can be annoying and slow. the commission depends on territories

    Cons

    this is not a long term job. they change the comp plan all of the time, money is alright if you get a good territory

    Advice to Management

    better comp plan. needs to be able to work from home. less down time. tech could be better, managers are great

    Bank of America Merchant Services2015-05-29
  10. "good benefits, rocky senior mgmt of associates"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Account Executive 
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Bank of America Merchant Services

    Pros

    good pay sometimes, good vacation day. Good rewards for top performers

    Cons

    comp plan does a 180 every year. never know what you are going to get.

    Bank of America Merchant Services2015-03-26
Found 295 reviews