November 13, 2012 / 5:25 PM / in 5 years

BofA launches card reader for small businesses

Nov 13 (Reuters) - Bank of America Corp on Tuesday said it is offering small business customers a credit card reader that can be used through their smartphones, adding competition for providers such as Square Inc.

Bank of America Merchant Services, a joint venture between the No. 2 U.S. bank by assets and First Data Corp, said “Mobile Pay on Demand” will be available starting December 3. It works with smartphones and Apple Inc iPads.

The service comes with a free app and reader, the bank said. Merchants pay swipe fees with each transaction.

The device is the latest entry in a changing payments industry that includes “mobile wallets” in which customers use their smartphones to make purchases and new types of point of sale terminals for merchants.

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