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Merchant Services Contract Manager I

Bank of America

Bank of America

Charlotte, NC, USA · Chicago, IL, USA · Atlanta, GA, USA · United States · Remote
Posted on Thursday, June 20, 2024

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Job Description

In Global Payments Solutions our purpose is to develop and deliver a robust set of payment solutions in support of our eight lines of business so consumers and businesses choose us for their financial transaction and cash management needs. Work with us at the confluence of responsible growth, risk management and exceptional client care as a critical part of the Contract Management team. The team closes contractual negotiations with Bank of America clients around the world as quickly and efficiently as possible, reducing time to revenue and minimizing legal costs, while protecting both the client relationship and BofA’s risk position.

The Contract Manager serves as an internal “business consultant” regarding all contract matters and performs the most complex work associated with client contracting services for the organization. That work includes drafting, negotiating, reviewing and administering complex, high-value, multifaceted contracts, while working closely with business stakeholders and external clients.

Merchant Services contracts may include debit, credit and gift card processing agreements; payment gateway reseller agreements; healthcare gateway agreements; addenda and amendments; contract template review and updates; and new product commercialization

Responsibilities

  • Prepares, reviews, negotiates, and executes agreements including master agreements and supporting documentation for account opening, treasury management, card, foreign exchange and trade services.

  • Applies experience, industry standards and knowledge of account documentation and products, and Bank of America policies to address related credit, risk compliance, legal, operational and business issues.

  • Facilitates communications among sales, implementation, product, operations, compliance, risk, credit officers, legal staff, and client managers to promptly resolve documentation issues.

  • Capable of organizing and prioritizing a large number of competing, complex documentation assignments to meet customer needs.

  • Draft, negotiate, review and administer complex, high-value, multifaceted contracts, working closely with business stakeholders and external clients.

  • Perform analytic, legal and business reviews of contractual language in contracts, schedules and amendments and develop general, special and operational provisions in contracts to ensure maximum benefit to the company and to limit risk.

  • Apply strong verbal and written communications skills to represent Bank of America in negotiations and communications with clients, stakeholders and internal/external counsel at all levels of management.

  • Conduct contract administration duties including contract request receipt, contract documentation, execution and record-keeping, ensuring the smooth flow of contract execution and administration.

  • Develop strategies to resolve and manage potential problems on major contracts to effectively meet organizational goals and objectives.

  • Assess and advise business personnel of contractual issues and business risks associated with contracts to eliminate unnecessary liability, ensure compliance and reduce legal entanglements.

  • Serve as an expert resource, reinforcing, advising and instructing company personnel on corporate policy, compliance and legal requirements, documentation standards and options and procedures related to developing contractual arrangements.

Required Qualifications

  • Strong communicators who value giving and receiving feedback, can easily build relationships and who are quick thinking, flexible and always learning and sharing knowledge

  • Knowledge of and comfort working with complex legal documentation (contracts)

  • Conduct negotiations effectively, balancing competing objectives to achieve optimal results

  • Handles a full workload with tight deadlines and manage competing priorities

  • Manage numerous competing, complex documentation assignments.

  • Exercise sound judgment and independent decision-making, including knowing when to escalate contract matters and issues to managers and/or attorneys when appropriate.

  • Maintain objectivity in balancing bank risk with client needs and satisfaction

  • Reliability, discretion and ability to handle sensitive information and maintain confidentiality

Desired Qualifications

  • Financial services industry experience

  • Legal experience

  • Company legal structures knowledge, e.g., sole proprietorships, partnerships, limited partnerships, LLCs, corporations, trusts, etc.

  • Payment processing platforms, products and services pertaining to completion of contracts knowledge

Education Requirements Undergraduate or graduate degree with Juris Doctorate degree with paralegal/technical contract training or equivalent work experience

Skills

  • Analytical Skills

  • Verbal Communication Skills

  • Written Communications Skills

  • Negotiation Skills

  • Project Management Skills

  • Process Skills

  • Organizational Skills

  • Prioritization Skills

Shift:

1st shift (United States of America)

Hours Per Week:

40