Wells Fargo Merchant Services Fees

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Wells Fargo Merchant Services Fees

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Wells Fargo Merchant Services

It’s a little tough to run a successful small business if your customers don’t have a convenient way to pay you. For many businesses, that means finding a way to accept credit card payments, and that’s what Wells Fargo’s Merchant Services department provides. Wells Fargo makes it relatively easy to get started with credit card payments, but it’s more expensive than its competitors and… well… it’s Wells Fargo, complete with its belligerent reputation and all. .

The fees and pricing for merchant services can be extremely confusing. Wells Fargo is no different, and the cost of accepting your credit card payments will change every month. To get started, you’ll need to purchase the Clover or FD150 terminal point of sale (POS) hardware so you can swipe cards in person (if needed). After this one-time cost, you will have monthly costs made up of three things: a monthly fee, a fee for transaction volume, and possibly a fee for the software used to run your hardware.

Wells Fargo has two different pricing plans for the amount of credit card processing you can use in a month. Which schedule you use depends on who your primary customer is—individuals or other businesses.

If you sell primarily to individuals and not to businesses, organizations, or other groups, you generally fall under the business-to-consumer, or B2C, business umbrella. This is the type of business most people typically associate with accepting credit cards and includes places such as restaurants, bakeries, hardware stores, and other retailers and service providers.

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When your customers may have bigger pockets, it is not unusual to charge them more. Wells Fargo fully accepts this method, and if your main customer base is other businesses (eg, business-to-business, or B2B), it will be more expensive for you to accept credit card payments from them. This would be the case if you run an advertising company, for example, or are a wholesaler or warehouse.

On the surface, it seems like a credit card payment is exactly that – a credit card payment. But there are many ways you can accept credit cards, including in-person swiping, manually typing your customer’s credit card number online (like if you’re sending receipts), third-party billing, and more. Using software systems or automated online configuration. Making payments on e-commerce websites. Each of these options comes with its own monthly fee.

On the one hand, this is good – if you only work online, for example, you don’t have to pay an additional monthly fee for a personal system. On the other hand, if your business uses all of these payment methods, that’s only $60 a month in service fees – and that’s before you even factor in the costs of each transaction.

If you’re a business with a physical presence, you’ll also need to consider hardware costs. Wells Fargo doesn’t let you choose any type of hardware; Your options are limited between the two Clover systems and the First Data option. It should cover a wide range of business needs, but it’s not as attractive as some of the newer rotary countertop processors you often see in food service and other counter-based businesses.

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In addition to the one-time cost of the device, there may be ongoing costs. For example, Clover integrates with a number of other apps that can help you run your business, and may have its own monthly fee. You can also pay a software upgrade fee ($14.95 per Clover Go device, plus extra if you have other Clover devices) to get additional features, such as inventory and configuration management capabilities.

Wells Fargo doesn’t provide much information about the business requirements for getting a business service account. You must be physically located in the United States to qualify, and you and each other business owner (if applicable) must pass a credit check. According to Wells Fargo, it’s a matter of assessing the risk level of your business.

Wells Fargo is the epitome of a traditional business service provider, but it isn’t your only option. There are many such companies in the credit card processing business today, and depending on your business needs, these may be the best option for you:

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$0.15 to $0.20 per transaction and 2.20% to 3.99% of the purchase amount depending on customer type, transaction type and monthly processing volume.

$0.05 to $0.25 per transaction and 0.10% to 0.50% of the purchase amount, depending on transaction type and monthly processing volume.

Wells Fargo is generally more expensive than Square, especially if you run a B2B business. Square offers a greater variety of card reader devices than Wells Fargo and has avoided the controversy surrounding the mega-bank, though its customer support options are somewhat lacking in comparison. If you’re a business owner who does most of their sales in the evening, for example, and you’re not very tech-savvy, you might have trouble getting timely help when you really need it. , Problem

Halsim is an emerging credit card processor that appeals especially to business owners on a budget. It only offers a card reader module, but it’s uber cheap as far as fees go. Unfortunately, as with Square, it’s lacking in the customer support department. If you run a bakery or coffee stand, you open it first thing in the morning and you encounter a problem, for example, you may have difficulty getting customer support when you need it.

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A business loan broker can help you find financing, but do your research first to avoid unhealthy practices.

The SBA operates loan programs that can finance inventory purchases or can also be used to support export sales. Learn about the best SBA lenders.

Wells Fargo offers loans and loans for small businesses. As an SBA preferred lender, Wells Fargo also offers 7a and 504 SBA loans. Edited by Liliana Hall Liliana Hallarrow Right Associate Editor Liliana is an editor and reporter with a background in features writing on the Credit Cards team. Connect with Liliana Hall on LinkedIn Liliana Hall

, The contents of this page are correct as of the date of posting; However, some of the mentioned offers may expire. Terms apply to the offers listed on this page. The opinions, analysis, reviews or recommendations expressed in this article are solely those of the author, and have not been reviewed, approved or otherwise endorsed by the card issuer.

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