Wells Fargo Merchant Services Review: Fees and Features
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Deciding factors
Processing rates |
|
Accepted payment methods | Credit cards, debit cards, gift cards, electronic checks and digital wallet payments. |
Compatibility | Wells Fargo Merchant Services sells Clover Mini, Clover Flex and Clover Go POS solutions, along with an FD150 terminal. You can use equipment or gateways not received from Wells Fargo, but online rates may apply to in-person transactions. |
Contract length | No early termination or cancellation fees, but terms and conditions apply. |
Payout timing | As soon as the next business day when using a Wells Fargo business deposit account. |
Customer support | 24/7 phone support. |
Wells Fargo Merchant Services pricing
Monthly fees
Transaction type | Monthly fee |
---|---|
In-person tapped, dipped or swiped through a terminal. | $9.95 per location. |
Through your website’s online shopping cart (provided by Wells Fargo’s Authorize.net e-commerce solution). | $24.95. |
Through a virtual terminal (that may or may not be purchased through Wells Fargo) or by sending digital invoices. | $9.95. |
Through a third-party solution that lets you accept payments through a shopping cart, POS software or a web browser. | $14.95. |
Per-transaction fees
Total monthly processing volume | Per tapped, dipped or swiped transaction | Per online or keyed-in transaction |
---|---|---|
$0 - $14,999.99 | 2.6% plus 15 cents. | 3.4% plus 15 cents. |
$15,000 - $39,999.99 | 2.4% plus 15 cents. | 3.2% plus 15 cents. |
$40,000 and up | 2.2% plus 15 cents. | 3.1% plus 15 cents. |
Total monthly processing volume | Per tapped, dipped or swiped transaction | Per online or keyed-in transaction |
---|---|---|
$0 - $14,999.99 | 2.6% plus 20 cents. | 3.99% plus 20 cents. |
$15,000 - $39,999.99 | 2.5% plus 20 cents. | 3.75% plus 20 cents. |
$40,000 and up | 2.4% plus 20 cents. | 3.5% plus 20 cents. |
Wells Fargo Merchant Services pros
Account management and reporting tools
Next-day deposit
Wells Fargo Merchant Services cons
Expensive
The bank receives poor reviews
Alternatives to Wells Fargo Merchant Services
Payline Data
- Interchange plus 0.4% and 10 cents for in-person transactions.
- Interchange plus 0.75% and 20 cents for online transactions.
Helcim
- Interchange plus 0.4% and 8 cents per in-person transaction (if $50,000 or less in monthly card transactions).
- Interchange plus 0.5% and 25 cents per online or manually keyed transaction (if $50,000 or less in monthly card transactions).
- 0.5% plus 25 cents for ACH payments (capped at $6).
Square
2.6% plus 15 cents for in-person transactions with all free plans.
2.6% plus 10 cents for in-person transactions with paid restaurant plans.
2.5% plus 10 cents for in-person transactions with paid retail and appointments plans.
2.9% plus 30 cents for online transactions.
3.5% plus 15 cents for manually keyed transactions.
3.3% plus 30 cents for invoices.