Wells Fargo Credit Card Processing compared to Square Reader, Bank of America, Costco and Intuit Merchant Services

“Wells Fargo high rate credit card processing rates for visa, mastercard and discover. Square reader, based in San Francisco, has very high rates if you do larger transactions, over $100.”
If you want to pay high credit card processing fees, Wells Fargo would be your choice for merchant services. The average rate that you pay is approximately 3 plus percent when you add up all the percentages. You also pay a setup fee, yearly fee and pay for the terminal. The Square Reader, based in San Francisco has very high rates if you do larger transactions.

DALLAS, TX Merchant Resources,www.credit-card-processing.com, compares its credit card merchant services to those of Costco Merchant Services, Intuit Quickbooks, Square Reader, Wells Fargo Merchant Services, and Bank of America Merchant Services.

Merchant Resources called the 1-800 listed on each of the above credit card merchant services and discovered a variety of differences outlined below:

Intuit Quickbooks Payments

Swiper rate @ 2.4% and 25 cents

Non-swipe rate/reward cards @ 3.4% and 25 cents Software is $10 a month


Base Retail Visa/MC rate @ 1.38% and 19 cents
Rewards Cards Visa/MC rate @ 1.99% and 19 cents
Business Cards Visa/MC rate @ 2.65% and 29 cents
Foreign and Government Cards Visa/MC 3.55% and 29 cents
Terminal lease $30 a month for 2 years or $489 terminal purchase
Need to be an executive Costcomember, so you need to pay $110 a year
No contract

Costco, the so called low price leader, was not so low price. You need to be an executive member and still pay $489 for the proprietory terminal. There rates are not that impressive.

Square Reader Swiper

Base Retail Visa/MC rate of 2.75%
Key Entered Rate of 3.5%

The square reader is a good solution for merchants that are seasonal, since SquareUp does not have any monthly fees. Merchants consistently over $10 per sale in Visa/MasterCard volume per month, have better options at:

Wells Fargo

Base Retail Visa/MC rate @ 2.2% and 25 cents
Mid qualified rate @ 3.1% and 25 cents
The salesperson did not disclose the non-qualified rate
Lease of terminal for $35 for 48 months or purchase terminal for $699 (FD130 terminal)
$75 yearly fee
$95 Setup fee
No contract until filing-out personal information using a social security number, etc.

Wells Fargo credit card processing was high in fees, equipment cost and processing rates. Each time we called we were quoted different rates.

Bank of America

1.69% Base Retail Visa/MC rate
3.19% Mid-qualified rate
Over 4.35% Non-qualified rate
Terminal cost on a lease of $28.95 per month or purchase for $599
No contract until filing-out personal information using social security number, etc.

Bank of America was transparent regarding their high discount rates.

Merchant Resources offers the following:

1.25% for debit/credit card with no pin
1.65% for base Visa and MasterCard, Discover
No Monthly Fees
FREE Terminal, cellular phone Swiper or POS for restaurant

If a business has a low average ticket, Merchant Resources can provide a transaction fee of 5 cents.

Media Contact
Company Name: Merchant Resources
Contact Person: Jim Johnston
Email: merchantconsult@gmail.com
Phone: 1-888-895-3129
Country: United States
Website: http://www.credit-card-processing.com