Wells Fargo Merchant Services Review
Wells Fargo Merchant Services provides small-business merchant accounts and connects these merchant accounts to First Data credit card processing services. There are a few reasons why this merchant account might be the right move for your business — namely if your business already has a bank account set up with Wells Fargo — but the service has its fair share of downsides, including a $500 early cancellation fee. Consider shopping your options to see if you can find a merchant account that has fewer add-on fees and is a little more transparent with what you’re getting.
Wells Fargo is technically an acquiring bank in this whole exchange. When you sign up for Wells Fargo Merchant Services, Wells Fargo won’t be your direct credit card processor.
Wells Fargo is the acquiring bank that fronts the money you’re owed from your credit card transactions, and First Data is the credit card processor that clears the customer’s transaction with their credit card issuer.
Wells Fargo doesn’t fully explain this relationship on its Wells Fargo Merchant Service website. But what you really need to know is that when signing up for a Wells Fargo Merchant Services account, you’ll be working with both Wells Fargo Merchant Services and First Data. For example, all of the physical equipment used to process credit cards in your store is provided by First Data Global Leasing.
A merchant account from Wells Fargo Merchant Services will make it so your business can accept credit card and debit card transactions from all four of the major credit card issuers in your physical store, online and on mobile devices.
But remember, all the credit card processing is done through First Data, so if you hear “Wells Fargo credit card processing,” know that it’s likely referring to First Data credit card processing through Wells Fargo Merchant Services.
Beyond a general merchant account and connection to First Data credit card processing, here’s a list of what else Wells Fargo Merchant Services offers:
-
Terminal sales or leases. As an account holder with Wells Fargo Merchant Services, you’ll have the ability to purchase terminals for your business. If you choose to rent your terminal, you can set up a lease with First Data Global Leasing.
-
Mobile processing. You can also accept and process mobile payments with Apple Pay, Android Pay and more.
-
Data encryption. Wells Fargo Merchant Services’ “TransArmor solution” will help protect your customers’ card information with encryption technology.
-
EMV support. Wells Fargo Merchant Services also helps your business accept EMV-chip cards.
-
Payment gateway. Having a Wells Fargo Merchant Services account will also help support your e-commerce presence. You can set up a payment gateway through First Data’s Payeezy Gateway so you can accept payments online. You could also choose to use CyberSource or Authorize.net as your payment gateway.
-
Point-of-sale. Wells Fargo Merchant Services also works with First Data’s Clover Station and other Clover products for point-of-sale solutions.
If you visit the Wells Fargo Merchant Services website, you’ll find that Wells Fargo Merchant Services fees aren’t readily available.
You can take a look at its rates and fees section on its frequently asked questions page. But if you were to ask, “What will Wells Fargo Merchant Services fees cost my business?”
The answer is “it varies.”
In general, Wells Fargo Merchant Services fees depend on:
-
The kind of business you run.
-
Your business’s processing volume.
-
Your processing method (in person, online or by phone).
-
The kind of card your customer uses.
-
And simply how your merchant account is set up.
What Wells Fargo Merchant Services fees include
While we don’t know exactly what Wells Fargo will charge you — and you won’t know exactly until you call the Wells Fargo Merchant Services phone number and ask for a quote — here’s a general idea of what might show up on your statement:
-
Discount rate. Wells…
Read More: Wells Fargo Merchant Services Review