Small businesses may not have heard of Wells Fargo merchant services as the bank doesn’t promote it aggressively. It doesn’t mean you should not check it when looking for a merchant account. One thing you must know is that it has its limitations. Retailers should understand that PSPs cater to a specific industry. A service like the Wells Fargo merchant account is born out of the need to add another vertical. Services like Stripe specialize in one domain. Merchants explore Wells Fargo to benefit from other services. They pin their hopes on one of the oldest banks in the country.
Confidence of Working with a Top Bank
Merchants bet on Wells Fargo’s reputation to strengthen their foundations. The credibility of the bank helps businesses to start their ventures with confidence. They can offer all types of payments. They expect the customers to give them thumbs-up for having Wells Fargo as their merchant service. You get advanced security to protect customer data. All in all, you get a bit of everything to put up a fight and stay competitive.
Why Wells Fargo: An Introduction?
The application process may prepare you early for what to expect from Wells Fargo as a service provider. Top PSPs help set up merchant accounts in minutes. Wells Fargo has credit checks in place to qualify you for an account. You should read Wells Fargo merchant services reviews to know what you get and what to miss. You must have valid reasons to pursue a merchant account with Wells Fargo. You can get a better deal anytime.
Wells Fargo Merchant Services: Set Long-Term Business Goals
You may have long-term business goals to fulfill with Wells Fargo merchant services. Business owners have a strategy to grow sales and revenue. You can choose a service provider and take time to reach your goals. One aspect that questions even the loyalist of merchants is the lack of transparency. They find it hard to believe that the customer support team doesn’t push the case of clients looking for help. They can manage with limited features, but a lack of empathy shatters their hope.
Merchants looking to stick with their choice should read the Wells Fargo payment processing fee. When you decide to open a merchant account with Wells Fargo, you have already forfeited a lot of benefits.
We highlighted the monthly processing value to help you know the chances of getting customized rates. Wells Fargo offers custom rates to merchants making impressive sales month in and month out. Let’s check the Wells Fargo merchant services fees.
Below $14,999.99
- Physical Card Entry: 2.60% + $0.15 per transaction
- Card not Present (Online): 3.40% + $0.15 per transaction
Between $15,000-$39,999.99
- Physical Card Entry: 2.40% + $0.15 per transaction
- Card not Present (Online): 3.20% + $0.15 per transaction
Above $40,000
- Physical Card Entry: 2.20% + $0.15 per transaction
- Card not Present (Online): 3.10% + $0.15 per transaction
Small businesses dealing with other businesses should calculate the following rates:
Below $14,999.99
- Physical Card Entry: 2.60% + $0.20 per transaction
- Card not Present (Online): 3.99% + $0.20 per transaction
Between $15,000-$39,999.99
- Physical Card Entry: 2.50% + $0.20 per transaction
- Card not Present (Online): 3.75% + $0.20 per transaction
Above $40,000
- Physical Card Entry: 2.40% + $0.20 per transaction
- Card not Present (Online): 3.50% + $0.20 per transaction
Learn about other fees charged by other service providers too:
- In-Person Payments Fee: $9.95 monthly
- Virtual Terminal Payments Fee: $9.95 monthly
- Online Payments (Authorize.Net) Fee: $24.95/monthly gateway
- Third-Party Payments Fee: $14.95 monthly
The PCI Compliance fees are specific to the subscription plan.
Also Read: Capital One vs. Wells Fargo: Business-Specific Banking Solutions
Wells Fargo Merchant Services: Know Your Bank to Start on a Positive Note
Businesses looking to select Wells Fargo merchant services have the same goal: Loan access. Wells Fargo has a massive reputation, and merchants want to try their luck by picking a reliable brand. They still consider having a merchant account with a bank far more beneficial than that of a Payment Service Provider (PSP).
Merchants should take it upon themselves to find their way through things if they fail to get the desired help. We say it because the in-house customer support team shows no zeal to match the brand reputation. The sales team came under scrutiny for not disclosing the contract details to clients in the past. They stay in the dark and feel shocked when they hear about contract length. We suggest reading the document carefully to avoid any last-minute surprises.
Consider Wells Fargo merchant services to have a top bank in the list of payment service providers (PSPs). Analyze the packages and see what matches the long-term vision of your business. You may cover up for not having a service or two but at what cost? Put your business aspirations and brand image when looking for merchant services.
Conclusion:
Wells Fargo merchant services ride on its brand reputation in the market. The limited set of services hurt the business aspirations of brands. Merchants consider Wells Fargo’s merchant account to see how they can build brand credibility for future times. Gather information to know what you will miss and what you will get. You don’t want to make a decision that questions your judgment skills. Selecting a merchant service is a solely business-specific decision, and you can prove it right by analyzing all aspects. Your Merchant Services Rep is your trusted partner in accessing feature-rich high-risk merchant accounts at competitive rates. You leave the how part to us.
