Merchant Services' Compares Square Reader, Wells Fargo, Bank of America and Costco Credit Card Processing Fees and Terminal Cost

You will be surprised at high rates and fees you pay with Wells Fargo, Bank of America, Square reader and Costco for their credit card processing merchant accounts. Besides paying for the terminal, the discount rates are extremely high. You would think that their rates would be lower, considering the size of these institutions.

Merchant Services' Compares Square Reader, Wells Fargo, Bank of America and Costco Credit Card Processing Fees and Terminal Cost. A new merchant should never lease a terminal from these companies and pay four times the cost of the terminal. You should never enter into a 3 year contract. See below for Merchant Resources free chip reader with no contract.

DALLAS, TX – Merchant Resources, www.credit-card-processing.com, compares its credit card merchant services to those of Costco Merchant Services, 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:

Costco

•  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 Costco member, 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 www.credit-card-processing.com

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.

Merchant Services found that 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.

Merchant Services found that 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.

To receive a free no obligation merchant account quote, visit http://www.credit-card-processing.com or call 1-888-895-3129.

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