Wells Fargo is a leading merchant service provider and bank in the United States of America -including debit and credit card processing. The bank came into existence in 1852 in New York City. Since its inception, the bank has expanded towards offering a wide range of financial services -including credit card and loan processing. Wells Fargo offers credit card processing services for all types of small businesses or industries to businesses based in the United States.
Wells Fargo Merchant Services is a part of the Wells Fargo Bank. Wells Fargo Merchant Services is one of the leading merchant account providers in the USA. While Wells Fargo serves to be the Acquiring Bank based in San Francisco, it makes use of First Data (Fiserv) as the processor. The company has been doing so since 1971. Wells Fargo Merchant Services also makes use of First Data Global Leasing to supply the equipment for credit card processing. Charles W. Schwarf is the CEO at Wells Fargo Merchant Services. Currently, Colleen Taylor serves as the Head of the division of Merchant Services of Wells Fargo.
With Wells Fargo Merchant Services, you will find basic information. Therefore, it is observed that not much will set it apart from others with respect to the overall range of products and services. If you wish to go through its bunch of value-added features and services, then some of the popular ones are:
Leases on hardware equipment are available through a dedicated partnership with First Data or Fiserv Global Leasing mechanism. It is recommended to purchase the hardware equipment right away. You will find that terminal leases turn out to be expensive. There can be several better ways to get access to credit card machines along with other hardware.
It is important to note that Clover products cannot be restructured or reprogrammed to function outside the processing network of Fiserv. Therefore, the Clover POS system you are using will turn out to be quite expensive if you go ahead with switching processors.
To make use of the feature of online account signup and management, it is important to possess a Wells Fargo Business Checking Account while processing less than $500,000 in terms of the overall annual sales. Moreover, it is expected that at least one business owners should be a citizen of the United States of America.
If you already have more than $500,000 per year, you should reach out to Wells Fargo Merchant Services directly while obtaining a customized pricing quote for its products and services. Once you are given approval, the company makes use of the feature of Business Track -a third-party service. This service is used to deliver online access to the account as well as statements for monthly processing.
If you only require a basic solution to accept both in-person and online payments, Wells Fargo Merchant Services is acceptable. However, there are specific limitations with respect to flexibility. To access the lowest available rates, you are expected to stick with the payment gateways and card terminals that Wells Fargo Merchant Services offers.
While there are several credit card processing rates, Wells Fargo Merchant Services unveils particular information on flat-rate pricing on its website. The rates of the service provider are aimed at small businesses. These are available as strategies that tend to compete with Square.
For high-volume merchants, Wells Fargo Merchant Services comes forth with customized pricing quotes that are either included or not included as the option to leverage interchange-plus pricing. However, there are specific complaints from merchants that depict that most business owners are simply provided access to an expensive tiered-based pricing plan. Unfortunately, the organization no longer discloses its minimum value for monthly processing volume for obtaining customized pricing.
Just like other merchant account service providers, Wells Fargo Merchant Services also asks you to pay a specific recurring annual and monthly fee. There is also the presence of incidental fees under specific circumstances. Wells Fargo Merchant Services currently unveils the following set of standard fees:
As a business owner, you can expect that your contract will also feature a specific number of annual, monthly, or incidental fees along with the listed pricing plans. When you wish to go forth with the customizing pricing plan, you should be ready to negotiate for the best-available rates as well as terms you can obtain.
Analyzing the overall size and scale of Wells Fargo Merchant Services, the company features relatively fewer complaints with respect to the division of merchant services. With respect to that, there are some common types of customer-centric complaints that depict wherein business owners might experience problems.
One of the most common complaints that customers had to face was with respect to customers reporting that the merchant service agent was deceptive or dishonest about specific terms & conditions of the cost and agreements of the service provider. There were also complaints that the agent made them sign up for additional services that were not requested by them.
Wells Fargo Merchant Services provides access to the following range of customer support services:
However, the overall quality of customer support is not appreciated at all times. It is regarded as not up to the mark or poor. While Wells Fargo Merchant Services will assign its users a dedicated relationship manager while setting up the account, you might or might not be able to reach the individual when you need them the most.