Square Reader, Wells Fargo, Bank of America and Costco Credit Card Processing Fee Comparisons by credit-card-processing.com

You will be surprised by how much the big banks charge you for credit card processing. You have to either buy the terminal or get into a four year lease. Leases are no good. You end up paying 4 times the amount of what the terminal actually costs.

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 merchant services sells a proprietary terminal that you can only use with them.So if you are disatified, you have to buy another terminal.

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.

Wells Fargo Merchant Service has very high monthly and yearly fees, as well as the discount 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 merchant services has high discount rates and you have to pay for the terminal as well.

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

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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

Source: ABNewswire

ReleaseID: 31307