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Card processing review

Wells Fargo Merchant Services

Wells Fargo's merchant services on Clover devices: 2.60% + 15¢ in person and 3.50% + 15¢ online or keyed in under $40,000 a month, lower from $40,000 and $80,000, plus $9.95 a month per location and a $10 monthly PCI fee. It publishes no early termination fee and deposits the next business day into a Wells Fargo account.

By Wells FargoParent company: Wells Fargo & Company (NYSE: WFC)

RTC SCORE

4.9

#12 of 16 with enough data

Our verdict

Clear published pricing with volume tiers and no early termination fee, on Clover devices you buy outright. A fit if you bank with Wells Fargo and use its equipment; ask for the terms in writing, since they aren't linked.

What we like

  • Rates drop automatically as your monthly volume grows, in three published tiers.
  • Publishes every fixed fee: $9.95 a month per location plus $10 for PCI, with no fees for chargebacks, downgrades or voice authorizations.
  • No early termination fee or monthly minimum, per Wells Fargo.
  • 24/7 phone support.
  • American Express costs the same as other cards.

What to watch

  • With equipment or a gateway not from Wells Fargo, in-person payments may be charged the online or keyed-in rate.
  • Deposits arrive the next business day at the earliest, into a Wells Fargo business account.
  • The terms behind the offer aren't linked from its pages, so the length of the term, renewal, holds and price-change rules aren't public.
  • No dual pricing or surcharge program published.
  • The PCI non-compliance fee amount isn't published.

How the score breaks down

RTC Score4.9out of 10

Methodology v0.1.0

Data completeness89%

We could verify 89% of the scoring data

Strongest points
What leaving in month 12 costs, Standard deposit speed, Published pricing
Weakest point
12-month cost of the reference restaurant

Score by criterion

  • 12-month cost of the reference restaurantWeight 37%Weakest0.5 out of 10

    $11,466 over 12 months

  • Standard deposit speedWeight 11%Strongest8.0 out of 10
  • What leaving in month 12 costsWeight 9%Strongest10.0 out of 10

    $0 to leave in month 12

  • Price increases during the contractWeight 8%No data
  • Published pricingWeight 7%Strongest9.0 out of 10
  • 24/7 supportWeight 6%10.0 out of 10
  • Contract termWeight 4%10.0 out of 10
  • Support channelsWeight 4%5.0 out of 10
  • No equipment lease you can't cancelWeight 3%10.0 out of 10
  • Works with restaurant POS systemsWeight 3%3.3 out of 10
  • Automatic renewalWeight 2%10.0 out of 10
  • Equipment works with another processorWeight 2%No data
  • Offers dual pricing or a surcharge programWeight 2%0.0 out of 10
  • Works without the vendor's own POSWeight 1%10.0 out of 10

All the data, with sources

Each value links to its source. "Not published" means the vendor doesn't disclose it; "Unconfirmed" means we looked and couldn't confirm it. Data points we have for fewer than four vendors are left out until we can compare them.

Type of processor and pricing
Data pointValue
Type of processorBankSource: Wells Fargo (opens in a new tab)
Pricing modelFlat rateSource: Wells Fargo (opens in a new tab)Flat rates by monthly volume tier; custom interchange-plus pricing for select businesses.
Published pricing (points out of 100)90Source: Wells Fargo (opens in a new tab)Counted: in-person rate 25, online and keyed-in rate 15, monthly fees 20 ($9.95 account and $10 PCI), early termination fee 20 (none, as published), other fees 10 (no application fee, monthly minimum or chargeback fee, but the PCI non-compliance fee applies without a published amount).
Card rates
Data pointValue
In-person rate2.6%Source: Wells Fargo (opens in a new tab)Under $40,000 a month; 2.50% from $40,000 and 2.40% from $80,000.
In-person fee per transaction15¢Source: Wells Fargo (opens in a new tab)
Online rate3.5%Source: Wells Fargo (opens in a new tab)One rate for online and keyed-in payments: 3.50% under $40,000 a month, 3.40% from $40,000 and 3.30% from $80,000.
Online fee per transaction15¢Source: Wells Fargo (opens in a new tab)
Keyed-in rate3.5%Source: Wells Fargo (opens in a new tab)The same rate as online payments.
Keyed-in fee per transaction15¢Source: Wells Fargo (opens in a new tab)
American Express pricingSame rate as other cardsSource: Wells Fargo (opens in a new tab)Rates depend on volume and how the card is taken; American Express volume counts toward the tier.
American Express rateN/ASource: Wells Fargo (opens in a new tab)American Express costs the same as other cards.
Rates by monthly volumeUnder $40,000 a month: 2.60% + 15¢ in person and 3.50% + 15¢ online or keyed in. $40,000 to $79,999.99: 2.50% + 15¢ and 3.40% + 15¢. $80,000 and up: 2.40% + 15¢ and 3.30% + 15¢. The tier counts the month's card volume of all your locations, PIN debit included, and adjusts automatically each month.Source: Wells Fargo (opens in a new tab)
Monthly and other fees
Data pointValue
Monthly account or plan fee$9.95/moSource: Wells Fargo (opens in a new tab)Per location. The Clover Starter software plan is $0 for the first device.
Annual fee per account$0/yrSource: Wells Fargo (opens in a new tab)Wells Fargo's published monthly services are the $9.95 merchant account fee and the $10 PCI fee; it lists no other account fee.
Annual fees per device or location$0/yr per deviceSource: Wells Fargo (opens in a new tab)Wells Fargo's published monthly services are the $9.95 merchant account fee and the $10 PCI fee; it lists no other account fee.
PCI compliance fee (yearly)$120/yrSource: Wells Fargo (opens in a new tab)$10 a month per merchant ID.
PCI non-compliance fee (monthly)Not publishedSource: Wells Fargo (opens in a new tab)Wells Fargo says PCI non-compliance fees apply without publishing the amount.
Statement fee$0/moSource: Wells Fargo (opens in a new tab)Wells Fargo's published monthly services are the $9.95 merchant account fee and the $10 PCI fee; it lists no other account fee.
Monthly minimum$0/moSource: Wells Fargo (opens in a new tab)
Fee per batch$0Source: Wells Fargo (opens in a new tab)Wells Fargo's published monthly services are the $9.95 merchant account fee and the $10 PCI fee; it lists no other account fee.
Chargeback fee$0Source: Wells Fargo (opens in a new tab)
Other feesNo application fees, no monthly minimums and no extra fees for downgrades, chargebacks, voice authorizations or foreign transactions. Clover software is billed by Clover: Starter $0 for the first device, Essentials $29.95, and $11.95 a month for each additional device.Source: Wells Fargo (opens in a new tab)
Equipment
Data pointValue
How you get the equipmentYou buy itSource: Wells Fargo (opens in a new tab)
Price of a countertop terminal$349 one-timeSource: Wells Fargo (opens in a new tab)Clover Compact; Clover Flex $749, Clover Mini $849 and Clover Station Duo $1,899.
Equipment lease you can't cancelNoSource: Wells Fargo (opens in a new tab)Wells Fargo sells the devices; no lease is published.
Equipment lease termN/ASource: Wells Fargo (opens in a new tab)No lease is offered.
Equipment at $0 upfront: what it commits you toNo $0-upfront offer published: Clover devices are bought outright, from $349 for the Clover Compact.Source: Wells Fargo (opens in a new tab)
Equipment only works with this processorUnconfirmedSource: Wells Fargo (opens in a new tab)Wells Fargo doesn't say whether its Clover devices work with another processor; it warns that with equipment or a gateway not from Wells Fargo, in-person payments may be charged the online or keyed-in rate.
Getting your money
Data pointValue
Standard deposit speedNext business daySource: Wells Fargo (opens in a new tab)Into a Wells Fargo business account.
Instant payout feeUnconfirmedSource: Wells Fargo (opens in a new tab)Wells Fargo's merchant pages don't mention instant payouts.
Holds and reservesUnconfirmedSource: Wells Fargo (opens in a new tab)The terms and conditions Wells Fargo refers to aren't linked from its merchant pages.
Contract and exit
Data pointValue
Contract termMonth to monthSource: Wells Fargo (opens in a new tab)Wells Fargo says no long-term commitment and no early termination fee apply to card processing; the terms it refers to aren't linked from its pages. Same rule for every vendor: when the vendor's contract isn't public, we count what it states on its own page (as with Stax and Payment Depot), so this counts as 0 months.
Automatic renewalMonth to monthSource: Wells Fargo (opens in a new tab)No term, so nothing renews (per Wells Fargo's pricing page; its terms aren't linked).
Notice to avoid renewalN/ASource: Wells Fargo (opens in a new tab)No term to renew.
Notice to cancelUnconfirmedSource: Wells Fargo (opens in a new tab)The terms and conditions Wells Fargo refers to aren't linked from its merchant pages.
Early termination feeNone, per Wells Fargo's pricing page.Source: Wells Fargo (opens in a new tab)
How the early termination fee is calculatedNo early termination feeSource: Wells Fargo (opens in a new tab)
Liquidated damages clauseNoSource: Wells Fargo (opens in a new tab)No early termination fee applies, per Wells Fargo.
Price increases during the contractUnconfirmedSource: Wells Fargo (opens in a new tab)The terms aren't linked; the pages only say Clover's software fees may change.
Right to raise pricesUnconfirmedSource: Wells Fargo (opens in a new tab)The terms and conditions Wells Fargo refers to aren't linked from its merchant pages.
Personal guarantee by the signerUnconfirmedSource: Wells Fargo (opens in a new tab)Approval includes a credit review of the business and its owners; the terms aren't linked.
Dual pricing and surcharges
Data pointValue
Dual pricing or surcharge programNoSource: Wells Fargo (opens in a new tab)Wells Fargo's merchant pages publish no dual pricing, surcharge or cash discount program.
Cards the program coversN/ASource: Wells Fargo (opens in a new tab)No program published.
Monthly fee for the programN/ASource: Wells Fargo (opens in a new tab)No program published.
Your POS and your business
Data pointValue
Works with these restaurant POSClover, OthersSource: Wells Fargo (opens in a new tab)Its own devices and software are Clover's; it doesn't name the other POS systems you can connect.
Requires the vendor's own POSNoSource: Wells Fargo (opens in a new tab)With equipment or a gateway not from Wells Fargo, in-person payments may be charged the online or keyed-in rate.
Monthly volume it's built forUnconfirmedSource: Wells Fargo (opens in a new tab)No minimum volume published; the first tier starts at $0.
Accepts high-risk businessesUnconfirmedSource: Wells Fargo (opens in a new tab)Not published.
Routes debit to the lowest-cost networkUnconfirmedSource: Wells Fargo (opens in a new tab)Not published.
Support
Data pointValue
24/7 support for merchantsYesSource: Wells Fargo (opens in a new tab)
Support channelsPhoneSource: Wells Fargo (opens in a new tab)
Language
Data pointValue
Support in SpanishUnconfirmedSource: Wells Fargo (opens in a new tab)Wells Fargo doesn't say whether its merchant line serves Spanish.
Merchant dashboard in SpanishUnconfirmedSource: Wells Fargo (opens in a new tab)Not documented by Wells Fargo.
Contract or terms in SpanishUnconfirmedSource: Wells Fargo (opens in a new tab)The terms and conditions Wells Fargo refers to aren't linked from its merchant pages.
US website in SpanishNoSource: Wells Fargo (opens in a new tab)

More about Wells Fargo Merchant Services

How we score