Wells Fargo Merchant Services Overview
Wells Fargo Merchant Services is the payment processing division of Wells Fargo Bank, the third-largest bank in the United States. Like Bank of America Merchant Services, Wells Fargo Merchant Services is completely managed by First Data. This means that business owners who open a merchant account through Wells Fargo will be purchasing First Data products and services and dealing with First Data for most of their customer service. Wells Fargo Merchant Services is sometimes seen as an attractive offer for merchants because it can provide quicker deposits to merchants who maintain business bank accounts through Wells Fargo.
Wells Fargo Merchant Services’s credit card processing products include EMV- and NVC-compatible credit card terminals, check processing, mobile wallet compatibility, gift and loyalty programs, mail order/telephone order processing, mobile phone processing, e-commerce solutions, and recurring billing for the retail, restaurant, B2B, non-profit, healthcare, education, and B2G industries. The company offers 24/7 phone support to all of its merchants and leases its credit card terminals through First Data Global Leasing. Debra Rossi is the head of merchant services at Wells Fargo.
Wells Fargo Merchant Services, a division of Wells Fargo Bank, is based in San Francisco. It uses First Data (now Fiserv) as its processor and First Data Global Leasing to supply its credit card processing equipment.
Wells Fargo Merchant Services processes credit and debit cards and offers POS systems, EMV readers, virtual terminals, shopping carts, and next-day funding.
When merchants have their checking and merchant accounts with Wells Fargo, they receive deposits from their credit card sales as soon as the next business day.
Offers a three-year contract with an early termination fee of $500 and has received 3,917 complaints and 463 reviews.
The Wells Fargo Merchant Services Program Guide lists a swipe rate of 2.60% plus $0.15 and a keyed-in rate of 3.40% plus $0.15. It also details a monthly fee of $9.95 for storefront merchants and $24.95 for e-commerce businesses.
The Wells Fargo standard merchant account agreement requires a 36-month service commitment with an ETF of $500 per location.
Well Fargo does not disclose pricing for its storefront payment processing services. Additional rates and fees typically apply.
Business owners may be encouraged to rent processing equipment through First Data Global Leasing, and Wells Fargo may also charge an annual PCI Compliance Fee.
Customers reported complaints that their customer service agent was dishonest or deceptive, or signed them up for additional services.
Merchant complaints include sudden and long-term holding of funds, the $500 cancellation fee, and non-cancellable policies for equipment leases.
Wells Fargo settled a class-action suit in April 2021, and is now vulnerable to similar claims in the future.
In 2021, Wells Fargo Bank was ordered to pay $250 million for violations of a 2018 consent order in addition to numerous other fines incurred over the last 20+ years.
Wells Fargo shows telephone support options for customer service, but does not offer comprehensive support options.
The Better Business Bureau does not have a report for Wells Fargo Merchant Services, but has received 3,917 complaints in the last 36 months. 1,651 of these complaints were resolved by the company.
Wells Fargo primarily markets its merchant services through its banking branches and outside sales representatives. Negative Wells Fargo Merchant Services reviews have focused on nondisclosure of important contract conditions and fees.
Wells Fargo Merchant Services is a large merchant account provider and credit card processor. Customers complain of high fees and a poor sales experience and have been advised to read their contracts before signing any documents.
At a glance
Founded: 1971
Location: San Francisco, California
Acquiring bank: Wells Fargo Bank
Website: wellsfargo.com/biz/merchant/
Phone number: 800-451-5817
E-mail: N/A
Online reputation and reviews
There are over 100 negative Wells Fargo Merchant Services reviews to be found on various consumer protection websites, but it can sometimes be difficult to separate the company’s merchant services complaints from its consumer banking and card issuing complaints. Merchant complaints about the company tend to cite many of the things that dissatisfied First Data customers encounter, like long-term contracts, costly early termination fees, exorbitant equipment lease costs, unexpected fees, and poor customer service. Given the company’s massive size, its complaint total is actually lower than should be expected.
Legal actions and lawsuits
There are no outstanding or recently resolved legal actions related to Wells Fargo Merchant Services at this time.
Have you used Wells Fargo Merchant Services for your business? Rate the company at the top of this post and tell us about your experience in the comment section below:
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