Merchant Resources called the 1-800 listed on each of the above credit card merchant services and discovered a variety of differences outlined below:
• Base Retail Visa/MC rate of 2.75%
• Key Entered Rate of 3.5%
The square reader rates at 2.75% and 3.5% are very high. Slash them in half and then some.
• 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 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.
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.