Merchant Resources called the 1-800 listed on each of the 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%
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 Merchant Resources called received different quoted 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 Resourcesoffers the following:
- 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 provides 5 cents transaction fee
For more information, visit: www.credit-card-processing.com