The fees and equipment costs vary per company
DALLAS, TX – Merchant Resources, www.credit-card-processing.com, looks at Square Reader Ads and the deceptive advertising campaign.
Merchant Resources called the 1-800 listed on each of the above credit card merchant services and discovered a variety of differences outlined below:
Intuit Quickbooks Payments
• Swiper rate @ 2.4% and 25 cents
• Non-swipe rate/reward cards @ 3.4% and 25 cents Software is $10 a month
Costco by Evalon
• 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, the so called low price leader, was not so low price. You need to be an executive member and still pay $489 for the proprietory terminal. There rates are not that impressive.
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:
• 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.
“Wells Fargo high rate credit card processing rates for visa, mastercard and discover. Square reader, based in San Francisco, has very high rates if you do larger transactions, over $100.”