Finding the payment processor that’s right for your business is an important step towards success. You don’t want to see your business losing money. This is why you need the best processing rates, giving you top-level services and the latest technology.
Wells Fargo and Stax offer a variety of capabilities to better serve your payment processing needs, but which one is the better fit for your business? We’ve taken a hard look at Wells Fargo Merchant Services to see how it stacks up against Stax payment processing.
In addition to its regular banking service, Wells Fargo also offers credit card processing. In order to qualify for their standard merchant services, your business must have a Wells Fargo business checking account and cannot exceed $500,000 in annual sales. As far as pricing goes, Wells Fargo offers two options:
2.6% + $0.15 per swiped, dipped, or tapped transaction
3.4% + $0.15 per online or keyed-in transaction.
Along with these rates, there’s a $9.95 monthly fee for in-person transactions and a $24.95 fee for online transactions. There’s also a $5 monthly fee per business location if you have a non-Wells Fargo deposit account. Wells Fargo Merchant Services does not offer deposit products and its services are not guaranteed or insured by the FDIC or any other governmental agency.
Key Features of Wells Fargo Merchant Services:
- Mobile payments
- EMV chip technology
- Clover hardware
- Payment gateway/eCommerce processing
- Custom gift cards for businesses
- Next-day funding
The most noticeable thing about Wells Fargo’s services is the fees, especially if your business has multiple locations. You’ll be paying those fees every month. Wells Fargo also states that there may even be other fees you’ll have to pay on top of the $9.95 and $24.95 fees. That’s a lot to take into account, especially if you’re a small business.
Get Paid Faster with the Stax All-in-One Payment Platform
Stax is an all-in-one payment solutions provider that gives merchants access to the direct cost of interchange in exchange for a flat monthly subscription. This means that all merchants pay each month is their monthly subscription, interchange costs (direct costs from Visa, Mastercard, and other card brands), and the cost per transaction outlined in their subscription. That’s it. No hidden fees, no markups, and complete transparency.
Besides processing, merchants have access to their data and analytics through the Stax platform. You can manage your entire payment experience from Stax’ all-in-one platform. You’ll never pay an extra fee for PCI compliance, statements, or switching to another provider.
Stax’ Key Features:
- Subscription-based pricing
- No contracts or markups
- Real-time data and analytics dashboard
- 24/7 in-house customer success team
- Over 200 available software integrations
- 2-way QuickBooks integration
- Free PCI compliance assistance
- Mobile processing
- Payment gateways
- Next day funding for approved businesses
- Integration with most established POS systems
To learn more about how the Stax all-in-one platform can help your business, fill out the form below to request a savings estimate today.
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