Wells Fargo Merchant Services Fees Explained

Panna Kemenes

Small businesses need to consider many factors when choosing the best merchant services. Most businesses may start by looking at the fees. Other factors such as the software and payment options should also be considered, though.

Wells Fargo merchant services can be a convenient option for small businesses. However, Wells Fargo merchant services fees can be less appealing compared to some of its competitors.

This article will cover the Wells Fargo merchant services fees worth knowing.

If your business needs to make and receive international payments, you can also discover how Wise Business can offer you a low cost solution in this article.


Wells Fargo Merchant Services Fees Explained

Wells Fargo Merchant Services offer a variety of payment options for small businesses. The Wells Fargo merchant services fees average is usually below 3%, although some small businesses may pay more.

Wells Fargo charges a flat fee of $0.15-0.20, and also charges 2.2-3.99% of the total transaction value.

Customers who use Wells Fargo Merchant Services should be aware of three costs. These costs include per-transaction fees, the monthly service rate, and POS device cost.

Per-transaction rate

Wells Fargo charges customers a different fee for every transaction. This fee varies depending on whether it is online or the card is physically present. Customers who have a higher monthly processing volume also enjoy lower transaction fees.

The Wells Fargo merchant services credit card processing fees are cheaper for in person transactions. Moreover, customers who process a certain volume of transactions may have lower transaction fees. Customers need to pay a flat fee and another fee that is equal to a percentage of the total transaction amount.

B2C Transaction Fees

Monthly Processing VolumeRate for Tap/Dip/Swipe TransactionRate for Online or keyed in transaction
$40,000 or more2.2%+$0.153.1%+$0.15

Wells Fargo also charges a different rate for business to business transactions. While typical Wells Fargo merchant services fees are not excessive, the rate for online B2B transactions can be high.

B2B Transaction Rates

Monthly Processing VolumeRate for Tap/Dip/Swipe TransactionRate for Online or keyed in transaction
$40,000 or more2.4%+$0.203.5%+$0.20

Monthly service fee

The merchant services fees for Wells Fargo also include a monthly charge. The monthly fee is between $9.99 to $24.95. The monthly service fee includes other features that can support customers.

Customers can receive 24/7 customer service, fraud monitoring, analytics data, and dispute management tools. Customers who need to accept online payments will have the highest monthly fee.

Payment DescriptionMonthly Fee
In person payments$9.95
Keying customer information into a virtual terminal or sending an invoice$9.95
Through a third party hosted software solution$14.95
Through your website’s shopping cart$24.95

Point-of-sale (POS) device costs

Customers who want to offer payment solutions to customers will need to purchase a Point-of-sale (POS) device. Clover Go is a cheap option, at around $1121, if you have your own device. Otherwise, other POS devices can cost $495 or more.

Tips for Reducing Merchant Services Fees

There are many ways that you can manage your merchant service fees to lower the amount you pay every month. Some companies allow you to negotiate for lower prices. You can receive a lower transaction rate if you use Wells Fargo’s POS hardware and choose a virtual terminal. The reduced rate is between 2.4-2.6% per transaction.

It is also crucial to avoid chargebacks and fraudulent expenses. Wells Fargo offers online tools to manage your payments. You can use these tools to ensure that you detect and avoid fraudulent charges. Wells Fargo also offers 24/7 support for its customers.

In most cases, the clear cut way to pay lower fees is to have a higher processing value each month. However, if the processing fees are still a concern, you can choose some of the cheaper options, such as in person transactions.

Alternatives to Wells Fargo Merchant Services

There are also plenty of alternative merchant services to consider. Many small businesses choose lower cost alternatives that offer convenient payment options. Some popular alternatives to consider include Stripe, Square, Helcim, and Payline. These companies may offer a better cost structure for your business.

Stripe is an excellent option for businesses that need to manage global payments. However, its rate is relatively higher, as it charges a 2.9% fee plus $0.30 for every transaction.3 Customers may receive slightly lower fees for card-present transactions.

Square’s rates are between 2.6-3.5% depending on the type of transaction. It also charges a flat rate of $0.10-0.30 per transaction.4 If your business makes more than $250,000 per year, you may be eligible for custom pricing.

Helcim has gained a lot of popularity with small business owners due to its low fee structure. The fee for most transactions is typically below 0.5% of the transaction value.5 Helcim also has other useful tools, such as inventory management software, which can help your business.

Payline is another relatively popular option for smaller business owners. The monthly fee is only $10-20/month, and it only charges 0.4-0.75% of the transaction value plus a $0.10-0.20 flat fee.6

Conclusion: Are Wells Fargo Merchant Services Fees Worth it?

It’s crucial for businesses to closely examine their merchant services fees. These fees may seem small, but can add up over time. It’s also important for businesses to review their statements for mistakes and fraudulent activity.

The merchant services fees for Wells Fargo may be worth it depending on your business needs. However, small businesses may consider lower cost alternatives that best serve their needs.

Discover Wise Business: The Low-Cost Solution for International Payments

Wise Business can be an excellent, low cost solution for businesses that need to make or receive international payments. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks.

Below are some of the benefits of Wise Business:

  • No monthly fees
  • Mid-market rate when exchanging currencies
  • Easy batch payments
  • Can easily connect to Quickbooks
  • Hold and manage over 40 currencies at once
  • Receive payments in different currencies

Wise Business allows you to be paid like a local, and to avoid some of the hidden costs, inferior exchange rates, and complexities that come with international payments.

Open a Wise Business account online

Or read the guide on how to open a Wise Business account


  1. Wells Fargo – Merchant Services Payment Processing Options
  2. Wells Fargo joint venture sued over merchant credit card fees | Reuters
  3. Pricing & Fees | Stripe Official Site
  4. Square Payments Fee Calculator - Understand Our Rates Better
  5. Helcim Review 2024: Features, Pricing & More – Forbes Advisor
  6. Interchange Rate & Pricing

All sources checked May 2024.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

Money without borders

Find out more

Tips, news and updates for your location