Variable Contract Terms
Commerce Bank Merchant Services, in partnership with First Data (now Fiserv), offers a variety of contract terms that typically reflect the extensive range of options available through First Data (Fiserv). This flexibility allows for contracts to be tailored to the specific needs of businesses based on their size, type, and operational history.
While the exact rates and fees can vary by reseller, for reference, businesses processing up to $50,000 monthly might expect a swiped rate of 2.69% plus $0.19 and a keyed-in rate of 3.69% plus $0.19. For higher volumes, rates could reduce to 2.29% plus $0.19 for swiped transactions and 3.29% plus $0.19 for keyed transactions. Options between month-to-month contracts and one to five-year service agreements are offered, with many First Data (Fiserv) contracts typically involving two to four years commitment, an early termination fee up to $495, and a PCI Compliance fee of $19.95 per month. Expensive, non-cancellable equipment leases through First Data Global Leasing may also be a consideration for up to 48 months.
It’s vital for business owners to thoroughly review all contract terms and actively negotiate to secure the best possible terms. For alternatives, comparing Commerce Bank’s offerings with our list of the best credit card processors is advisable.
No Red Flags
As of now, there are no publicly posted complaints specifically addressing Commerce Bank Merchant Services’ contract terms, suggesting a level of satisfaction among its clientele with their services. However, for those with direct experience or detailed information about Commerce Bank Merchant Services’ standard contract, contributing insights in the comments section could greatly benefit prospective clients.
