Wells Fargo Merchant Services (wellsfargo.com/biz/merchant/), a division of Wells Fargo Bank, is one of the top ten largest merchant account providers in the United States. Although Wells Fargo is an Acquiring Bank based in San Francisco, California, it uses First Data as its processor and has been doing so since 1971. It also uses First Data Global Leasing to supply its credit card processing equipment. John Stumpf is the chairman and CEO of Wells Fargo.
One of the benefits merchants receive when they have both a checking account and merchant account with Wells Fargo is a quicker deposit of funds from their credit card sales. Typically in the credit card processing industry, merchants who have their checking and merchant account through different providers will experience a delay of around 48 hours to receive deposits. Wells Fargo boasts that funds are usually available the next business day. This rapid deposit schedule is an attractive feature for some merchants, but it shouldn’t be the only focus for merchants who are considering the company.
- Sales & Marketing: Wells Fargo Merchant Services hires independent sales agents and has received a moderate number of complaints about its sales practices.
- Costs & Contract: Wells Fargo Merchant Services offers a three-year contract with an early termination fee of $500 or more.
- Complaints & Service: Wells Fargo Merchant Services has received more than 80 public complaints.
- BBB Rating: Wells Fargo Merchant Services does not have a rating with the Better Business Bureau and has received 4,034 complaints in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With Wells Fargo Merchant Services