Wells Fargo Bank promotes themselves as a "one stop shop" for small business services including merchant services such as credit card processing. BEWARE! With their processing services Wells Fargo signed us up to a contract to lease the credit card processing terminal at $53 a month for 4 years through First Data Glogal Leasing. So we are paying $2500 for a "card-swipe" terminal you can purchase elsewhere for $200!
After almost 2 years of business we analyzed the Wells Fargo bank processing cost and moved our processing elsewhere (at a substantial savings). Wells Fargo charged us a $500 cancellation fee AND First Data Global Leasing (FDGL) will not cancel their contract for the equipment. Even with these additional costs the move was financially justified with the processing fee savings.
In addition, FDGL sent us a letter requiring return of the used equipment (as it is a lease) or there will be an additional charge. They are threatening to charge us more for equipment we will have paid $2500 to lease!
Our new credit card processor charges at 50% of the cost of Wells Fargo Bank's Merchant Services to process our credit cards AND gave us the equipment. My recommendation - go elsewhere for your merchant services!
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