What are the fees for a merchant account?

These fees can range from 0.5% to 5.0% of the transaction amount plus $0.20 to $0.30 per transaction. Merchant acquiring banks also charge merchants monthly fees as well as any special situation fees.

What is a merchant services account?

A merchant account—aka merchant services account—establishes a business relationship with a merchant services provider, like a bank, and enables a business to accept debit and credit cards, Apple Pay and other contactless payments, eCommerce transactions, and more.

Are merchant fees bank fees?

Merchant fees are transaction fees that the merchant’s bank account must pay whenever a customer uses a debit or credit card purchase from their store.

What is the difference between a merchant account and a business account?

Unlike a merchant account, a business bank account is a repository for all of your company funds, both cash and credit card sales. This is the account from which payroll and bills are deducted and into which your merchant account deposits the funds from your credit card sales.

Do I need a merchant account to sell online?

For online sales, merchant accounts are required if you want to use a payment gateway to process transactions from your website. Payment gateways connect customers wanting to make a payment with a bank or merchant account provider that processes the transaction.

How long does it take to set up a merchant account?

Your merchant account can be up and running in as little as one business day. After completing your merchant account application, your account can be set up in as little as one business day (sometimes within hours).

What is a merchant transaction?

Merchant Transaction means the purchase by a cardholder of goods or services from a Merchant by use of a Bank Card.

How do I close my Wells Fargo merchant account?

Call us at 1-800-225-5935.
Or visit a Wells Fargo near you.
If outside of the U.S., complete the Account Closure or Partial Withdrawal Request form (PDF) and send it to us by mail.