Sunday, April 27, 2008

Where's the PIN? HomeATM has the Beef!

I'm curious as to why Wells Fargo would specifically quantify (in red below) the rates for Internet "Non-PIN Debit Card Sales"

By the way, those very same "Non-PIN Debit Card Sales" have the exact rates as "credit card sales...which is probably another reason I see to avoid even making the distinction.

Does Wells Fargo find it necessary to post NON-PIN Debit Card Sales rates unless they also, in tandem, had and provided a solution, and thus rate, for Internet "PIN Debit Card Sales."

This from Wells Fargo's Internet Merchant Account Site:

Internet Merchant Account Pricing

Set-Up Fee1$99.00 per location
Monthly Service Fee (per location)$31 per month
Annual Compliance Support Fee2$40 per year
Payment Gateway FeeIncluded
Online ReportingIncluded
Statement Billing Fee3 (paper statement)

$7.50 per month
Processing Fees
Discount Rate4 — Visa®, MasterCard®, Discover® Network2.40% on Gross Credit Card Sales
Discount Rate4 — Visa, MasterCard, Discover Network
2.40% on Gross Non-PIN Debit Card Sales

Authorization/EDC Fee5 — Visa (Credit and Non-PIN Debit), MasterCard (Credit and Non-PIN Debit), Discover Network (Credit and Non-Pin Debit)

$0.30 per attempt
Non Bank Card Authorization (American Express)$0.27 per attempt
Non Bank Card Capture Fee (American Express and American Express — split dial)$0.03 per attempt
Voice Authorization Fee$0.75 per attempt
Address Verification Fee6$0.01 per attempt
Chargeback Fee7$25.00 per chargeback
Voice (Manual) Address Verification Fee
$2.00 per attempt

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