Best for
Merchants searching for a payment processor that offers a lot of value added services, such as banking and business loans.
Specializes in
US Bank specializes in providing payment processing services to standard-risk merchants, some of whom may need to process payments in other countries’ currencies.
Pricing Summary
Setup Fee: $25
Monthly Fee: $10
Swipe Rate: 2.75%
Keyed-in Rate: Unknown
Early Termination Fee : 3.5%
Contract Terms:
US Bank was founded in 1863, and its national bank charter was actually signed by the Lincoln administration.
The company’s CEO, Chairman and President is Andy Cecere, and the company is guided by a Managing Committee made up of 14 members.
US Bank is able to offer tailored payment processing services through Talech and Elavon.
US Bank is one of the longest operating banks in the United States. This company got its start in 1863, and its national bank charter (No. 24) was signed by the Lincoln administration.
US Bank does much more than offer payment processing services for merchants. They also provide traditional banking services, business loans, and many other helpful services to their merchant customers.
US Bank is listed as number 113 on the Fortune 500 list and has been named one of the top 50 companies in the United States for diversity. Andy Cecere is the company’s President, Chairman and CEO, and the company is guided by a 14-member Managing Committee. US Bank has received many awards for its outstanding services for individuals as well as for businesses.
Head Quarters
Minneapolis, Minnesota
Year Founded
1863
CEO
Andrew Cecere
Employees
70k employes
Merchant Provider Risk Tolerance
Has been in business for over 150 years.
Works with almost any business type.
Has the ability to keep everything in-house from POS to merchant account.
Supports all payment types.
In-house sales department.
Very high complaint numbers.
No timeline on setup.
No information on contract length.
Fails to disclose all rates before application.
No chat available for tech support.
Hardware & Software
US Bank provides various options for payment processing, including hardware and software. They offer:
Mobile payment solutions that include SMS or emailed receipts for customers.
Credit/debit card terminals.
All-in-one POS systems that include tools to help merchants improve and grow their businesses.
A virtual payment gateway that is powered by Talech is also available to merchant customers who have online stores.
Additionally, US Bank has customizable solutions that can fit just about any business type.
Value Added Services
US Bank offers several value added services for its merchants in addition to payment processing. Merchants have access to:
Business checking accounts
Business savings and CD accounts
Business money market accounts
Online and mobile banking
Business credit cards
Business loans and lines of credit
Cash management services
Payroll services
A gift card program
A loyalty card program
Additionally, US Banks has a program called Encore Relationship Rewards, which gives merchants cash back or points, which can be used to grow their businesses.
Supported Payment Types & Services
US Bank allows merchants to accept multiple forms of payment, such as:
Payments from all four major credit cards
JCB payments
UnionPay payments
Mobile wallet payments, including Google Pay and Apple Pay
MOTO payments
Debit card payments
Electronic checks
US Bank is also able to process some international payments, which allows customers to pay in their own currencies.
Discloses All Important Terms
Yes
Public Pricing Available
Yes
US Bank prominently lists the company’s prices and fees on its website. It should be mentioned that these rates could be subject to change or adjustment based on an individual merchant’s risk level.
For card-present transactions, the rate is 2.6% + $0.10.
For Keyed-in transactions, the rate is 3.5% + $0.15.
For online payments, the rate is 2.9% + $0.30.
There are no monthly minimum or standard PCI DSS program fees, and expedited funding is available to merchants.
Pricing Model
Flat Rate
Swiped Rate
2.75%
Keyed-in Rate
Unknown
Mobile Payment Rate
Unknown
Virtual Terminal Rate
Unknown
Monthly Fee
$10
Payment Gateway Fee
Unknown
Batch Fee
Unknown
Early Termination Fee
3.5%
PCI Compliance Fee
$0
Equipment Lease Terms
Unknown
Address Verification Service (AVS)
Unknown
Application Fee
Unknown
Account Setup Fee
$25
Gateway Setup Fee
Unknown
Annual Fee
Unknown
Monthly Minimum
Unknown
Statement Fee
$0
US Bank does not require merchants to enter into long-term contracts. However, the company website does not state how long the company’s contracts are. They could still have them, but they may be month to month or only for one year.
Contract Length
Unknown
Early Termination Fee
3.5%
The company does not indicate how long it might take for merchants to get set up to begin accepting payments from their customers. But it appears that their POS systems are plug-and-play. Merchants in need of processing for online payments may be able to begin accepting them within a day or two.
US Bank includes 24/7 customer service assistance for merchants at no extra cost. They can contact the company by phone or email.
BBB Rating
US Bank has been an accredited business with the Better Business Bureau since 1970. This company has thousands of complaints on the BBB website and it has closed more than 4,000 of them in the last three years. Close to 3,000 have been closed in the last year.
Most of the complaints are from customers with personal bank accounts and not merchants. US Bank has an A+ rating with the BBB.
Other Online Reviews
There are no other reviews online for US Bank, which indicates that customers are mostly satisfied with their services.
BBB
Unknown
Unknown
Unknown
Yelp
Unknown
Total Online Reviews
Unknown
Total Online Complaints
Unknown
Lawsuits
No
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