Do U.S. Bank's published card rates apply if you sign up at a branch?

Summary

Not necessarily. U.S. Bank's published rates of 2.60% + 12¢ in person, 3.50% + 15¢ keyed, and 3.30% + 30¢ online apply to online applications, and the bank says fees may vary and other fees may apply for accounts not opened online. A branch quote has to be read on its own terms.

The footnote behind the rates

Both the payment processor page and the pricing page carry the same three rates and the same footnote. It starts by saying U.S. Bank Payment Solutions are powered by Elavon, a wholly owned subsidiary of U.S. Bank NA, and that Elavon assesses the transaction fees by acceptance method:

• Swipe, tap, insert: 2.60% of the transaction plus 12¢ per item
• Manual transaction: 3.50% plus 15¢
• Online payments: 3.30% plus 30¢

Then come the two sentences that matter. The disclosed fees apply for online applications. For accounts not opened online, fees may vary and other fees may apply.

So the page gives you the online price and nothing else. It does not say branch pricing is higher or lower.

What 12 cents does to a small ticket

The per-item fee is where small sales feel it:

Everyday Funding

Everyday Funding costs nothing extra for Payment Solutions merchants who have a U.S. Bank Business Checking account. Funds arrive within hours of closing a batch and are processed every day, weekends and holidays included. Turning it on can take three to five business days, and once it is active the description of the deposit on your bank statement changes.

The payment pages do not list a U.S. Bank account as a condition of applying for processing. Seven-day funding is a different matter: it only goes into one.

The POS plans

Mobile POS has a $0 software fee. The first card reader is $49 as a promotion for new accounts applied for online, limited to one per customer; any other reader is $89, and U.S. Bank and Elavon can change or end the offer at any time.

Smart terminal is $15 a month to rent or $449 to buy.

Starter, Standard, and Premium start at $29, $69, and $99 a month. Each adds $29 a month per extra software license and a one-time $99 setup fee, and each includes unlimited users.

All of them require a merchant processing account.

Sources

• usbank.com/business-banking/payment-solutions/in-person-payments/payme…
• usbank.com/business-banking/payment-solutions/pricing.html
• usbank.com/business-banking/payment-solutions.html

Related on this site

• Is card processing from your own bank cheaper than Square or Stripe?
• Who is your contract really with when you sign up through an ISO or a payment facilitator?
• What does it cost to get card sales into your bank faster than the next business day?
• Who publishes a card rate, and who does not
• Effective rate calculator

Written by Kaz (pen name). Figures are copied from providers' published pricing pages on the dates shown. We have not used these products. Corrections: contact form.