by Ben Dwyer US Bank is both a processor and a bank that serves customers across the United States. As a processor, US Bank offers a range of payment acceptance services, including point-of-sale, online, and mobile processing. It can work with small or commercial businesses and also government institutions.
Since they are also a bank, they can provide other services that most processors do not offer like loans and business credit cards. In this US Bank review and profile, we will focus on the processing services it offers, highlight any other benefits it can bring to your business, and discuss reputation and client satisfaction.
- What processing services does US Bank offer?
- Reporting features through US Bank
- Does US Bank offer equipment?
- Are there any security benefits?
- What extra benefits can I expect when working with US Bank?
- US Bank Rates and Fees
- US Bank Review and Online Reputation
What processing services does US Bank offer?
US Bank provides payment processing for traditional credit and debit cards, gift and loyalty cards, and checks. Payments can be accepted in person, online, and by mobile device. Additionally, businesses can process some international transactions, allowing customers to pay in their preferred currency and convert payments. US Bank allows payment acceptance in five currencies, covering more than 20 countries.
Card Processing
US Bank offers card processing for a variety of industries, including retail, restaurant, supermarket, lodging, entertainment, property management, non-profits, and more. Businesses can accept a range of popular payment types, including major credit and debit cards. For accepting payments in-person, US Bank works with a range of point-of-sale terminals. You can accept almost all major credit cards, including MasterCard, Visa, Discover, and more. Additionally, you can accept PIN-based debit cards.
Mail Order/Telephone Order and Online Processing
For companies that conduct business by phone or mail, US Bank offers a virtual terminal option that allows clients to use their existing computer with internet access to process payments. Payment information isn’t stored on the client’s computer, increasing security. Additionally, the virtual terminal integrates with existing shopping carts for e-commerce processing.
Gift and Loyalty Cards
For companies that want to offer gift cards for sale, US Bank has a gift card program to help clients boost sales. Basic cards can be customized with business name and logo as well as contact information. Standard cards are available in pre-designed styles and can be customized by adding a logo and choosing fonts and colors. Custom gift cards can be fully designed to match your business’s look.
Loyalty cards are also available. You can choose from basic, standard, and custom designed cards just like the gift card program, but the loyalty program offers the ability to reward regular customers and encourage repeat visits. Loyalty programs can be monitored online, including transaction details, card balances, summaries, and more.
Checks
US Bank provides electronic check processing services for clients who need to be able to accept checks in their business. Electronic check processing converts paper checks into an electronic transaction for added security and convenience, eliminating the need to manually deposit checks at the bank.
Mobile Device Processing
You can accept payments on the go with US Bank’s mobile payment solution VirtualMerchant Mobile. Simply use your existing smartphone or tablet as a mobile credit card device with the VirtualMobile app. This should allow payment acceptance from almost anywhere. Mobile processing is ideal for those who are frequently in different locations. An optional card reader can be connected, allowing you to swipe cards instead of manually entering. Swiped card information isn’t stored on your device but encrypted at the time of swiping and stored securely by US Bank. VirtualMerchant Mobile works with Apple, Android, and Blackberry devices. Electronic signature capture can be used on some Apple and Android devices.
International Payment Solution
When working with international customers, US Bank’s Dynamic Currency Conversion (DCC) will allow Visa and MasterCard credit cardholders the ability to pay in their native currency. US Bank boasts clear, competitive exchange rates that are calculated at the point of sale. It offers 5 currencies. Also, you will receive a rebate for a percentage of the foreign exchange conversion on your monthly statement.
Reporting features through US Bank
US Bank provides real-time reporting, helping to manage your business. Reporting is available online through US Bank’s MerchantConnect portal, in two levels: Basic and Premium
MerchantConnect Basic
The basic reporting service is designed for businesses with one location. The Basic package includes one login, and access to account information in real-time. Reports are available for up to 6 months and include tools for data tracking.
MerchantConnect Premium
The premium reporting service is designed for businesses with multiple locations. The Premium package provides access for multiple users and offers searchable and exportable reporting.
Does US Bank offer equipment?
US Bank offers a selection of terminals and peripherals (like PIN pads, printers and check-imaging devices) for in-person payment acceptance. Mobile terminals and apps are also offered for people who cannot be tied to a single location. You can contact US Bank for an up-to-date list of available devices. For businesses that already have equipment, US Bank may be able to reprogram it so you can continue using it.
Equipment is available for lease or purchase. Note that equipment leases are rarely in your best interest. See our article “Don’t Lease a Credit Card Machine!” for more information.
Are there any security benefits?
To help ensure business and cardholder security, US Bank offers a comprehensive PCI security program. The PCI compliance program teaches you about the necessary responsibilities of your business and provides tools necessary to achieve and maintain compliance. Additionally, an Online Case Management tool lets clients you review and manage chargebacks.
What extra benefits could I expect from working with US Bank?
Aside from merchant services, you can also take advantage of currency handling, working capital options, and business checking or savings accounts.
Coin and Currency Handling Services
For those businesses who deal with a lot of cash as well as processed payments, US Bank offers remote cash deposit, cash vault services, and branch cash services depending on your needs.
Working Capital
If you need funds to boost your business, US Bank offers 5 different ways you can obtain working capital depending on the need and circumstance. From short term cash needs to full business loans, you might be able to find the credit option that suits you within US Bank’s services. Be aware that merchant cash advances, a common offering from processors, may be an expensive way to secure funds.
Business Checking/Savings Account
As mentioned before, US Bank is also a full service bank as well as processor. This profile looks primarily at its processing service, which can be used congruently or separate from the banking services it can provide. Since US Bank is familiar with working with businesses, they do offer a variety of options and packages for businesses looking to bank with them.
US Bank Rates and Fees
US Bank offers a pricing plan called Clear & Simple for companies that process less than $25,000 annually. Clear & Simple is available for in-person and mobile processing. Rates and fees for the Clear & Simple plan are as follows:
- Swiped rate: 2.75%
- Keyed rate: 3.5%
- Per-transaction fee: $0.29
- Monthly account fee: $10
US Bank boasts no reporting or PCI compliance fees, and no statement fees. Rates apply for Visa, MasterCard, and Discover card payments, as well as PIN-based debit cards. US Bank also states that there are no cancellation fees for businesses, effectively creating a month-to-month processing agreement.
The rates US Bank list indicate a flat rate pricing model. It is not necessarily as expensive as a tiered or bundled pricing model, but that doesn’t necessarily make it the best option for you. To see how US Bank stacks up, you can use CardFellow’s free quote comparison tool. Request a quote from US Bank through CardFellow to easily compare it to quotes from other processors. Sign up today.
US Bank Review
US Bank has been accredited with the Better Business Bureau since 1970 and currently has an A rating. However, the company has 2,322 complaints closed in the past 3 years, with 733 closed in the past 12 months. Not all complaints relate specifically to the processor services. 1,410 complaints are in the "Problems with Product/Service" category, 662 complaints are listed in the "Billing/Collection Issues" category, 209 complaints are in the "Advertising/Sales Issues" category, 31 complaints are in the "Delivery Issues" category, 9 complaints are in the "Guarantee/Warranty Issues" category, and 1 complaint is in “Other.” There are also 34 customer reviews, 33 of which are negative.
The complaints are largely associated with the banking service but in regards to processing, some allege unauthorized debits, unexpected fees, and poor customer service. Large numbers of complaints can also be found on Ripoff Report but are mostly associated with banking again. Similarly, all reviews on Yelp refer to the company’s banking service and not to its processing service.
