Bluefin Review – Payment Processing (2024)

Bluefin serves over 35,000 businesses in 59 countries across the globe—processing more than $40 billion in sales per year.

Whether you’re thinking of using Bluefin to process your payments or you’re a current Bluefin customer, this review will provide you with an insider perspective to determine if you’re getting the best deal.

We’ll cover the pros and cons of Bluefin before taking a closer look at their pricing and answering some common questions you might have. 

Our Insider Take on Bluefin Payments

Bluefin is an ISO (independent sales organization), which means they’re a third-party service provider using another payment processor on the backend. In this case, Bluefin uses Elavon as its backend processor.

Any time you’re working with an ISO, your processing rates and fees are going to be slightly higher. That said, Bluefin’s prices are fairly competitive (at least they used to be). Recently we’ve seen them increase prices over the past six months on discount rates and ACH transactions. 

We mainly see Bluefin targeting healthcare practices—more specifically, orthodontists. That’s because Bluefin integrates with Greyfinch practice management software, which is a cloud-based solution for orthodontics practices. 

Bluefin Pros

• Interchange-plus pricing is available.
• Solid technology and merchant support.
• Lots of integrations and industry-specific solutions. 

Bluefin Cons

• High ACH discount rates. 
• Overall, pricing isn’t as good as it used to be.
• As more of a niche-specific processor, Bluefin isn’t the best option for the masses.

I don’t want to revolve all of Bluefin’s drawbacks around pricing. But that said, we’re seeing them charge 4x as much as they did in the past. 

I think this is largely due to all of their integrations. It’s more expensive for Bluefin to manage and maintain these, so they’re trying to charge merchants more to offset those costs.

Bluefin Pricing and Credit Card Processing Rates

Bluefin’s interchange-plus rates are customized for each business. But our clients are typically paying the following rates:

• 0.80% + $0.15 per transaction for Visa, Mastercard, and Discover
• 0.80% + $0.20 per transaction for American Express
• 0.80% per ACH translation

These rates are high, especially the ACH discount rate.

ACH payments are usually so much cheaper, and we used to see Bluefin charging 0.20% for those transactions. So it’s tough to ignore the fact that ACH payments are now priced at essentially the same rate as credit cards (minus the authorization fee). 

Other Bluefin Fees to Look Out For

In addition to the transactional rates, Bluefin charges quite a few other one-off, monthly, and annual fees. 

These can vary from merchant to merchant, and it also depends on what integrations you’re using, but here’s an overview of some common fees we see from Bluefin:

• Statement Fee — $10 per month
• Minimum Monthly Fee — $20 per month
• Annual Fee — $50 per year
• Chargeback Fee — $25
• ACH Chargeback Fee — $7.50
• ACH Reject Fee — $18.50
• PCI Non-Compliance Fee — $99.95
• PCI Management Program Fee — $10
• AVS Voice Authorization Fee — $2.50 per authorization
• Voice Authorization Touchtone Fee — $0.65 per authorization
• Voice Referral Fee — $4.00
• Voice Operator Assist — $2.00
• NSF Fee — $30
• DBA Change Fee — $20

While none of these fees will break the bank, they add up fairly quickly. And generally speaking, we just don’t like it when processors charge for things like statements and monthly minimums. They’re already charging high rates for transactions, so the monthly fees just seem unnecessary. 

That said, this isn’t a deal-breaker. I wouldn’t let an extra $20 to $30 per month in bogus fees persuade you from using Bluefin if everything else fits what you’re looking for and you’re happy with your rates. 

Latest Bluefin Rate Increases, Updates, and Noteworthy News

Starting in May 2024, Bluefin started sending notices to its current customers notifying them of a 0.20% increase per transaction for all Visa, Mastercard, Discover, and Amex transactions.

We’ve also seen similar increases this year for ACH transactions.

You can follow our Bluefin rates page for all the latest increases and updates. 

Should You Switch to Bluefin?

If you’re currently accepting card payments with another processor, I probably wouldn’t recommend switching to Bluefin. This question needs to be evaluated on a case-by-case basis, but it’s highly unlikely that you’ll get a better deal with Bluefin compared to your current processor.

Here’s why.

Let’s say your current processor is charging you more than the 0.80% + $0.15 per transaction that we’ve seen from Bluefin. There are so many other hidden costs associated with switching processors that slight cost-savings may not even be worth it.

I’ll let you in on an industry secret. Your processor doesn’t want to lose your business. So you’ll have much more leverage negotiating directly with your current processor instead of switching. 

Furthermore, Bluefin’s rates aren’t great. So if you do want to switch processors (which we rarely recommend), there are plenty of other providers offering lower rates. 

Should You Terminate Your Bluefin Agreement?

We typically don’t see any liquidated damages clauses or early termination fees with Bluefin. This is aligned with what we mentioned in our Elavon review (Bluefin’s backend processor). 

Definitely check your specific contract before you consider making a decision like this. Just because we haven’t seen those clauses lately, it doesn’t mean you aren’t bound by stricter cancellation terms. 

But even if you can cancel penalty-free, you should always make an attempt to negotiate directly with Bluefin before terminating your agreement. 

Contact our team here at Merchant Cost Consulting if you need assistance with this process. We have experience negotiating with Bluefin, and we know how to help you get the best possible deal. 

Our Bluefin Review Methodology and Why You Should Trust MCC

We know we aren’t the only website reviewing Bluefin, but I can guarantee that our review is the most trustworthy source on the web. Why?

• We have years of experience negotiating rates for our clients directly with Bluefin.
• Since we negotiate contracts and view monthly statements, we know exactly what Bluefin charges (even if those prices aren’t publicly available on the web).
• We can also compare Bluefin to other processors based on rates we see from other clients and our first-hand experience with those providers.

Experience aside, the number one reason why you can trust us is because we don’t have a hidden agenda. 

Most of the Bluefin reviews you’ll find on the web are just regurgitating information taken directly from Bluefin’s website. There’s no real insight, and those publishers don’t actually need any real experience with Bluefin to write those. 

And if you look closely at those other reviews, it’s super obvious that those sites either have some type of affiliate agreement with Bluefin or another processor they’re trying to promote.

That’s not how we do things here at MCC.

Instead, our goal is to keep you informed on the facts mixed with our unique position in the credit card processing space. We’re not here for clicks or affiliate commissions—we just want to help you save money on credit card processing, without switching processors. 

Final Thoughts on Bluefin

Bluefin is an average processor. They’re a good option for dentists and orthodontists, particularly those who want to integrate with Greyfinch practice management. 

Just be prepared to pay higher rates than you would elsewhere.

Is Bluefin charging the highest rates on the market? Absolutely not. 

But they’re far from the cheapest we’ve seen. The fact that their markup used to be closer to 20 basis points, and now it’s at 80 bps just 12-18 months later can’t be ignored. 

I’m hoping this isn’t a sign of larger and more frequent increases in the future, but it’s honestly hard to say right now.

It’s also rare to see a processor charge almost the same amount for ACH transactions as credit card transactions. We normally see a significant discount for ACH payments.