PNC Merchant Services Rate Increases, Fees, and Updates (2024)

Last Updated 10/02/2024

Merchants using PNC Bank for processing can use this guide to stay informed on the latest rate increases and processing fees from PNC Merchant Services.

Here’s a summary of the latest rates, fees, and updates you need to know about.

PNC Merchant Services is Increasing Rates in November 2024

Merchants using PNC Merchant Services were recently notified of a price change that goes into effect on November 1, 2024. They are increasing the discount rate by 0.002, which is a 0.2% increase per transaction. 

The notice says that continuing to use PNC Merchant Services after October 31, 2024 means that you accept the new pricing. If you choose to terminate your agreement with PNC, you can do so without incurring any early termination fees (although this is not something we recommend). 

PNC Merchant Services Fees For Payment Processing (2024)

PNC Merchant Services offers flat-rate pricing for small business merchants. With this structure, all fees fall into one of two categories:

• 2.60% + $0.10 per transaction: For swipes, dips, and taps with chip-enabled debit and credit cards
• 3.45% + $0.15 per transaction: For online payments, phone payments, and manually keyed transactions

While flat-rate pricing might seem simple to manage, it’s worth noting that these rates are high. 

Since PNC Merchant Services uses Fiserv to process payments on the backend, you should be able to request interchange-plus pricing for optimized rates. 

2024 Annual Fee

PNC Merchant Services is charging an annual fee of $109.95 in 2024.

Most merchants can expect to see this on their September 2024 statements. But this can depend on when your contract began. 

Annual fees are common for banks that resell processing services from Fiserv, and the amount varies by institution. That said, you may be able to get this fee removed from your statement with some negotiation. 

Culiance Acquirer POS Transaction Fee

Effective September 3, 2024, the Culiance Acquirer POS Transaction Fee is increasing to $0.045 per transaction, up from the previous rate of $0.035. This applies to transactions routed through the Culiance PIN debit network. 

PNC Bank Rate Increase Effective October 2022

Effective October 1, 2022, PNC Bank Merchant Services is increased its processing rates by $0.001. The new rate will automatically be reflected on October 2022 processing statements. 

Merchants who accept these terms do not need to take any action. Continuing to use PNC Bank for processing is considered an acceptance of the new rates.

For those of you who do not accept the terms, you must notify PNC Bank of your termination by September 30, 2022. You can provide written notice of your termination to:

PNC Merchant Services
PO Box 6600
Hagerstown, MD 21741

Alternatively, you can call 1-800-742-5030 to terminate your agreement. 

Additional Reading: How to Lower Credit Card Processing Rates WITHOUT Switching Processors

About PNC Bank

PNC Bank has a wide range of personal and business banking products. Headquartered in Pittsburgh, Pennsylvania, this bank has been around for more than 170+ years.

PNC Merchant Services offers end-to-end payment processing for small businesses and ecommerce brands. In addition to credit and debit card acceptance options, PNC Merchant Services also provides hardware and POS systems.

Click here to read our complete guide on interchange fees and processing rates.