Ratings and Reviews

Is Your Processor Listed?

Rating credit card processors can be a tricky business. Some of the highest volume carriers have a large number of complaints, but this may be because customers did not understand the terms and conditions of the merchant services contract. Other firms may have great rates and customer service but high fees for early termination, PCI compliance, and TIN validation. The best way to understand good processors is to create a weighted average of players in the field, and understand that complaints come with the territory.

List of Best Reviewed Processors

Credit Card ProcessorsWhat are the factors common to the best credit card processors? Rates and fees should be first and foremost. You need a guaranteed savings over your current overall costs, including access fees, leasing costs, statement fees, PCI compliance costs, and IRS fees. In many cases the ISO will need to pass on some of these costs, as there are fixed expenses like interchange as well as markups and "downgrades" (or "discount rates") that add to the price of each transaction. Beware the salesman who blitzes you with doubletalk without explaining what it means to you. Any good salesperson should be able to look at your current statement and quote you on your total bill if the same transactions happened on their own platform.

Separating Sales from Service

Most major complaints about processing companies come in the form of telemarketing and phone sales. Business owners cannot join a "Do Not Call" list in the same way that consumers can, so they may get calls from multiple merchant services companies daily. They may make complaints with the BBB, Yelp, and other online services such as Ripoff Report. However, the processing setup offered may in fact be very competitive, and better than the owner's current pricing. It should be noted that you wouldn't be called all the time if your business type wasn't of interest to the seller(s). When reading through a list of BBB complaints, reviews, or other online postings, it is important to separate out the marketing side from the customer service area. Are people complaining about unexpected fees, surprises, or poor service? Note that some people who complain anonymously online are in fact competitors, who are looking to customize a horror story that they can show to prospects who are using that very brand, or who are considering switching.