Merchant Services Review

Comparison of Processors and Rates

Many companies offer reviews of credit card processing companies, and as a consumer you can get a lot of information by visiting these sites. As a caveat, many of the highest volume processors may have an unfair share of negative reviews just because unsatisfied customers tend to be very vocal. Furthermore, with any review service, whether it be a niche reviewer or yelp, there can be fake reviews by detractors, disgruntled former employees, and competitors who may make wild claims in their review, and then provide a link to the story when making sales pitches to that company's customers. (Very big companies are a favorite target of such tactics, but it can happen to local ISOs as well.

What To Look For

Credit Card Processing ReviewsWhen taking ratings into account, you want to look for processors who have their own customer service departments, who offer a variety of credit card terminal brands, and who work with customers who have complaints. As an example, many organizations have BBB complaints, but the rating is also based on the steps taken to arbitrate the complaint and satisfy the customer. Some of the largest and most respected firms could have hundreds of complaints in the past 3 years, so the real key to understanding the nature of the issues is to (when possible) go through the customer's version of the problem and see how the company responds. As a small business owner yourself, you are probably aware that there are a fair number of customers who want something for nothing, or who will destroy a product and demand a refund. In the merchant services field, it is possible to ruin a merchant account (and get banned from processing) by abusing the terms and conditions of the agreement. Many of the people who had their priveledges revoked by Visa, MasterCard, AMEX, or Discover will take to blaming the ISO, because that company represents their contact. As an anecdotal example, one company in our experience was unable to set up a merchant account because the customer had been identified as a case of identity theft. Instead of being unhappy with the company that flagged him, he took his anger out on the merchant services company that went the extra mile to resolve his complaint. Such is life.

On the flip side, there are some absolutely bad actors among ISOs and MSPs. Normally these companies end up getting taken down by the Federal Trade Commission. These companies often are characterized by (1) representing themselves as the prospect's current processor (2) forging signatures and initials on processing agreements (3) faxing partial agreements to clients (4) failing to disclose that fees will actually be higher.

List of Review Sites

The list below represents some of the top review sites in the industry. There are a lot of different parties out there that offer reviews.

TopCreditCardProcessors.com

PaymentsPerfected.com

TopTenReviews

NYT

FindTheBest.com

RipoffReport.com

TopCreditCardProcessors.com