Fifth Third Processing Solutions Overall Rating
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Update:
This review will no longer be updated because Fifth Third Processing Solutions has changed its name to Vantiv. See the Vantiv Review for future updates.
Fifth Third Processing Solutions Overview
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Fifth Third Processing Solutions is a division of Fifth Third Bank as part of a joint venture with Advent International. The company entered the credit card processing industry in 1991 under the name of Midwest Payment Systems and then changed the name to Fifth Third Processing Solutions in 2003. In 2008, Fifth Third Processing Solutions was ranked as the 4th largest bankcard acquirer in the United States. Since its inception the company has acquired several other credit card processors and ISOs, including ACI Merchant Services, Card Management Corporation (CMC), TNB Card Services and National Processing Company (NPC). At the time of this review, the company has a Better Business Bureau (BBB) rating of an “A+” with nine complaints filed in the last 36 months. Fifth Third Processing Solutions offer a broad range of merchant processing services and equipment.
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14 comments
Christine Hall
April 24, 2012 at 7:05 pm (UTC -7)
Never Never Never will we ever use or recommend 5/3 to my worst enemy!! We have been in business for over 10 years and switched to this company on a friends request in November. We have had problems almost from the beginning. Deposits don’t match and some are missing. For a small business owner who does an average of 75% charges that can add up. We have had no customer service help!! And of course we tried to get a copy of our contract which they wanted to charge us $7 to fax 2 weeks ago has yet to arrive!! We will never give up fighting this company until we get our monies owed to us! And the 3rd paryt contract for the leasing the terminals from is also a big joke and a ripoff.
Nicholas Henkels
April 5, 2012 at 9:52 am (UTC -7)
I have been trying to get an update as to what is going on with my two businesses accounts that are being reviewed by Fifth Third Bank, in which we have not gotten a response from anyone within your division or company as to what is going on with them and when they will be reactivated and the funds being held would be released. We have provided all the requested information as of a week ago immediately after I had conversated with the Fifth Third representative. I recieved read receipts and I see that the emails requesting an update have been received, but yet go unanswered which is not only concerning but frustrating as well.
We cannot run the business without being able to process our customer’s orders and receive the funds for those orders to be able to continue with product orders, marketing, operating expenses, etc. I am sure you can imagine how difficult it is to be able to continue operating a business that its sole operations revolve around and depend on the sales of our products to our customers and the business receiving the revenue from those sales to continue its operations.
If we cannot get this resolved immediately we will be forced to explore different options for processing as well as receiving our funds that are being held with no justified reason that has been explained. All of our sales and marketing efforts have been halted at this point until we hear as to the status of our account and we will need to start looking into additional options today as well if we do not hear back from them. As it is coming on a week shortly with no response or answers to our questions or concerns.
I sent my final email today requesting that they respond so we can get a resolution in place today without causing any additional financial strain on the company or its owners. It is now 11:00 PM and I still only have my read receipt from them and no response. This is extremely bad service especially considering the fact that its not a small amoount that is being held, its more than 50,000.00.
I highly recommend checking into other companys before considering Fifth Third. If I don’t get a response from them by Friday, then I’m going to make sure everyone knows not to choose such a company who does not care about the welfare of their clients companies.
I’m curious too know if anyone else has experienced this kind of situation with Fifth Third, I would like to know what the end result was and response turn time. Please feel free to share your story with me.
Christine Hall
April 24, 2012 at 6:59 pm (UTC -7)
We started using 5/3 in the beginning of November from a recommendation of a friend. We have been in business for over 10 years with the same processing company with no problems prior. We started seeing a lot of problems with deposits not matching. We actually believe we are missing multiple deposits too. We have spent countless hours trying to make calls to no avail. Nobody can help us and of course we have no sales people to come out and explain this. Now we have another processing company taking over but of course 5/3 unethically has frozen one of our “leased” terminals they don’t even own. I cannot even begin to tell you how upset we are and the loss of time we have spent on this and we are not even close to resolving this. We have now hired an attorney to help us with these problems. Your are more than welcome to contact us if you have any suggestions!!
Chad
March 5, 2012 at 12:52 pm (UTC -7)
I went with fifth third because as a new business they were the only ones who would give me a chance.
My business grew, and after 6 months I had a high number of transactions, no chargebacks, and very few refunds. I felt that it was time for the high rate I was being charged to be reviewed, but they refused.
So I found another provider, got a quote, and then went back to 5/3 and explained that I had been offered a better rate, if they didn’t review my account they would cancel.
They refused to review my account. So I canceled.
I’m reminded of this quote “You’ll never have a product or price advantage again. They can be easily duplicated, but a strong customer service culture can’t be copied.” 5/3 should take a lesson from that.
Stephani Harris
February 16, 2012 at 9:50 am (UTC -7)
A complete nightmare..Please do the background checking on any credit card processing companies. Regardless if the name appears to be a financial institution.
I am learning the hard way. Please stay away from this company. A plus rating with BBB? I doubt this is true.
Marilyn Koehler
December 14, 2011 at 3:58 pm (UTC -7)
My store closed June of 2010. I tried to close my accout with the MC/Visa but was told I would have to pay a early cancelation fee. I was told my contract was till 11/11 so I paid the minimum of $20 till November 2011. At that point I asked to close and the agent said fine and I sent the request. On 12/8/2011 I got a debit of $394 from my checking account. I called and it was a Sat and explained the situation. The customer service person said the $99 was the yearly fee and the $295 was early termination. I explained I was told I was within my time frame to cancel. She said she would request a refund for the $295 but could not refund the $99. Even though I felt the $99 should not have been deducted since I was not advised of this at time of cancelation I said I would pay that. She said allow 24-48 hours for the $295 to be refunded. Well it is over 48 hr and I called again the the rep said IF the decided to refund allow 3-5 days. I asked for a supervisior. I got voice mail of course and I left a message to call by the end of business TODAY. His voice mail never even stated his name. I doubt if he is even a supervisor. Of course he never called back. From day one this has been a night mare with fifth third. No return calls. Un authorized charges with the explanation of this is the way it is. Do not I repeat do not use them for your MC/Visa charge card service. They are very expensive with no explanation of their charges and now they have almost $400 of my money without so much as a courtesy return phone call. They need to be banned. When I open my next store I will never use Fifth Third for the service. no matter what. Can you imagine as a small business owner having $400 suddenly taken from your account. We need every penny.
Les
December 10, 2011 at 12:54 pm (UTC -7)
Fifth Third Processing has done a wonderful job for my business..the rates were very competitve with my former processor and the sales guy was quite informative. I guess in regards to these comments left by other posters, maybe it all depends on the rep you get. I havent had any troubles and the rates on my bill are just as he said it would be.
Regards
mck
December 14, 2011 at 4:00 pm (UTC -7)
You are living in la la land. Wait till you have a problem No one will ever help. Their costs are not competitive. You need to check around.
Debra
May 9, 2012 at 12:01 pm (UTC -7)
I have had great luck and we have over 20 Francishes that have this service.
Thomas warda
December 6, 2011 at 7:20 am (UTC -7)
I have been trying to process a credit card for 3 weeks with no success, this feature has caused me much stress and embarrassment with my customer and I will tell everyone not to use it.
J allison
October 17, 2011 at 7:39 am (UTC -7)
This place is a joke, You cannot ever get a hold of anyone, their rates are horrible and you are stuck with them until your “Contract” is up.
It is impossible to get any information or help, What a JOKE!
Took me 2 hours on the phone just to get through to somebody to cancel my account and then I am being charged $295 to close it out!
Stay FAR Away from them, I am very scared of what may still be coming when trying to close this out.
Marilyn Koehler
December 14, 2011 at 4:02 pm (UTC -7)
I agree Horrible horrible horrible
atlas
August 2, 2011 at 1:25 pm (UTC -7)
aware aware aware of …..5/3 processing ruined my business, i am in the process to file a suit for all damages, and hardship they have caused us, they will pay for their mistakes, no one is bigger then the law , I am sure they have done the same thing to other but it is time for them to pay.
be aware they will take your money and not even look back.
gary shapiro
June 17, 2011 at 11:45 am (UTC -7)
Fifth Third Data Processing has raised our interchange rate for mastercard/visa non qualifying cards by 50-400% over the previous 6 month period.
When we tried to leave we were threatened with liquidated damages of the balance of our contract (14 months) at a rate of the highest previous 3 month period of payments to them over the life of the contract, which was an extension contract as they had tried to raise the discount rate on us two years ago. So this liquidated damages fee works out to about $96,000 that they will sue us for if we now cancel our contract and find a more reasonable processor. The original “termination fee” of $295 is in the contract but this liquidation fee is in fine print. Be careful. The upcharges we just got equal about 90 basis points on about 3 million in charge sales and is a an increase of 27,000 dollars for the year..what a hit..and they care little for the fact that the salesperson did not even clue us in. And we had to beg to get a copy of the contract. Before signing up with Fifth Third Bank be careful and ask questions and read the 14 page addendum to the agreement.