GoEmerchant Overall Rating
GoEmerchant (goemerchant.com) is a small merchant account provider based in Cherry Hill, New Jersey, with a founding year of 1995. The company got its start by developing e-commerce solutions and then expanded into various other electronic payment solutions. Despite its long time in business, GoEmerchant reports that it manages only about 20,000 merchant accounts. The company’s small size should not be considered as a strike against it because it seems to have served it well in keeping its merchant customers satisfied over the years.
There is some evidence indicating that GoEmerchant is a subsidiary of First American Payment Systems, a company with a very high number of complaints filed against it. Although GoEmerchant does not appear to be showing anywhere close to the number of negative reviews received by its parent company, merchants should be aware of this relationship.
GoEmerchant Sales & Marketing Tactics | B
GoEmerchant advertises misleading rates on several of its online application pages, quoting an “Internet Rate” and “Retail Rate” “as low as 0.89%” per transaction. These quotes are misleading because they do not include the Mid-Qualified and Non-Qualified surcharges that a high percentage of transactions experience, or the fact that such a rate would only be experienced with a minuscule percentage of a merchant’s transactions. The company also hires independent resellers, which would normally be a strike against it, but GoEmerchant’s compensation program does not appear to encourage price gouging like many others do in this industry. Even with these negative signs, GoEmerchant is currently showing zero negative reviews online regarding its sales tactics. Overall, the company does not appear to intentionally use deceptive marketing or sales tactics and could improve its rating in this section by removing the misleading rate quotes from its website.
GoEmerchant Costs & Contract Terms | A+
GoEmerchant apparently utilizes First American Payment Systems (FAPS) as its processor, and FAPS’s standard agreement has a three-year service agreement with a $495 early cancellation penalty; however, GoEmerchant appears to have the freedom to waive these requirements with its merchants. Therefore, merchants who apply with GoEmerchant have month-to-month agreements with no cancellation fee. If you choose to apply with GoEmerchant, be sure to read your merchant account agreement to make sure this applies to you. GoEmerchant’s other pricing and fees will vary depending on the services the merchant requires. As of this review, its is unclear if GoEmerchant charges a PCI Compliance fee. If you have any information regarding this, please leave it in the comment section below.
GoEmerchant Complaints & Service | A
There is currently only one valid GoEmerchant negative review online, filed in 2006. It mentions withholding of funds as its primary issue. Otherwise, the company looks to be performing quite well in customer satisfaction. With that said, it is possible that additional complaints may have been filed against FAPS instead of GoEmerchant; however, there is no evidence at this time that this has occurred.
GoEmerchant BBB Report | A (CPO Adjusted)
GoEmerchant has been accredited with the Better Business Bureau (BBB) since 2001. As of this review, the BBB is reporting an “A+” rating with only one complaint filed in the last 36 months. We believe “A+” ratings should be reserved for companies with zero public complaints and have adjusted GoEmerchant’s rating in this section to an “A” for the purposes of this review.
Even though GoEmerchant is small provider, the company seems to be a solid performer with a long track record of minimal complaints. Since GoEmerchant uses FAPS as its processor, merchants would be wise to fully read and understand the merchant account agreement before signing it.
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