Maverick Bankcard Overview
Maverick Bankcard (maverickbankcard.com) is a merchant account provider headquartered in Aguora Hills, California. The company appears to be an ISO of First Data. Launched in 2000, Maverick BankCard offers merchants the ability to process debit cards, credit cards, ACH checks, EBT, loyalty cards, and more. Maverick also provides point-of-sale terminals, online e-commerce gateways, recurring billing, fraud detection, mobile payment solutions, cash advances, and high risk merchant accounts. The company is located at 28720 Roadside Drive, Suite 101, Agoura Hills, California 91301.
In July of 2013, we were contacted by Benjamin Griefer, an account manager for Maverick BankCard, who claimed that Maverick BankCard and BankCard USA share no connection, past or present. After further investigation, we verified that BankCard USA and Maverick BankCard shared the same “Agent for Service of Process,” Alan Griefer, who is the father of Benjamin Griefer, and that Alan Griefer served as the principal for BankCard USA until 2011. During our email exchange, Benjamin Griefer supplied false and misleading information, repeatedly stating that there has never been connection between the two companies. In addition to the companies sharing senior management at one time, they are also located in the same building but with different suite numbers.
The companies appear to now be distinct and separate entities. Due to the lack of honesty and forthrightness during the communication regarding these matters and the aggressive nature of its contact with us, however, Maverick Bankcard’s ethical standards have been brought into question for the purposes of this review.
Maverick BankCard Sales & Marketing Tactics | D
Maverick BankCard appears to partner with independent agents and resellers to market its services, although whether or not these agents are W2-employed is unclear at this time. We are currently able to locate multiple negative Maverick BankCard reviews that describe nondisclosure of fees or misrepresentation of rates by the company’s sales agents, but these complaints represent a small percentage of the total number of complaints filed against Maverick BankCard. The company’s official materials do not appear to utilize deceptive advertising strategies.
One major factor lowering the company’s score in this section is the interaction mentioned in the company overview, in which a Maverick BankCard representative repeatedly provided false and misleading information regarding the company’s former relationship to Bankcard USA. It is our belief that this persistent attempt to deny any relationship with Bankcard USA reflects poorly on the company’s ethical standards.
Maverick BankCard Costs & Contract Terms | B-
Since Maverick BankCard provides high risk merchant accounts to many different kinds of businesses, the company’s contract terms will likely vary greatly depending on a merchant’s size, business type, and time in business. The first portion of the company’s standard agreement is available below, and it shows an agreement with First Data that includes a $195 early termination fee, a $25 monthly minimum fee, a $25 chargeback fee, and a monthly service fee of $10. The document does not list a PCI Compliance fee, although it’s worth restating that the contract terms provided to each merchant may vary greatly.
Most complaints about Maverick BankCard appear to be related to the company’s fraud prevention policies, which include the right to establish a cash reserve and the right to freeze an account if a transaction appears suspicious. These complaints are common among high risk merchant services providers, as they are necessary to protect a business from fraudulent payments. In this case, however, it does seem as though Maverick BankCard could prevent some of these complaints ahead of time by explaining its fraud prevention policies more clearly to merchants.
Maverick BankCard Complaints & Service | B
We are currently able to locate at least 10 complaints about Maverick BankCard on other consumer protection websites, some of which accuse the company of being a scam or a ripoff. Many of these complaints also mention Bankcard USA. Common themes among complainants include the withholding of funds, poor customer service, difficulty cancelling service, and undisclosed or unauthorized fees. Some of these complaints appear to be the result of merchant misunderstanding, as high risk merchant accounts are generally subject to fund withholding. Overall, this complaint rate is surprisingly low for the company, but we still encourage any merchant to exercise caution when signing up for service through Maverick Bankcard.
Maverick BankCard BBB Report | N/A
Maverick BankCard does not have a distinct profile with the Better Business Bureau (BBB) at this time. We will therefore not factor a BBB rating into the company’s overall score.
Maverick BankCard rates as a substandard processor according to our criteria. The company is showing a fairly low complaint rate at this time, but its grade has been lowered as the result of a Maverick representative’s persistent misrepresentation of his relationship to Bankcard USA even after being confronted with facts to the contrary. The incident calls into question the ethical standards of Maverick BankCard.
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