Merchant 1 Payments (merchant1payments.com) is a merchant account provider headquartered in Concord, Ontario. Founded in 1999, the company can service most traditional business types in both Canada and the United States. Merchant 1 Payments is a registered MSP/ISO of the Canadian branch of U.S. Bank National Association and Elavon. The company is located at 8900 Keele Street, Suite 220, Concord, Ontario L4K 2N2.
It is worth noting that Merchant 1 Payments could potentially be confused with Merchant One in search results; however, these two entities are unrelated. The president and CEO of Merchant 1 Payments is Joe Bonavota.
Merchant 1 Products and Services:
- Debit and credit card processing
- EMV acceptance
- Online payment gateway
- Virtual terminal
- Gift card programs
- Desktop and wireless credit card terminals
- Merchant cash advance
- Working capital loans
- Canadian businesses
|Key Points – Sales & Marketing|
|Uses independent resellers?||Yes|
|Promotes deceptive rate quotes?||No|
|Discloses all important terms?||Yes|
Merchant 1 Payments appears to employ both full-time, W2-employed inside sales agents and paid-by-commission external sales agents to market its services. The latter practice is generally tied to merchant frustrations, given the difficulty of monitoring these agents’ behavior, but in this case we are only able to locate one negative Merchant 1 Payments review that mentions nondisclosure by the company’s sales team. Furthermore, this complaint does not provide specific details of what transpired and is therefore of little use (more information below). As an additional point in the company’s favor, it does not appear to engage in any deceptive advertising strategies in its official materials.
|Key Points – Costs & Contract Terms|
|PCI compliance fee:||$9.99/month|
The standard Merchant 1 Payments contract (available below) outlines a month-to-month agreement with no early termination fee, a PCI compliance fee of $9.99 per month, and an optional, non-cancellable equipment lease through Ladco Leasing. There is also a PCI non-compliance fee of $20 per month for merchants who fail to maintain compliance. A company representative has stated that merchants can buy, rent, or lease equipment through Merchant 1. In almost all cases, merchants are advised to buy rather than lease equipment if possible.
Overall, there are no complaints that mention excessive fees or hidden clauses in the standard Merchant 1 Payments contract. We will therefore assume that most of the company’s merchants are satisfied with the service they receive.
Merchant 1 Payments Merchant Agreement
|Key Points – Complaints & Service|
|Live customer support:||Yes|
|Most common complaint:||N/A|
We are currently unable to locate any Merchant 1 Payments complaints that accuse the company of being a ripoff or a scam. In fact, there is only one review about the company across all consumer protection websites at this time. This complaint, posted in January 2014, vaguely describes a situation in which the merchant
had simply signed up and started receiving bills for online transactions that never happened! This appears to be an isolated incident. It’s also unclear whether this complainant is referring to an external agent of Merchant 1 Payments or a representative from a different company. The lack of any other such complaints indicates that the company generally employs capable customer service reps and discloses all important contract terms. The Merchant 1 website lists dedicated phone support lines that are available 24/7.
|Key Points – BBB Report|
Merchant 1 Payments has been an accredited business with the Better Business Bureau since 2009. As of this review, the company currently holds an “A+” rating with the BBB and has had zero complaints filed against it in the last 36 months. It has also not had any informal reviews posted to its profile. Since it is generally our policy to reserve “A+” ratings for companies with zero complaints, we agree with the BBB’s score in this case.
Merchant 1 Payments rates as a reliable merchant services provider according to our standards. The company is showing zero total complaints at this time and scores very well with the BBB. Even when dealing with highly rated providers, merchants are encouraged to carefully examine the terms of any contract they are given.
This review was originally published on 2/26/13 and was last updated on 1/12/2015.
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