Meritus Payment Solutions
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Meritus Payment Solutions Overview
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Meritus Payment Solutions is a merchant services provider based out of Santa Ana, California. The company was founded in 2008 and appears to be an independent sales organization and reseller of card processing services provided by numerous direct processors. According to an agent of the company, Meritus primarily sells the processing services of First Data and TSYS.
Meritus is one of the few companies that provides high risk merchant accounts to businesses that cannot qualify for traditional accounts. This includes businesses with credit problems, or businesses that sell products and services that other merchant account providers will not a approve.
Aside from offering credit card processing services, Meritus Payment Solutions also markets other business financial products such as check services, POS systems, ACH processing, cash advances and gift/loyalty card programs. The company also has its own payment gateway called Payment XP.
The acquiring bank of Meritus Payment Solutions is Wells Fargo® Bank, N.A., Walnut Creek, CA.
Meritus Payment Solutions Marketing Strategy | B
Meritus appears to market its credit card processing services through the use of outside independent sales agents, sub-ISOs and internal sales staff. The company does not use any deceptive marketing tactics that are apparent to this reviewer.
Normally, the use of outside independent sales agents results in a high number of complaints for most merchant account providers; however, Meritus only has a handful of complaints about its agents which are not of the quantity or nature that is usually seen with other providers. We will continue to monitor reports from merchants about Meritus’ sales tactics and update this review when more information becomes available.
Meritus Payment Solutions Fees, Costs & Contract | B
Pricing and contract terms with Meritus appear to vary based on a merchant’s business type and processing needs. However, an agent stated that the standard contract with most accounts is 36 months with a $395 early cancellation fee but that nearly all terms are negotiable prior to setting up the account. Additionally, high-risk businesses are likely to have customized contracts designed to protect both parties.
Merchants considering Meritus are encouraged to carefully read their contract before signing, especially because the terms may vary depending on several factors.
Meritus Payment Solutions Complaints & Service | B
Meritus has only a handful of complaints filed online, but nearly all of them state similar problems. Each complaint reported poor customer service, receiving higher than quotes fees after signing up, and one complaint reported an extremely high cancellation fee ($7,600). An executive from Meritus contacted us and stated that the $7,600 was not a cancellation fee but, instead, a Cash Reserve that the merchant would receive back once the hold had expired. Establishing Reserves is common practice in the merchant services industry and this single complaint does not raise much concern with this reviewer. Additionally, the executive assured us that the other complaints were isolated incidents and that Meritus strives to resolve all merchant problems. Overall, Meritus has a very low complaint count in comparison to industry averages.
We will continue to monitor Meritus’ merchant complaints and update accordingly.
Meritus Payment Solutions Better Business Bureau Report | A-
As of this review, the Better Business Bureau (BBB) is reporting that Meritus has been accredited since 2010. The BBB is awarding the company with an “A-“ rating based on five (5) complaints filed in the last 36 months. Of the complaints, two (2) are regarding billing issues, another two (2) with service problems and one (1) with advertising or sales issues. All but one complaint were resolved to the merchants’ satisfaction.
Bottom Line
Meritus Payment Solutions appears to be an above average independent sales organization within the industry and a good option for high risk businesses. Since Meritus matches merchants up with a variety of direct processors, it has the ability to customize numerous services based on merchant needs.
Meritus can improve its overall rating in this review by offering month-to-month contracts as a standard agreement and working to eliminate future complaints from merchants. As with any merchant account provider, merchants are encouraged to read and understand all paperwork before signing up for services.
Leave your review of Meritus Payment Solutions in the comment section below.
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1 comment
Nick
March 2, 2012 at 5:20 pm (UTC -7)
I have been processing with Meritus for over a year. I am in a high-risk industry and I’m a very satisfied customer. They have always provided great services, and in my opinion treated me fairly. They have great employees that will truly take the time to explain things and help you understand complex scenarios and information. If you are doing good business, Meritus is a great place to look to for Merchant Services. A+ all the way.