Momentum Payment Systems
Momentum Payment Systems Overview
Momentum Payment Systems appears to be a relatively new alternate business name of Encore Payment Systems. Like Encore and Prodigy Payment Systems, Momentum is based out of Addison, Texas. Encore was founded in 2004. Momentum Payment’s overall rating is based on our Encore Payment Systems review.
Also see our reviews of this company’s other known DBAs:
This section is covered in the Encore Payment Systems review.
- Ethically questionable marketing tactics
- Use of multiple business names/DBAs
- “Hiring mill” recruiting strategy of Independent Sales Agents (ISAs) with high turnover
- Agents appear to receive higher commissions for selling expensive contracts and rates
- Underwriting policies allow for excessive fees and contract terms
- Markets expensive and non-cancellable equipment leases
Momentum Payment uses the same merchant account agreement as Encore. An older version is available below. Merchants have reported even more expensive contract terms than those shown in the embedded document.
- Pricing will vary by merchant based on business type and sales agent.
- Standard contract includes 3-year service agreement
- Early Termination Fee (ETF) of $195 but some merchants have reported ETFs of $450
- Equipement leases often have a 4-year commitment and cannot be cancelled without paying the full lease amount, often in the thousands of dollars (leasing equipment is optional).
This section is covered in the Encore Review.
- Company has received a moderate-to-high number of complaints for time in business.
- Numerous complaints have been filed by former employees and agents.
- Common complaints include expensive and non-cancellable equipment leases, and undisclosed/”hidden” fees.
Momentum Payment Systems has its own Better Business Bureau (BBB) report. As of this review, the company is not accredited with the BBB and has a “A-” rating. The BBB is reporting three complaints filed in the last 36 months; however, please see the Encore Payment Systems review for full details on this company’s complaints. Based on Encore’s complaint count and resolution ratio, we are adjusting the rating to a “D” for the purposes of this review. You can learn more about why we adjust BBB ratings in our rating criteria.
Momentum Payment Systems rates poorly as a credit card processor due to its close affiliation with Prodigy Payment Systems and Encore Payment Systems. For a full understanding of Momentum Payment Systems, please visit the Encore Payment Systems review.
Leave your review of Momentum Payment Systems in the comment section below:
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