PayLeap Overall Rating
Formerly known as Affinity Payments, PayLeap (payleap.com) is a merchant account provider founded in 2008 in Warsaw, Indiana. The company is best known for its virtual terminal and e-commerce credit card processing package, but also supplies traditional credit card terminals and POS systems. Aside from providing credit card processing services, PayLeap also offers ACH/check processing and gift card processing.
PayLeap has primarily positioned itself as a competitor of companies such as Authorize.net, PayPal, Google Checkout and Volusion with a service offering that appeals to merchants interesting in e-commerce and virtual terminal services. Payleaps services offer a variety of features including , recurring billing, hosted payment gateways, multi-user support, reporting, and the ability to accept face-to-face transactions, among others.
PayLeap Sales Tactics & Marketing Strategy | A-
PayLeap appears to primarily market its services in several ways including online advertising, strategic partnerships, and independent resellers. Although the use of independent resellers would normally lower a company’s score in this section, PayLeap seems to have avoided the typical problems usually associated with the practice with strict underwriting and sales policies.
The only strike against PayLeap in this section is how the company quotes rates and fees on its website. The website only quotes a “Qualified” transaction rate of 2.10% and $0.25 per transaction and does not indicate in any way the additional “Mid-Qualified” and “Non-Qualified” rate tiers. This is important because 50%-80% of all transactions will be charged under these more expensive tiers. Be sure to ask your agent about these fees if you are considering PayLeap and read Fee Sweep to learn how to get the lowest rates available in this industry.
Payleap can improve its score in this section simply by mentioning the other rate tiers.
PayLeap Fees, Costs & Contract Terms | A+
Aside from transaction fees (may be negotiable), Payleap charges a $17 per month service fee, which includes the merchant account and payment gateway, and a $10 monthly statement fee. Merchants who wish to accept gift card payments and/or ACH/eCheck processing will also be subject to an additional $14.99 monthly fee for each respective service. It is unclear if there are additional minimum processing fees or PCI Compliance Fees. Be sure to ask your agent to list all fees and thoroughly read the contract before signing.
PayLeap’s standard merchant account contract has a month-to-month service agreement with no cancellation fee and appears to have competitive pricing in comparison to similar services. Due to this we are awarding the company an “A+” rating in this section. If you have more information about Payleaps pricing, please leave it in the comment section below.
PayLeap Complaints & Service | A+
As of this review, PayLeap has no recent complaints on the usual forums and consumer protection websites. Our research shows that the vast majority of PayLeap’s merchants are satisfied with the company’s services.
PayLeap Better Business Bureau Report | A
As of this review, PayLeap is accredited with the Better Business Bureau (BBB) and has been since 2008. The BBB is reporting an “A“ rating with four complaints filed in the last 36 months. Of the complaints, three are due to problems with service and one regarding billing and collection. Two of the complaints were resolved to the merchants’ satisfaction while the BBB states that Payleap made a “good faith” effort to resolve the remaining two despite the merchants reporting an unsatisfactory response.
Overall PayLeap scores well in our review. The company could improve its overall rating by offering more transparency regarding the transactions fees it lists on its website. Otherwise, PayLeap has very few merchant complaints and offers month-to-month contracts with no early termination fees – which is ideal for most small businesses.
- Best Merchant Account Providers
- Compare Rates and Fees
- Best Credit Card Processing Apps: iPhone | Android
- How to Get Out of a Merchant Account Contract
- Why Credit Card Processors Hold Funds
- How to Report Bad Merchant Account Providers
- How to Get the Services You Need Without Getting Scammed
|Top Providers By Specialty|
|General Processing (Retail, etc.)|
Getting paid to re-write this page? Click here to earn a reward.
Copyright © CardPaymentOptions.com (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608)