PayLeap Overall Rating
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PayLeap Overview
PayLeap Logo
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 directly supplies the actual merchant account but uses First Data for its underwriting and card transaction processing network. This basically means that PayLeap services the account and that First Data plays a backend role as only a card processor.
PayLeap Sales Tactics & Marketing Strategy | B
PayLeap appears to primarily market its services in a few ways including online marketing, strategic partnerships, and independent resellers. Although the use of independent resellers would normally lower a company’s score in this section, PayLeap has avoided the normal problems usually associated with it. It looks as though the company has tight controls over it sales process.
The only strike against PayLeap in this section is how the company quotes rates and fees on its website. The company only quotes one transaction rate and does indicate that it charges a flat fee for all transaction types. This suggests that PayLeap is not quoting the higher “Mid-Qualified” and “Non-Qualified” rate tiers of which 50%-80% of all transactions will be charged. Be sure to ask your agent about these fees if you are considering PayLeap or, better yet, read Fee Sweep to learn how to get the lowest rates available in this industry.
PayLeap Fees, Costs & Contract Terms | B
As mentioned above, PayLeap’s transaction rates lack some transparency. Additionally, the company charges a $29 setup fee and a $29 per month service fee. It is unclear if there are additional monthly fees such as statement fees or minimum processing fees. Be sure to ask your agent and thoroughly read the contract before signing.
On a positive note, PayLeap’s standard merchant account contract has a month-to-month service agreement with no cancellation fee.
PayLeap Complaints & Service | A
As of this review, PayLeap only has two complaints filed online. One complaint was due to PayLeap suddenly freezing a merchant’s account and eventually closing it because the merchant’s rapid sales growth flagged him as a risk. This merchant also complained that the only warning from he got came in the mail and that PayLeap didn’t bother to call or email for quicker notice.
The second complaint was from a larger merchant in whom PayLeap caused several problems, both with technical issues and account issues. The merchant also reported that PayLeap was slow to correct the problems and offered little in the way of reimbursement for the losses caused by PayLeap’s errors.
It should be said that these problems appear to be isolated incidents. Overall, PayLeap seems to perform quite well for a company of its size and popularity. Our research shows that the vast majority of PayLeap’s merchants are satisfied.
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 (4) complaints filed in the last 36 months. Of the complaints, three (3) are due to problems with service and one (1) regarding billing. Two (2) of the complaints were not resolved to the merchants’ satisfaction.
Bottom Line
Overall PayLeap scores well in our review. The company could improve its overall rating by offering more transparency regarding its rate quotes, and eliminating its setup fee. On the positive side, PayLeap has very few merchant complaints and offers month-to-month contracts – which is ideal for most small businesses.
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