Solveras Payments Overall Rating
Review Updated: 9/20/2011
Update Summary: Solveras has recently been acquired by TransFirst.
Rating Criteria | Top Rated Processors | Get Instant Rate Quotes | Write a Review
Solveras Overview
Solveras Logo
Solveras (solveras.com) is a Franklin, TN based merchant services provider that opened its doors in 2000. Solveras seems to be doing something right because the processor has had very few complaints filed online. As of this review, the Better Business Bureau (BBB) is reporting and “A+” with only two complaints filed in the last three years. Aside from the BBB, this reviewer was able to uncover only one other valid complaint against Solveras credit card processing or any of its other payment systems. It should be noted that Solveras uses Cynergy Data as the processor and resells the services of Transfirst, so it is possible that complaints may become attributed to Transfirst or Cynergy instead of Solveras.
Update: Transfirst has acquired Solveras. It is unclear if Solveras will be re-branded as Transfirst or if the company will continue to do business under the Solveras name.
Solveras offers a broad range of credit card processing services as well as branded payment gateway called “Solveras SmartPay.” Additionally, Solveras offers other financial services such as ACH processing, remote deposit capture, and check services.
Solveras is a registered ISO/MSP of First National Bank of Omaha and Fifth Third Bank.
Praise, Complain or Tell Us More About Solveras
Leave your review or comments about Solveras in the comment section below. A full CPO review is pending for this provider and your comments will be taken into account for the full review.
Get Updates
To be notified when Solveras receives a full CPO review, please follow CardPaymentOptions.com on Twitter and subscribe for updates via RSS, or email.
Featured Provider:
Merchant Warehouse (866) 460-5538
Review | Website
- Check Our Recommended Processors
- Compare Processor Rates & Fees
- How to Avoid Scams, High Fees and Long Contracts
- Merchant Services Jobs
Copyright © CardPaymentOptions.com (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608)
9 comments
Thomas G. Duke CEO
April 26, 2012 at 12:39 pm (UTC -7)
MY AUTO FINANCE COMPANY IS MISSING UPWARDS TO $20,000.00 AS A RESULT OF “SOLVERAS” AND THEIR “AUTOMATIC PROCESSING”. I CONTACTED THEM MULTIPLE TIMES REQUESTING OUR MONEY BUT AS OF NOW IT LOOKS LIKE WE WILL NEVER GET IT UNLESS WE HIRE AN ATTORNEY IN TENNESSEE TO PURSUE IT THROUGH THE COURT SYSTEM. BEWARE OF SOLVERAS!!!!
As an auto finance lender we had the idea of offering the “automatic payment processing” to our customers as an easier choice for them to make their car payments. We eventually chose Solveras as the provider to do this in or around the beginning of 2010″ From the start things seemed to go well. We were processing over $100k per month in payments but within the a few months all of a sudden our accounting department noticed that we were missing over $30k in payments and it had been happening over the 5-6 weeks prior. Once we were aware of the missing funds we immediately contacted Solveras. We were advised that our account had been “frozen” because we were processing more than normal amounts of funds and that in order for our funds to be released we would have to prove that several of the transactions were valid. Solveras told us that they needed to contact OUR customers and verify that the transactions were valid. (By the way, when we initially set up the account we advised Solveras that we would be processing over $100k per month and that it would gradually rise thereafter) Of course we were VERY unhappy that we were being forced to give Solveras contact information for OUR customers but we had no choice. After giving the contact info to Solveras it took over 1 week for them to do the verifications they needed before they agreed to start releasing our funds. Once the verifications were completed they started releasing “some” funds but the “majority” of funds were held as “pending” in their software and instead of forwarding these funds to us SOLVERAS released the funds back to the customers. From this action it caused over 25 car loans to go into default and the customers overall just thought they had extra money in their bank account to spend. (These are sub-prime car loans) Of course the majority of these customers could not pay 4 car payments that were past due all at once after spending the extra money they thought they had in their bank accounts and the result of this was OVER 25 DEFAULTED CAR LOANS that equaled around $200,000.00 total. As a company the only option we had was to “FORGIVE” the past due payments and just let the customers continue making the payments that they could make going forward. At that point our company was out over $20,000.00 AND SOLVERAS cared nothing about making it right……The words that I (the CEO) was told by the Execs at Solveras was that they couldnt help me and that I would have to figure out how to solve the problem myself.
We immediately started removing our accounts from the Solveras system and changed to a different company for our processing. Solveras continued to bill us monthly fees and would not allow us out of our contract until we eventually paid a large cancellation fee 1 year later.
THIS ALL HAPPENED WITHIN A FEW MONTHS OF SIGNING UP WITH SOLVERAS. THE RESULT OF OUR CHOICE TO USE THIS COMPANY COST US $20K….
Thomas G. Duke CEO
Bill Belanger
April 20, 2012 at 10:22 am (UTC -7)
I called to cancel my account with these people in February. Apparently the customer service person did not direct me to the right “department” and Solveras continued to charge my account. That’s stealing
Angela Hamm
December 30, 2011 at 7:54 am (UTC -7)
Addressing Zach, I read you comment and just could not help myself but reply to you. I used to work for Solveras as an merchant installer /trainer and I am sorry about the experience you had with support. Anyone at Solveras that see this knows who I am and knows I will tell you like it is. We had a 5 team support for ACH and that handled both tech issues and transaction issues, so that is why it went to voice mail. I do not know why it took them soooo long to tell you what the deal was , that is a valid complaint to me. You should be upset over that even though I know you are not going to like the answer to your issue. Wish I had got your call to tell ya the truth. But I didn’t work in support. Keep in mind I no longer at this point work for them due to a merger however in saying that it is clear you were not informed about how ACH works when processing a check. I have away cared about you merchants and my goal was to always educate you so you didn’t experience loss or confusion. I want you to make money not loss it . You make money and than we make money that business 101. What product were you using, was it the Ach product through one of the gateways online? IF you had a check in hand ( hand written out) and entered it ONLINE through our gateway , first off that is NOT how the product is used. IT is a BIG NO NO. The rules are that you can take a voided check to enter but not a REAL check written out. The reason is because you could run it through the gateway than turn around and deposit it and charge you customer twice. If a merchant is doing this the account can be closed. This type program per rules of ACH are the following, IF a customer decides to stop a payment or change their mind , even after you have cashed it , they can “CHARGE YOU BACK ” for it. Ask you personal bank about this in regards. At that point it is between you and the bank that issued the check, just like with credit cards, if a customer charges you back for a credit card transaction, at that point it is between you and the bank that issued the credit card. it is a very unregulated process and you need to ( as do other merchants) file with law makers to get things change with in the rules to protect you. Visa and MasterCard have been working hard to change this in credit card processing however in the ACH or echeck world things are not there yet. Sadly it was not Solveras but the rules. ALL PROCESSORS ( not just Solveras) hands are tied on charge backs that come through on both ACH and credit card processing. BE for warned of this. I would advise for future reference to not use the ACH or e-check processing product and just deposit you checks in the bank. I am not sure what you business type is or the volume of checks you receive but it sound like this is not a good product for you. In say that I can say there are other products out there where you can scan a written check and it deposits for you at your bank, not sure what company to advise you to check out in regards to finding this product but I know it is out there. But keep in mind the same rules apply regardless. Solveras used to offer it but we didn’t have a lot of merchants wanting it to justify keeping the product to offer. GOOD LUCK and I hope you never have those issues again with what every processor you go with. I hope this was helpful to whom ever see it. IF you have any more question in regards to processing please let me know I would happy to advise you.
Gary Wing
August 23, 2011 at 6:48 am (UTC -7)
Solveras is not a direct acquirer for Visa/Mastercard. You will pay extra fees. PCI Compliance, statement fee’s etc. etc. Solveras makes bigger margins from these fees. They are an ISO and pay your association that you pay to be a member of thousands of dollars to be their preferred processor. Just beware. There are better deals out there!
Gary Wing
August 15, 2011 at 5:31 pm (UTC -7)
This is not a direct processor or acquirer for Visa/Mastercard and they hide behind the security blanket of some of the biggest business associations in our country including the biggest which is the NFIB!! Beware of who you’re dealing with. This company is made up of a company that was dissolved in the late 90′s called PMT and it’s a sham!!!!!
Phillip Parker
August 15, 2011 at 8:04 pm (UTC -7)
Hi Gary, thank you for the comment. Can you provide some sources to back up these claims you have made about Solveras? It would be very helpful for when this review is updated.
John Fulton
August 22, 2011 at 4:36 pm (UTC -7)
Someone needs to get their facts straight. Solveras does not need to be a direct processor to deliver competitive rates and top notch services..very few providers are direct processors. No company was dissolved at all. Solveras has been in business for 11 years and is exclusively endorsed by some of the nation’s leading professional and business trade associations. I have been a merchant and a fan of theirs for years. Absolutely the best provider I have had.
Zach South
August 24, 2011 at 11:09 am (UTC -7)
Best Merchant Ever? hahahah..you obviously have not done any research. Solveras is run by a bunch of buffoons that will nickle and dime you for everything and then when it comes to calling Customer Service you get voicemails……..how can a company SO GREAT have Customer Service calls in the middle of the business day go to voicemail?
John, It sounds like you work for Solveras and are not a true customer.
Zach South
July 11, 2011 at 10:12 am (UTC -7)
Don’t use this company unless you want your money taken away from you. We processed a check for 6k, got the money…and then 1 month later Solveras took it away…stating that the client requested the money back!!! WHAT!! THEY SENT US A CHECK…HOW IS THIS POSSIBLE? Well Solveras, basically gave me the finger and told me to eat it. I am now out 6k because of their company.
On top of that their Customer Service reps suck. [Names omitted] are idiots. Took them over 1 month for them to tell me I have no recourse for the 6k they took from us……