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Is Ascentium Capital a Good Partner? Complaints, Contracts & Truths

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Ascentium Capital

Rating
F
1.5/5
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Pros and Cons of Ascentium Capital

Pros

Flexible financing options
Quick approval process
High customer satisfaction

Cons

Contract transparency issues
Customer service complaints
High lease costs
Potential cancellation fees
Potential hidden fees

Overview

In this review of Ascentium Capital, a company specializing in long term equipment leases and merchant cash advances, we highlight the risks and hidden costs of their credit card terminal leases, which are often criticized for being unclear and financially burdensome for business owners. Our analysis covers Ascentium’s payment processing services, POS systems, mobile payment solutions, and financing programs, as well as their broader leasing options designed for different business needs. We also examine customer reviews, industry ratings, and the company’s legal history to provide insight into common complaints and service quality. In addition, we review fees, contract terms, marketing practices, and employee feedback to present a balanced perspective, helping businesses understand what to expect when working with Ascentium Capital.

About Ascentium Capital

Screen Capture of Ascentium Capital Homepage
Ascentium Capital Homepage

Founded in 2011, Ascentium Capital is a financing and leasing company that sells long-term equipment leases for point-of-sale hardware and merchant cash advances. In particular, the company is known to provide credit card terminal leases for a number of poorly rated i3 Verticals subsidiaries including Performance Merchant Alliance, Freedom Card Solutions, United Card Solutions, Direct Processors, Red Payments, Chyp, and Radiant Merchant Services. Ascentium Capital was acquired by the private equity firm Warburg Pincus LLC in 2016. After which, it was again purchased again in 2020 by Regions Financial Corporation. This is likely to have a major effect on Ascentium and we are monitoring the situation closely.

A Warning About Equipment Leases

It is common in the credit card processing industry for merchant services providers to partner with third-party point-of-sale leasing vendors to provide business owners with credit card terminals and POS equipment. These partnerships are usually not disclosed to prospective customers, and the leasing provider’s contract terms are often bundled with the overall merchant account contract. Business owners will unknowingly sign an agreement to lease credit card processing equipment for up to five years through a third-party vendor that has no connection to their merchant account provider. These leases usually run for 48 months and cannot be canceled without paying the full cost of the lease, which traps business owners into paying thousands of dollars for equipment that costs under $500. Unsurprisingly, leasing providers are some of the worst-rated providers on CPO and several Ascentium Capital reviews indicate that the company operates in a similar fashion.

Products & Merchant Services

Payment Processing

Ascentium Capital provides payment processing services that enable businesses to accept all major credit cards, including Visa, Mastercard, American Express, and Discover. These services support in-store, online, and mobile transactions, offering customizable, fast, and secure solutions.

POS Systems

Ascentium Capital offers a variety of point-of-sale (POS) systems tailored to different industries. These systems include features such as inventory management, employee management, and reporting tools, aiming to simplify transaction management. The POS systems are user-friendly and equipped to handle business transactions efficiently.

Mobile Payments

Ascentium Capital’s mobile payment solutions allow businesses to accept payments via mobile devices.

Merchant Cash Advance

For businesses needing quick access to capital, Ascentium Capital provides merchant cash advances. These advances are an alternative to traditional loans, offering easier qualification and flexible repayment terms.

Leasing Options for Processing Equipment

Ascentium Capital offers leasing options for businesses needing high-end credit card processing equipment without significant upfront costs.

Custom Financing Solutions

Ascentium Capital creates customized financing solutions tailored to the specific needs of each business.

Vendor Programs and Partnerships

Ascentium Capital collaborates with various industry vendors, including providers of credit card processing solutions.

Customer Reviews & Sentiment

Insight into Ascentium Capital Reviews

Our extensive search has identified over 100 negative Ascentium Capital reviews on various consumer protection platforms, portraying the company in a less than favorable light. Numerous customers have labeled Ascentium Capital as a scam or a ripoff, with the main issues cited including misrepresentation or lack of disclosure regarding contract terms, ineffective customer service, unauthorized account debits, and difficulties in terminating services. We encourage individuals with personal experiences to share their detailed reviews of Ascentium Capital in the comments section to aid others in making informed decisions.

Analysis of Ascentium Capital’s Partnerships

Ascentium Capital’s partnerships with some of the lowest-rated merchant account providers have raised concerns, potentially contributing to the negative perception of these companies. The choice of partners, possibly due to their aggressive sales tactics, suggests a correlation between companies offering equipment leases through Ascentium Capital and their overall ratings. This relationship merits consideration for businesses evaluating their services.

Customer Support at Ascentium Capital

Ascentium Capital provides various support channels, including dedicated phone lines, email addresses, and fax numbers for general customer service and vendor or referral program inquiries. Despite these provisions, feedback suggests that these channels often fail to lead to satisfactory resolutions for most customers.

Industry Scores & User Ratings

Online Ratings Summary
PaymentPop1
BBB Rating4.42
Trustpilot Rating2.9
Google3.4
Yelp Rating1.2
PissedConsumer Rating1
Average Rating2.58

PaymentPop Rating for Ascentium Capital

Negative Feedback

Do not use this company. They are robbing us with late fees on invoices we haven’t even received. When we called about this, the customer service rep wouldn’t let us talk, insulted us, told us to pay before receiving the invoice, called us irrational for wanting his name and to speak to a manager and blamed it on us. They are unethical and we will be going directly to Keep Truckin regarding this as KT uses Ascentium to collect their monthly payments. If you use this company – don’t. Get away as fast as you can. THEY ARE SCAMMING CUSTOMERS THROUGHOUT THE COUNTRY.

Positive Feedback

There are no positive reviews published about Ascentium Capital on the PaymentPop website.

Ascentium Capital BBB Rating

Ascentium Capital, a division of Regions Bank, has an average customer review rating of 4.42/5 stars on the Better Business Bureau (BBB) website, based on 55 customer reviews. The company has been accredited since February 1, 2015, and has been in business for 12 years. There are 98 customer complaints filed against Ascentium Capital, with 41 complaints closed in the last 3 years and 6 complaints closed in the last 12 months. Common themes in the complaints include issues with products or services, and difficulties in communication with the company.

Negative Feedback

Worst bank I have ever financed with, took them almost 4 months to send me my paperwork so I could register my trailer, now the trailer is paid off, they sat 24 to 48 hours for them to release the title, it’s been over that and they have no update on when my title will be shipped, they were quick to finance me and take my money, also gave me false information before I signed the paper work, I went to pay it off and there was extra fees applied., I contacted Cody Nestor about my title and have not heard back from him either, I would not recommend this bank to anyone. Very unprofessional. GO ELSEWHERE. Not worth the stress, I’ve asked for a manager multiple times and I keep getting voicemails. This company is terrible

Positive Feedback

Easy, fast, professional. Highly recommended whether you are a new business or well established.

Trustpilot Rating for Ascentium Capital

Ascentium Capital has an average customer review rating of 2.9 stars on Trustpilot based on 2 customer reviews. Both reviews are negative, with no positive feedback. Common themes in the reviews include allegations of fraudulent business practices, poor customer service, and issues with contract cancellations.

Negative Feedback

I wouldn’t wish dealing with this company to my worst enemy, when I say they are the absolute worst and most greedy, manipulative company I have dealt with I mean it. I called reps multiple times to cancel my account and they would give me the run-around or gaslight me telling me they couldn’t cancel the account or I had to pay fees to get out of an already expired contract! Months after my contract was expired the company continued to charge me even though the contract was never renewed! Never made an attempt to so much as telling me that they needed the equipment returned and when they want it back all shipping fees on your dime! Terrible customer service, terrible company, would not recommend, STAY AWAY!!

Positive Feedback

There are no positive reviews published about Ascentium Capital on the Trustpilot website.

Google Rating for Ascentium Capital

Ascentium Capital has a 3.4 out of 5 star rating based on 480 user reviews on Google.

Positive Feedback

Ascentium was an absolute pleasure to work with on our most recent equipment acquisition! Their representatives treated us like family and always shared full detail in every step of the process. Highly recommend!

Negative Feedback

This company is the worst. They are unprofessional, their products are horrible and they’re inconsiderate of their loyal customers. Their representatives sounds like they are hired off the street with no experience in dealing with people and have no desire to work or speak with customers. All they do is transfer information and provide no real feedback. Whoever is doing the actual work behind the scenes, has no consideration for the relationship between them and their business customers. After 4 years of paying a compounded interest rate loan, they would not consider the most minimal discount on a pay-off that would put a the money in their account a year ahead of time. I wired the pay-off anyhow because I wanted to end my relationship with them and then they sat on the wire. I emailed them confirmation of the wire and called them and they said they will get to it when they get to the emails and then will let their finance department know and then they will check for the wire. No expectation of when that would occur when the money had already been sent! They are ridiculous. I will never do business with them again and I hope anyone who reads this does not do business with them either.

Yelp Rating for Ascentium Capital

Ascentium Capital has a 1.2 out of 5 star rating based on 127 user reviews on Yelp.

Positive Feedback

Every one has been extremely helpful throughout the whole process of leasing my equipment. Including any questions about the process and making changes when needed!

Negative Feedback

A one-star review on this company is being generous. Read your contract very carefully and be aware that canceling the lease even after you fulfill the terms of the contract is very very difficult .

PissedConsumer Rating Analysis

Ascentium Capital has a 1.0-star rating based on 40 customer reviews on the PissedConsumer website. The common themes in these reviews include dissatisfaction with business practices, issues with lease agreements, and problems with customer service.

Negative Feedback

As a small female-owned business, I needed to get financing assistance and was directed to Ascentium by one of my medical sales reps in order to purchase a medical device from his company. They approved my loan and account, and I was repaying it monthly. However, when I noticed that they had not sent my annual tax forms for the interest paid, I tried to contact their client services. No one responded to my calls or emails, and I could not access any information on my online account portal as it did not provide the yearly interest paid or monthly statements with the information. They also refuse to provide me with my original loan information, and there is no way to access this online. I have tried for over 3 months to retrieve this information and have been unable to resolve the situation.
– Review from April 20, 2023

My mother, a 65-year-old woman, used their services briefly. Ascentium Capital proceeded to take money directly from her account for 6 months after the services were canceled. Ascentium Capital was contacted multiple times and continued to steal money for a service they were not providing. I am currently in the process of seeking legal action against the company for fraud and theft.
– Review from October 21, 2022

Positive Feedback

There are no positive reviews published about Ascentium Capital on the PissedConsumer website.

Source: PissedConsumer

Processing Rates & Fees

48 to 60-Month Contract

The standard Ascentium Capital contract is a long-term agreement through Freedom Card Solutions. However, the status of Freedom Card Solutions may have changed, affecting the situation with Ascentium. Upon signing the lease, business owners are obligated to pay the full cost of the lease regardless of equipment usage. Typically, the cost of a standard Ascentium Capital contract amounts to several thousand dollars, often significantly more than purchasing the leased equipment independently. To terminate the contract, clients can either notify Ascentium Capital, return the equipment, and pay the remaining balance, or they can purchase the equipment and settle the remaining balance. In both cases, they remain responsible for the remaining monthly payments. It seems to be the company’s practice to withdraw owed amounts from delinquent accounts without prior notification to the business owner.

High Cost, High Commitment, Low Value

Numerous online complaints express dissatisfaction with Ascentium Capital’s contract terms, which aligns with our assessment. The company’s leasing policies do not offer competitive terms compared to equipment rental or purchase options provided by low-cost merchant account providers. We recommend clients review our list of the best merchant accounts.

Lawsuits & Legal History

In 2017, Ascentium Capital was implicated in a lawsuit by medical professionals in the Northern District of Texas, accusing the company of financing leases for overpriced and undervalued medical billing equipment and software. Although the case was dismissed without prejudice, it highlights the scrutiny Ascentium Capital has faced. Additionally, Ascentium Capital’s active litigation stance against former customers over contract disputes emphasizes the importance of thoroughly reviewing contracts before commitment. Prospective clients should consult our guide on contract terms to avoid for better preparedness.

Employee Reviews & Sales Practices

Sold By Resellers

Ascentium Capital does not appear to directly market its services to businesses, preferring instead to act as the designated third-party equipment provider for numerous ISOs across the country. This means that many ISOs include a lease agreement with Ascentium Capital as part of their standard credit card processing contracts, and as a result, many business owners find themselves signed up for a 48-month equipment lease through Ascentium Capital without ever having interacted with an Ascentium Capital sales representative. This appears to be a major cause of client confusion. The companies providing the best merchant services are much more straightforward in their sales tactics.

Widespread Lack of Disclosure

By and large, the sales agents who are reselling Ascentium Capital leases do not appear to do a good job of outlining the company’s lease terms. Most complainants report not understanding their full contractual obligations and feeling deliberately misled by sales reps. It is our philosophy that this pattern ultimately reflects poorly on Ascentium Capital. If you feel that you are stuck in an improperly disclosed equipment lease, we recommend seeking a third-party statement audit to renegotiate your terms.

Ascentium Capital Competitors

Compare Ascentium Capital to competitors that earned top marks.

Bottom Line

Ascentium Capital is widely regarded as a poorly rated point-of-sale leasing provider, as evidenced by numerous reviews. The company’s long-term leases often prove predatory, costing significantly more than a straightforward purchase or rental agreement. Furthermore, no compelling evidence suggests that Ascentium offers exceptional sales or customer service to justify these high costs. Clients should carefully consider their options and opt for one of our top-rated merchant account providers to avoid the pitfalls of becoming entangled in a predatory POS lease agreement.

Read Actual User Reviews

All user reviews have been moved to our partner, PaymentPop.com

Contact Ascentium Capital

Contact & Customer Support
CEOThomas Depping
Headquarters23970 US-59 N, Kingwood, Texas 77339
Toll-Free General Customer Service(866) 846-3646
Customer Support Fax(866) 846-3679
Vendor or Referral Programs(866) 846-3635
Vendor/Referral Fax(281) 921-3499
Websiteascentiumcapital.com