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Ascentium Capital Reviews and Expert Analysis
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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.
Ascentium Capital offers payment processing services that allow businesses to accept all major credit cards, including Visa, Mastercard, American Express, and Discover. With Ascentium Capital, businesses can accept payments in-store, online, and on-the-go using their mobile devices. Ascentium Capital’s payment processing solutions are customizable, fast, and secure.
Ascentium Capital offers a range of POS systems that are designed to meet the needs of businesses in various industries. Their POS systems come with a range of features that make managing transactions simple and efficient, including inventory management, employee management, and reporting tools. Ascentium Capital’s POS systems are easy to use and come with all the features that businesses need to manage their transactions effectively.
Ascentium Capital offers mobile payment solutions that allow businesses to accept payments using their mobile devices. The mobile payment solutions are easy to use and come with all the security features that businesses need to protect their customers’ data. Ascentium Capital’s mobile payment solutions are ideal for businesses that are always on-the-go.
Merchant Cash Advance
Ascentium Capital offers merchant cash advances to businesses that need quick access to capital. Merchant cash advances are an excellent alternative to traditional loans because they are easy to qualify for and provide businesses with the funds they need to grow. Ascentium Capital’s merchant cash advances are easy to apply for and come with flexible repayment terms.
Leasing Options for Processing Equipment
Ascentium Capital offers leasing options for businesses looking to utilize high-end credit card processing equipment without the significant upfront costs. This allows businesses to maintain updated systems without the financial burden of outright purchases.
Custom Financing Solutions
Ascentium Capital designs custom-tailored financing solutions that fit the specific needs of each business they work with. This approach allows for more flexibility than traditional lenders typically offer.
Vendor Programs and Partnerships
Ascentium Capital partners with various vendors in the industry, which may include providers of credit card processing solutions. These partnerships can give businesses access to better pricing or unique options when selecting their equipment.
Location & Ownership
Ascentium Capital is headquartered at 23970 US-59 N, Kingwood, Texas 77339. Thomas Depping is listed as the CEO.
Table of Contents
- Costs & Contract: Offers non-cancellable equipment leases of up to 60 months with cancellation fees that can cost…
- Complaints & Service: Has received more than 100 public complaints regarding…
- BBB Rating: Currently has an “A+” rating and has received 42 complaints about…
- Sales & Marketing: Relies on independent resellers to sell its equipment leases alongside their merchant account contracts…
Ascentium Capital Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||100+|
|Live Customer Support||Yes|
|Most Common Complaint||Long-Term Leases|
Numerous Negative Ascentium Capital Reviews
As of this update, we are able to locate over 100 negative Ascentium Capital reviews and complaints on this website and other consumer protection websites. Many Ascentium Capital reviews describe the company as a scam or ripoff organization. Most complainants report misrepresentation or nondisclosure of contract terms, unavailable or unhelpful customer service representatives, unauthorized debiting of accounts, and trouble canceling service. If you have your own Ascentium Capital review to make, please do so in the comments below.
It is worth noting that Ascentium Capital is partnered with many of the lowest-rated merchant account providers on CPO, possibly playing a large role in lowering those company’s ratings. However, it is also possible that Ascentium chose to partner with those companies because it approved of their aggressive sales practices. In either case, there appears to be a strong correlation between whether a company sells equipment leases through Ascentium Capital and whether it receives a poor overall rating on CPO.
Ascentium Capital Lawsuits
Ascentium Capital was named as a defendant in a 2017 lawsuit filed by doctors in the Northern District of Texas. The lawsuit alleged that Ascentium Capital financed over $45 million in leases for medical billing equipment and software from a company called MHT. Doctors argued that the equipment and software were essentially valueless in comparison to the exorbitant lease costs they were paying and that Ascentium Capital was assessing excessive interest rates. The plaintiffs’ claims were dismissed without prejudice in April 2017.
It should be noted that Ascentium Capital is the plaintiff in a large number of lawsuits against former customers who have leased from them in the past. It appears that Ascentium will aggressively pursue clients for breach of contract, so all contracts with them should be read thoroughly. Those considering entering into a contract should make sure to read our guide to contract terms to avoid.
Ascentium Capital Customer Support Options
Ascentium Capital offers dedicated support numbers and email addresses on its website.
Ascentium Capital Customer Service Options
- (866) 846-3646 – Toll-Free General Customer Service
- (866) 846-3679 – Customer Support Fax
- (866) 846-3635 – Vendor or Referral Programs
- (281) 921-3499 – Vendor/Referral Fax
Other Support Options
- [email protected] – Credit Application
- [email protected] – General Customer Service
- [email protected] – Vendor or Referral Programs
While these are the basic support channels we expect of top-rated merchant accounts for customer service, it is clear that most customers do not obtain positive resolutions through these channels.
Ascentium Capital Online Ratings
Here's How They Rate Online
BBB Rating Analysis
Ascentium Capital, a division of Regions Bank, has an average customer review rating of 4.26/5 stars on the Better Business Bureau (BBB) website, based on 38 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.
Our company was cheated into a 48 months lease by Ascentium Capital LLC, by a sales rep named Jessica ******. We told Jessica that we only do online credit card processing and there is no need for any equipment. But we were told the credit card processing equipment are free of charge. However, we never received such equipment, but since it was free and we did not care about it. When we later found out that we were charged every month, we tried to contact Jessica and the company but there was no contact information/no response. We had to block it with our bank later in order for the company to contact us. However, when we explained the situation, their response was threatening and not helping. They still are trying to charge our account and insist we received the equipment. We never got or used the equipment and they could not prove the last time we used it. Ascentium Capital LLC had been keep sending threatening calls and email since we blocked the transaction.
– Complaint from December 30, 2022
I’ve been a customer since 2019 and each of my experiences have been positive. My last deal in September 2023 completed on-time and our team was able to get the equipment needed in a short period of time.
– Review from October 18, 2023
Source: Better Business Bureau
Trustpilot Rating Analysis
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.
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!!
– Review from November 13, 2021
Rebel Payments sold a lease agreement to Ascentium Capital dated 1/1/21 that I didn’t even sign. Who signs an agreement on New Year’s Day anyway? The agreement that they were basing our relationship on did not have any total dollar amounts or a term, had my social security number wrong and the timestamp said I received it at a certain time, reviewed it 14 seconds later and signed it another 14 seconds later. Sound fishy? I notified Ascentium after noticing two bank drafts from them and provided them them with plenty or documentation supporting my cancellation of my agreement with Rebel because of fraudulent business practices and overcharges in September 2020 and also told them I did not sign the lease agreement and to refund my money. Not only did they not refund my money but they sent me to collections and I have had multiple collection companies contact me trying to collect but have quickly retreated once I shared the facts of this case. DO NOT BUSINESS WITH THESE CROOKS UNDER ANY CIRCUMSTANCES!!
– Review from August 17, 2021
There are no positive reviews published about Ascentium Capital on the Trustpilot website.
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.
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
There are no positive reviews published about Ascentium Capital on the PissedConsumer website.
Ascentium Capital Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
48 to 60-Month Contract
The standard Ascentium Capital contract is a non-cancellable, long-term agreement through Freedom Card Solutions, a company that may be out of business now, which would change the Ascentium situation. Upon signing the lease, business owners are obligated to pay the full cost of the lease whether they use the equipment or not. The full cost of a standard Ascentium Capital contract appears to be several thousand dollars, often up to ten times the cost of purchasing the leased equipment independently. To terminate the contract, clients can either notify Ascentium Capital of their intent to terminate the contract, return the equipment and pay the remaining balance; or they can purchase the equipment and pay the remaining balance. Either way, they will be on the hook for the remaining monthly payments. It appears to be standard company policy to simply withdraw the amounts owed on delinquent accounts in monthly or lump sums, often without ever notifying the business owner.
High Cost, High Commitment, Low Value
The majority of complaints online indicate general dissatisfaction with Ascentium Capital’s contract terms, and we are inclined to agree with the businesses in this case. The company’s leasing policies are not competitive with the equipment rental or purchase terms offered by low-cost merchant account providers. We also encourage clients to check out our list of the providers of the best merchant accounts.
Ascentium Capital Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||Yes|
|Discloses All Important Terms||No|
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.
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