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Company Overview
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. In 2020, Ascentium Capital was acquired by Regions Banks.
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 Ascentium Capital appears to operate in a similar fashion.
Payment Processing
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.
POS Systems
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.
Mobile Payments
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.
Equipment Financing
Ascentium Capital offers equipment financing solutions that allow businesses to purchase the equipment they need to grow their business. The equipment financing solutions are customizable and come with a range of payment options to meet the needs of businesses of all sizes. Ascentium Capital’s equipment financing solutions are easy to apply for and come with fast approval times.
Location & Ownership
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. Ascentium Capital is headquartered at 23970 US-59 N, Kingwood, Texas 77339. Thomas Depping is listed as the CEO.
Video Summary
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 56 complaints about…
- Sales & Marketing: Relies on independent resellers to sell its equipment leases alongside their merchant account contracts…
Ascentium Capital Reviews and Complaints
Here's What Their Clients Say
Complaint Summary
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Total Online Complaints
100+
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Live Customer Support
Yes
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Most Common Complaint
Long-Term Leases
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Recent Lawsuits
Yes
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High Complaint Total
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 complaints 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.
Low-Rated Partners
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 BBB Rating and Report
Our Better Business Bureau Profile Assessment
BBB Summary
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Total Complaints
56
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Resolved Complaints
10
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Unresolved Complaints
46
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Response Rate
Unlisted
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Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
Merged with Regions Profile
Ascentium Capital has been an accredited business with the Better Business Bureau since 2015 and currently has an “A+” rating. The company’s profile is currently showing 56 complaints in the last 36 months. Only 10 of these 56 complaints were resolved by the company to the satisfaction of the customer. The remaining 46 were resolved to the dissatisfaction of the merchant or received no final response.
What Business Owners Say
Ascentium Capital has also received 25 informal reviews to its BBB profile, almost all of which are positive in tone. The most recent negative review mentions charges after cancellation and alleged poor customer service:
A bunch of crooks. Had a contract for them to supply credit card reader machines. When the contract was finishing I did not want to continue so I called them to find out where I send a cancellation letter and the equipment. Was told I didn’t need to send anything certified or return receipt, but I did so anyways and glad I did. Mailed cancellation letter and equipment on 10/21/22, return receipt indicated they received letter and equipment 10/24/22. Contract expired 11/22 and auto withdrawl happened as it usually did on the 4th day of 11/22. Come December and good news, no withdrawl!! But then January, on the 18th (note different day of the month), TWO withdrawls for a slightly lesser amount taken out and then a single one on 2/2/23 taken from my checking accout. So why skip one month, then withdrawl twice on a different day than before, and for an amount that wasn’t the same as before? They were trying to see if I wasn’t paying attention by not doing a withdrawl for one month, then moving the withdrawl date to a different day, then finally using a different dollar amount to further try to hide their ilegal activity. I called them and was told because I didn’t call them and give them a certified letter tracking number (which I was told I didn’t need to do back in October) that they couldn’t completely cancel the contract. I then asked about why skip a month, why do on a different day, then why a different dollar amount. Answer: “Don’t know why that happened.” Yeeeeaaaah, riiiight. Supposedly will receive my refund in 3 or so days but they have clearly proven to me they will try anything to keep taking money from customers.
Business owners who find themselves locked in a contract they have been ushered into through deceptive sales tactics should take the necessary steps to cancel without paying a fee.
A “D” Performance
In light of the company’s complaint total and the overwhelming tone of negative reviews, we have adjusted the BBB’s rating to a “D”.
Ascentium Capital Fees and Rates
A Closer Look at the Contract
Cost Summary
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Processing Rates
Variable
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Cancellation Penalties
Yes
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Monthly & Annual Fees
Yes
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Equipment Leasing
Yes
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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 Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
Key Points
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Uses Independent Resellers
Yes
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Telemarketing
Unclear
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Misleading Marketing
No
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Discloses All Important Terms
No
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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 Review Summary
Our Final Thoughts and Opinions
Ascentium Capital is a poorly rated credit card processing point-of-sale leasing provider. The company’s long-term leases are predatory and cost much more than a simple purchase or rental agreement, and there is no evidence that the company provides exceptional sales or customer service to account for its high cost. Clients are advised to simply choose from our best merchant account providers to avoid the possibility of getting locked into a predatory POS lease agreement.
Steve
DEN OF Theives from sales rep right on up.
Zach
I’m going through a similar situation right now. I bought a truck through them and they told me my interest rates would be around 10% for a used 6 wheeler. The asked me to docusign some papers to fast forward the process. All of a sudden the emails I received are stating my interest rate is 40% and I’m locked in for 48 months.
Patricia Inghilleri
This is happening to me right now and what legal rights do I have.
Chris Bramon
Ascentium Capital is crooked and unethical. STAY AWAY FROM THEM. there are other companies that have ethics to use. Don’t do business with these folks. We signed with a Card Processor, they set up a lease for equipment they sent. When we received it, it would not work with our system. They sent us new equipment, and I asked what to do with the old. Both Ass Cap and the processor said, not to worry, just keep it, we don’t want it back. Come to find out later when I changed processors they had been caring my company for rent. Very expensive rent for a crappy reader. Had 3 months of run around until they finally told me I needed to return the junk equipment. When I started asking questions of both crooked companies, I hit the “on hold” wall waiting for the next boss who won’t do shit.
KELLI BUCK
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.
Armando Natale
They tricked me during COVID to sign some papers to expedite the process and avoid face to face contact, while my franchise confirmed we could use their system. We told them do not proceed, we could not use their 3rd party merchant services with our account management system, they did it anyway! When the equipment got to my business I called to cancel and they told me no worries, someone will pick it up. Was months after when I realized no one had picked it up, so I called again and then was when I realized i have been paying for this service and the merchant fees without a single card processed. SO, how can this person tell me he will not refund me, if service was never rendered?
I have been trying to reverse charges close to a year now of services not rendered for two merchant accounts and gateway equipment sent to me without request. Tried several times to reason with some customer service people, the last gentlemen A.J. was outright rude and basically told me that I was S***T out of luck because the cancellation fee is higher than the refund I am asking for, so I will still owe them money for early cancellation. WHAT?
I will attempt to talk to them again tomorrow and if not I will call The BBB and show them all the emails and how they tricked me out of hard earn money.
Peggie
Terri Green from this company is harrassing me for payment for services they are not providing and they couldnt fix. THIS COMPANY IS PREDATORY THEY ARE TREATHNING AND HARRASSING HONEST HARD WORKING PEOPLE. DO NOT USE THEM AT ALL…. THEY HAVE POOR CUSTOMER SERVICE AND CANT FIX YOUR PROCESSING PROBLEM. HOWEVER THEY DEMAND MONEY NO MATTER. WHAT. ITS LIKE YOU ARE DEALING WITH THE DEVIL. THEY ARE GLUTTONS AND THEIVES!!!!
DO NOT USES ASCENTIUM PROCESS! ITS A SCAM!!
Rickie Fry
Signed up with CCI which in turn charged us with interest on the machine right off the bat. That wasn’t disclosed at all to us. We get charged by CCI, Ascentium and the banccard company who deposits our money into our account from the credit card machine and charges a percentage of that also. Ascentium says they are separate from CCI but they are not because the associated themselves when we were falsely led into this horrible credit card company
total package transport
this company as a bad taste for small black own business they gave me approved loan then said they could not do it i gave them all paperwork they ask for and also paid they so call dot fee up front its very hard to not think this is happen but it very true all things change when they ask me for my I D hell broke some loan guy behind the seen as problems with black own business his name they said is CHRIS will not speak to you all he wants to do is hide behind the seem and let other people do his dirty work
Lisa Folden
This company SUCKS! And the companies that they partner with are even worse! They are sneaky and unethical and have continued to debit my account for 4 months despite receiving their equipment back and having written notice of my cancellation. The company that linked my business to Ascentium capital goes by Merchant Services/National Processing Company and/or Charge Anywhere and they are ALL liars. My account was being charged for amounts that did not match the processing fees agreed upon and when I asked about them, I was met with confusion. I was promised refunds that I never received and given the run around for months! I am still having charges to my account reversed from this company and I absolutely hate their guts.
Erin
There are additional fees that were not disclosed. And there is no way to terminate the contract. I’m losing out on thousands/year for my small business.
Ronnie chen
Around July 2018, United Card Solution sakes people Chris called and made made fake promises. We agreed to use the service, signed a contract online after a while. It turned out credit card rate is high, and there is an equipment lease fee. He falsely claimed a $99 monthly payment is a payment to lock in a low rate of credit card processing. United Card Solution sales people cheated on making us to sign a contract which they never tell you it is a long term equipment lease contract. Most credit card processing service company offer free equipment and no cancellation policy. Be aware of this company and its sister companies and affiliates. They trap and destroy small business. It is fraudulent practice. Must stop them praying on small businesses.
This post will help: Cancelling a Merchant Account Without Paying a Fee
-Phillip
Abbie
STAY AWAY! COMPANY PREYS ON SMALL BUSINESS! This company’s salesman came into my shop and offered fantastic deal on credit card processing machines and rates. I checked into to it and signed up and never heard from or could contact the guy again. He was supposed to send me everything on how to login and use machines once they arrived. Nothing! After figuring it out ourselves we still tried to contact the salesman and he became a ghost but my account was being withdrawn monthly. Our business then transferred to new owners. When asked for salesman to come and tell owners about transferring lease on equipment no one showed…again Ascentium Capital representive is non existent. Still my account being charged monthly but impossible to talk to anyone that originally set us up! When no one showed for equipment transfer. Payment was suppose to be $396 a month. I was being charged $457 a month! I only needed 2 machines they sent 4! Two still in boxes! Charging me for 4 machines!!Tried to contact to send machines back salesman is still a ghost! I have been out of business since February and charged $457 a month almost $3,000 and no longer in business! Did not attempt to contact new owners to transfer lease to them. When called customer service they told me had to fulfill lease of $396 a month but they ACH transaction is $457 or payout $17,000 for machines worth about $500!! $17,000 payout! $17,000! $17,000! Attempted to communicate with Randy Woods is an executive but he gave us the I am trying to get help and now he does not answer emails or voicemails. This company preys on the backs of small business and should not be allowed to continue. National Payments Services is no better as they do not help! They just say oh you need to work with the lease company! Do not fall into this trap! They say one thing and have tons of hidden clauses and will try to charge $17,000 for machines that can be bought on Amazon for less than $500!
This post will help: Cancelling a Merchant Account Without Paying a Fee
-Phillip