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Compare Ascentium Capital
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.
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.
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.
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
Total Online Complaints
Live Customer Support
Most Common Complaint
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.
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
See Which Processors Offer No Monthly Fees And No Contracts.
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
Don't Fall Into An Expensive Trap. See Who The Worst Processors Are.
Monthly & Annual Fees
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
Audit Your Current Statement To Find Its Hidden Fees
Processing statements are intentionally complicated so that they can overcharge you. Get clarity before you switch.
Uses Independent Resellers
Discloses All Important Terms
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.
Customer & Employee ReviewsWhat Others Are Saying About Ascentium Capital