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Ascentium Capital Review: Fees, Comparisons, & Lawsuits

  • December 4, 2021
  • By Payments Industry Analyst, Phillip Parker
  • 9 User Reviews
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Rating

 1.5/5
Ascentium Capital Logo
Website
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(866) 846-3646

Most Recent Comment

  • KELLI BUCK: says:
    October 26, 2021
    "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 ser..." Read More
See All User Comments

See All 5-Star Recommendations

Rating:
 1.5/5

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Ascentium Capital Logo
View Pricing
(866) 846-3646

Most Recent Comment

  • KELLI BUCK: says:
    October 26, 2021
    "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 ser..." Read More
Leave a Comment

Credit Card Processing Equipment Leases

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.

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 Point of Sale

Like everything else about the company, it is very unclear what point of sale equipment Ascentium Capital offers. The company’s website gives only a single line about it, saying simply that they offer point of sale systems for gas, c-store, and car wash businesses.

Ascentium Capital Location and 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

https://www.cardpaymentoptions.com/wp-content/uploads/2021/12/Ascentium.mp4

Ascentium Capital Review 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 856 complaints about…
  • Sales & Marketing: Relies on independent resellers to sell its equipment leases alongside their merchant account contracts…
Ascentium Capital point of sale
This is the only part of Ascentium’s advertising that mentions their point of sale systems

Should You Trust Ascentium Capital?

Lawsuits, Reviews & Complaints

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Complaint Summary

Total Online Complaints 100+
Live Customer Support Yes
Most Common Complaint Long-Term Leases

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 Service Options

Ascentium Capital offers dedicated support numbers and email addresses on its website.

We have located multiple Ascentium Capital customer service numbers:

(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

We have also located a number of Ascentium Capital customer service emails:

[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.

Is the BBB Rating for Ascentium Capital Accurate?

Better Business Bureau Profile

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BBB Summary

Product & Service Complaints 657
Billing & Collection Complaints 157
Advertising & Sales Complaints 37
Guarantee & Warranty Complaints 1
Delivery Complaints 4

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. After their purchase in 2020 by Regions, it appears that the Ascentium Capital BBB profile has been merged with Regions, leading to a very large number of complaints being added to its profile. The company’s profile is currently showing 856 complaints in the last 36 months. 657 of the complaints were due to a problem with a product or service, 157 were billing or collections issues, 37 were due to advertising or sales problems, 4 were issues with delivery, and 1 was due to a guarantee or warranty. Only 331 of these 856 complaints were resolved by the company to the satisfaction of the customer. The remaining 525 were resolved to the dissatisfaction of the merchant or received no final response.

What Business Owners Say

Ascentium Capital/Regions has also received 207 informal reviews to its BBB profile, many of which are negative in tone. One recent negative review mentioning Ascentium directly describes contract issues and Ascentium’s litigiousness:

They deserve negative stars This company works hand in hand with 3rd parties to commit fraud against people. I had an agreement with another company but they sold the agreement off to Ascentium for the equipment, which I have documents of. I reached out to them to pay off the loan early and they gave me a payout which I paid in full. They never mentioned that this was a payoff for a lease and that I needed to contact the original lender to buy out the equipment. I had a copy from the original company that said they sold all their rights over to Ascentium so I never gave it a second thought when Ascentium sent me a letter that the loan was paid in full. I was then later taken to court by the original company and Ascentium stood by them claiming they only received the payments and they didn’t own the loan. After the payoff Ascentium sent me multiple letters contradicting each other that the loan was paid, then a letter stating the lease was paid but I needed to contact the original company, and then again another letter after that stating it was paid in full again. This company can’t and shouldn’t be trusted. The complaints are real and my guess is the positive reviews are fakes. They are not an honest company and only look out for themselves and their cohorts.

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”.

How Expensive is Ascentium Capital?

Rates, Fees, and Contract Terms

This processor offers the lowest rates and best service we've seen

Cost Summary

Tax Handling Fee $50 Per Year
Late Payment Fee 10%
Rejected Debit Fee $10
Collections Fee $25
Late Payment Invoice Fee $15
Early Termination Fee Liquidated Damages
Equipment Lease Terms 60 Month (locked)

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, merchants 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 merchant.

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 merchants 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 merchants to check out our list of the providers of the best merchant accounts.

Does Ascentium Capital Use Deceptive Marketing?

Advertising & Sales Strategy

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Key Points

Employs Independent Resellers Yes
Advertises Deceptive Rates No
Discloses All Important Terms No

Sold By Resellers

Ascentium Capital does not appear to directly market its services to merchants, 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 merchant 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.

Does Ascentium Capital Deserve Your Business?

Review Summary & Our Thoughts

Not A Recommended Option

Ascentium Capital is a poorly rated 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. Merchants are advised to simply choose from our best merchant account providers to avoid the possibility of getting locked into a predatory POS lease agreement.

5-Star Rated Ascentium Capital Competitors

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About The Author

Phillip Parker is a Payments Industry Analyst and creator of this blog, CardPaymentOptions.com. Phillip is passionate about researching merchant service providers and payment industry trends. He is often quoted as an expert source in national publications such as INC Magazine, The Los Angeles Times, Entrepreneur, and many others.

“I started this blog because I was disgusted by the business practices of the merchant services industry. I wanted to empower business owners by providing insight on how to avoid shady merchant account providers and costly credit card processing mistakes.” 

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What Others Are Saying About Ascentium Capital

Customer & Employee Reviews

9 Responses

  1. KELLI BUCK says:
    October 26, 2021 at 11:54 am
    ARCTIC TRANSPORT, LLC

    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.

    Reply
  2. Armando Natale says:
    September 16, 2021 at 3:59 pm
    Snap Fitness Kenner and Snap Fitness Metairie

    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.

    Reply
  3. Peggie says:
    May 31, 2021 at 8:24 am

    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!!

    Reply
  4. Rickie Fry says:
    April 28, 2021 at 11:59 am

    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

    Reply
  5. total package transport says:
    February 18, 2021 at 9:46 am

    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

    Reply
  6. Lisa Folden says:
    January 4, 2020 at 11:32 am

    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.

    Reply
  7. Erin says:
    October 17, 2019 at 10:06 am

    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.

    Reply
  8. Ronnie chen says:
    September 14, 2019 at 3:40 pm

    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

    Reply
  9. Abbie says:
    August 13, 2019 at 8:24 am

    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

    Reply

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