Ascentium Capital Reviews and Complaints
Overview
In this article, we provide an insightful overview of Ascentium Capital, a company specializing in long-term equipment leases and merchant cash advances, particularly in the realm of credit card terminal leases. Our focus is on the potential risks and hidden costs associated with these leases, often characterized by their non-disclosure and inflexibility, which can trap business owners in financially burdensome agreements.
We briefly explore Ascentium Capital's range of services, including their payment processing options, POS systems, mobile payment solutions, and merchant cash advances, highlighting their suitability and features for various business needs. Additionally, we touch upon the company's leasing options for processing equipment and their custom financing solutions.
We examine Ascentium Capital's customer reviews, industry ratings, and legal history to give readers a comprehensive understanding of common complaints, customer service quality, and the company's legal challenges. The article concludes with an analysis of the company's fees, contract terms, marketing tactics, and employee reviews, aiming to provide a balanced view of Ascentium Capital's operations and the implications for businesses considering their services.
About 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. 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.
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.
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.
Video Summary
Ascentium Capital Customer Reviews
Here's What Their Clients Say
| Total Online Complaints | 100+ |
|---|---|
| Live Customer Support | Yes |
| Most Common Complaint | Long-Term Leases |
| Recent Lawsuits | Yes |
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.
Legal Challenges Faced by Ascentium Capital
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.
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.
Contact Details for Ascentium Capital Support
- (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
Additional Customer Support Channels
- [email protected] – Credit Applications
- [email protected] – General Customer Service
- [email protected] – Vendor or Referral Programs
Given the feedback and Ascentium Capital’s response mechanisms, the company receives a “B” rating in customer service. Enhanced with SEO-focused phrases like “reviews,” “review,” “complaints,” “customer reviews,” “customer complaints,” this analysis aims to offer an unbiased overview of Ascentium Capital’s services while improving its online visibility.
Ascentium Capital Online Ratings
Here's How They Rate Online
| BBB Rating | 4.26 |
|---|---|
| Trustpilot Rating | 2.9 |
| PissedConsumer Rating | 1 |
| Average Rating | 2.72 |
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.
Negative Feedback
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
Positive Feedback
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.
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!!
– 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
Positive Feedback
There are no positive reviews published about Ascentium Capital on the Trustpilot website.
Source: Trustpilot
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
Ascentium Capital Fees, Rates & Costs
A Closer Look at The Contract
| Cancellation Penalties | Yes |
|---|---|
| Monthly & Annual Fees | Yes |
| Processing Rates | Variable |
| Equipment Leasing | Yes |
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.
Ascentium Capital Employee Reviews & Sales Tacitcs
Should You Work For Them?
| Uses Independent Resellers | Yes |
|---|---|
| Telemarketing | Unclear |
| Misleading Marketing | No |
| 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.
Our Ascentium Capital Review Summary
Our Final Thoughts
According to numerous Ascentium Capital reviews, the company 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. 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.
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Jess
Horrible “Company”, If that’s what you can even call them!
I wouldn’t reconnect this place to my worst enemy!
Bunch of COWARDS!!!
BEWARE! Hope your company goes under like you’ve wished upon ours!
Ryan
Jay McGraw of Pacific Payment Systems scammed me into a 48-month lease with Ascentium Capital at $300/ month ($15,000 total) for equipment that can be purchased for roughly $700-$800 total.
Jay cold called me June of 2020, while my small business was in government mandated shutdown, claiming he would save me a lot of money on credit card processing. He had me sign an application (which is what the top of the document says), assuring me that it was a no risk trial, and I could cancel at any time. He rushed me to sign over the internet (the first document that I had ever signed online in my life). The document was auto complete that you just click through and sign where needed. At the very end was a 48-month non-cancellable lease through a completely different leasing company (Ascentium Capital) that he does not mention is involved. In fact, he is not even an employee of leasing company. Therefore, he can tell you anything he wants to get you to sign and the third-party leasing company has me in a contract that I am still in. Any lies that he tells to get you to sign do not matter as he is not an employee of the leasing company!
To make things worse, my equipment is now malfunctioning, and I have to BUY a new credit card terminal for $250 while still paying the $300/month for equipment that does not work.
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 anything.
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