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Axe Payments Review

Phillip Parker
Phillip Parker

I was tired of watching unethical merchant services companies take advantage of unsuspecting business owners, so I built this website and wrote hundreds of reviews to expose their shady business practices.

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Axe Payments Overview

We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. These revenues in no way influence our ratings or reviews. Learn more about our monetization policies here. 

Rating

5/5
Website
(877) 429-3729

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“Zero Processing” Surcharge Model

Axe Payments is a merchant account provider that offers zero fee payment processing. Zero fee processing is an increasingly popular pricing model that charges a merchant’s customers an additional 4% on all purchases at checkout in order to offset the payment processing fees charged to the merchant. Axe Payments also operates a sub-brand called “Quint” that sells merchant accounts with traditional pricing, but this review will focus on Axe Payments. The company relies on Clover and Impress POS as POS solutions.

Axe Payments Location and Ownership

Axe Payments is headquartered at 222 2nd Ave S 17th Floor, Suite 1749 Nashville, TN 37201. Axe Payments does not disclose the identities of its senior management team, but someone named Sean Sheehan has uploaded the company’s promotional materials to YouTube.

Axe Payments Review Table of Contents

  • Costs & Contract: Axe Payments offers a surcharge-based pricing program designed to offset all credit card processing fees.
  • Complaints & Service: Axe Payments has received fewer than 10 public complaints.
  • BBB Rating: Axe Payments currently does not have a profile with the Better Business Bureau.
  • Sales & Marketing: Axe Payments hires independent sales agents but has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Axe Payments
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Axe Payments Rates, Fees, and Costs

Axe Payments Rates, Fees, and Costs

Cost Summary

Swiped Rate 1.00% - 4.99%
Keyed-In Rate 1.00% - 4.99%
Early Termination Fee Variable
PCI Compliance Fee Variable
Equipment Lease Terms Variable

Variable Contract Terms

Axe Payments does not publicly disclose its contract terms, and there is no merchant feedback that explicitly describes the company’s pricing. Quint, its traditional payment processing brand, claims to offer “no contract” with a $5 per month statement fee and a free terminal. In the absence of public documentation, merchants should be sure to carefully review all contract terms before signing up.

Is It Really “Zero Fee”?

Like other zero fee payment processors, Axe Payments charges each merchant’s customers a 4% surcharge to all transactions and then applies the proceeds from the surcharge to the merchant’s credit card processing fees. This is intended to offset all per-transaction, monthly, and incidental fees charged for payment processing. In many cases, it is possible that this does result in effectively free credit card processing for merchants. However, merchants should be sure to consider whether their customers will resent being charged an extra 4% on all credit card transactions.

No Red Flags

The total absence of complaints about the company’s contract terms merits an “A” in this category, but it should be noted that this grade is awarded without any verified knowledge of specific terms. It is possible that Axe Payments’ contract terms are competitive with the cheapest merchant accounts under the zero fee processing plan. If you have any knowledge of the standard Axe Payments contract, please leave that information in the comment section of this review.

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Axe Payments BBB Rating Summary

No Profile Available

The Better Business Bureau does not maintain a profile for Axe Payments at this time. We therefore will not factor a BBB rating into this review.

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Truth In Marketing & Advertising

Key Points

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

Outside Sales Team

Axe Payments primarily appears to utilize a team of independent sales agents to market its services. The use of independent sales agents is commonly linked to elevated complaint rates, but we are currently unable to locate any Axe Payments complaints that mention unethical conduct by the company’s sales staff. This is likely due to the short amount of time that the company has been in operation.

Axe Payments Savings Calculator

The Axe Payments website currently features a savings calculator that purports to show merchants their “Total Annual Savings” after switching to Axe Payments. In reality, this calculator simply asks for the merchant’s annual sales volume and then states that the merchant will save 2.3% (retail), 2.5% (mobile), 2.7% (e-commerce), or 2.9% (MOTO) of that amount. This calculator is based on the assumption that since Axe Payments’ zero fee processing model does not charge any fees, merchants will save the entirety of their annual credit card processing costs. This calculator should not be taken seriously as a way to evaluate a merchant’s actual savings through Axe Payments.

No Misleading Quotes

Axe Payments does not appear to engage in any deceptive advertising strategies in its official materials. However, if you suspect that Axe Payments is charging you undisclosed fees, we recommend seeking a third-party statement audit to eliminate hidden charges.

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Sales & Marketing Example

Our Opinion Of Axe Payments

A Solid Option for Most Standard-Risk Merchants

According to all available information, Axe Payments rates as a dependable merchant services provider. There is not a lot of specific information available about the company’s corporate structure or contract terms at this time, and it is possible that the company’s rating will change once more becomes known. Even when dealing with companies that rate highly by our standards, we urge merchants to thoroughly examine the terms of any contract they are given and to compare its pricing to the top overall providers.

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Why I'm Qualified to Write About Credit Card Processing

I’m a small business owner who previously worked in the credit card processing industry. I started this blog in 2009 to help other business owners by exposing credit card processors that engage in unethical marketing, rate and fee trickery, and fine-print-contract schemes. Over the last decade, I’ve reviewed hundreds of merchant services providers which has helped to educate over 5 million businesses on the nuances of credit and debit card acceptance. I’ve appeared in the New York Times, Los Angeles Times, Inc. Magazine and a host of other publications to offer insight on the subject of card acceptance. 

I offer merchant account and credit card processing consultation for the following needs:

  • Selecting the right credit card processing services for your business.
  • Reducing credit card processing fees with your current merchant account provider.
  • Negotiating credit card processing fees when changing merchant accounts.
  • Strategies for reducing and recovering funding holds and chargebacks.

 

Schedule a call with me today!

 

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