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Benchmark Merchant Solutions Review: Fees, Complaints & Lawsuits

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Rating

4/5
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Website
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1 (877) 382-6262

Most Recent Comment

  • Yakov:
    "I signed up with bms the agent brings me a credit card machine we swiped a a card and showed error so we swiped again and the same error. And..." Read More
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Rating:
4/5

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Benchmark Merchant Solutions Logo
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1 (877) 382-6262

Most Recent Comment

  • Yakov:
    "I signed up with bms the agent brings me a credit card machine we swiped a a card and showed error so we swiped again and the same error. And..." Read More
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An EVO Payments International Reseller

Based in Amherst, New York, Benchmark Merchant Solutions is a merchant account provider that offers startup business solutions and payment processing for businesses of all sizes as well as non-profit organizations. Benchmark Merchant Solutions does not list its founding year on its website, but the Better Business Bureau states that the company began operating in 2008. Benchmark is a reseller of EVO Payments International.

Benchmark Merchant Solutions Payment Processing

Benchmark Merchant Solutions processes all major debit and credit cards for most business types. Their services include EMV card readers and swipers, POS solutions, e-commerce solutions, mobile solutions, and non-profit fundraising solutions.

Benchmark Merchant Solutions Location & Ownership

Benchmark Merchant Solutions is a registered ISO/MSP of Deutsche Bank AG, New York, New York, and the company is headquartered at 4053 Maple Rd Ste. 199, Amherst, NY. Schneur Kamensky is listed as Director of Operations at Benchmark Merchant Solutions.

Benchmark Merchant Solutions Review Table of Contents

  • Costs & Contract: Benchmark Merchant Solutions offers a three-year contract through EVO Payments International with an early termination fee of $495.
  • Complaints & Service: Benchmark Merchant Solutions has received fewer than 10 public complaints.
  • BBB Rating: Benchmark Merchant Solutions has an “A+” rating with the Better Business Bureau and has received 0 complaints and 0 reviews in the past 3 years.
  • Sales & Marketing: Benchmark Merchant Solutions appears to hire independent sales agents and has received some complaints about its sales practices.

Is the BBB Rating for Benchmark Merchant Solutions Accurate?

Better Business Bureau Profile

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see who will offer you the lowest pricing and best service

BBB Summary

Product & Service Complaints 1
Billing & Collection Complaints 1
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Under 5 Complaints

Benchmark Merchant Solutions currently has an “A+” rating with the Better Business Bureau and is not BBB accredited at this time. The company has received 0 complaints in the past 36 months but previously had received 2. 1 complaint was related to an issue with product or service and 1 related to a billing or collections problem. Each of the 2 complaints was resolved the satisfaction of the merchant.

What Merchants Say

One merchant cites difficulty canceling the merchant account:

Hidden charges totaling almost $100 per month. Impossible to cancel contract. Asked for a copy of the contract took over a month to email over and charged another $98.24 for the month of June. Called back and still account is open and will not cancel. Manager is never available. Horrible and rude comments on the phone.

Merchants who find themselves in this situation are advised to take steps to cancel their merchant account without paying a fee.

An “A” Performance

In light of the company’s clean complaint record, we agree with the BBB’s rating at this time.

How Expensive is Benchmark Merchant Solutions?

Rates, Fees, and Contract Terms

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Cost Summary

Swiped Rate 2.20% - 4.99%
Keyed-in Rate 2.20% - 4.99%
Monthly Minimum Fee $30 Per Month
Early Termination Fee $495+
PCI Compliance Fee $120 Per Year
Equipment Lease Terms 48 Month (locked)

Three-Year Agreement

According to the terms and conditions that were only recently removed from the company’s website, Benchmark Merchant Solutions offers a three-year contract with automatic renewal for one-year terms, an early termination fee of $495, and various monthly costs. The available merchant complaints about the company’s pricing corroborate this document.

As a reseller of EVO Payments International, it is likely that Benchmark Merchant Solutions’ terms and conditions resemble those of EVO. A standard EVO Payment International contract includes a PCI compliance fee of $120 per year. Additionally, the company includes long-term non-cancellable equipment leases in their merchant agreements which result in fees that exceed the cost of purchasing a credit card terminal. We encourage merchants to check out our list of the providers of the best merchant services.

Industry-Standard Terms

The Benchmark contract is fairly standard for the industry, but the low number of complaints related to BMS’s pricing suggests that most of the company’s users are fine with it. We have therefore assigned the company a “B” rating in this category until more information is available, but merchants should still compare the company’s rates to those of cheap merchant account providers. If you have any specific knowledge of the standard Benchmark Merchant Solutions agreement please share that information in the comment section below this review.

Does Benchmark Merchant Solutions 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

Third-Party Resellers

Benchmark Merchant Solutions appears to primarily market its services via independent sales offices and traditional advertising. The use of independent resellers is commonly linked to elevated complaint rates in the credit card processing industry, and we have located a handful of Benchmark Merchant Solutions complaints that accuse the company of misrepresentation or nondisclosure of terms.

This does not compare favorably to our list of best credit card processors.

Sales Complaints

At least one complaint stems from undesired telemarketing from the company, but many older complaints almost exclusively appear to be related to a merchant cash advance promotion conducted by one of the company’s ISOs in 2012 and 2013. Merchants specifically complain of being promised large cash advances in exchange for opening merchant accounts but never receiving the cash advances. The company has since taken steps to correct the issue, but it appears that these complaints were a direct product of its sales infrastructure. We have therefore lowered the company’s score slightly in this category.

No Deceptive Marketing

To its credit, BMS does not appear to advertise any misleading rate quotes or unrealistic guarantees in its official materials. If you suspect that you have had undisclosed fees added to your Benchmark Merchant Solutions contract, we recommend seeking a third-party statement audit to eliminate hidden charges.

Does Benchmark Merchant Solutions Deserve Your Business?

Review Summary & Our Thoughts

A Reliable Credit Card Processor

Benchmark Merchant Solutions rates as a solid merchant services provider according to all available information. Most complaints filed against the company seem to be related to an outdated issue, and its overall complaint rate is low, but its industry-average contract terms prevent it from equaling the value offered by a top-rated payment processor. Our rating for Benchmark may be subject to change once more is known about its contract terms.

5-Star Rated Benchmark Merchant Solutions 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.” 

Phillip’s Processor Comparisons

Picking a credit card processor can be a headache, but we’ve made it easy. Phillip recommends comparing the best merchant services providers we’ve researched.

Audit Your Merchant Account

When was the last time you had your rates audited by someone who wasn’t also trying to sell you credit card processing services? We support this website by helping business owners understand how to cut their processing costs, either with a new processor or their current one. Learn more.

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What Others Are Saying About Benchmark Merchant Solutions

Customer & Employee Reviews

3 Responses

  1. I signed up with bms the agent brings me a credit card machine we swiped a a card and showed error so we swiped again and the same error. And the next day calls me the customer that we charged him twice . So we stopped using the machine waiting for a new or repair we never got (waiting a year).
    After a year we decided to sand back the machine and cancel the subscription they charged us over $500 to cancel after every month fee $27 when we didn’t use the there services

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