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Best Merchant Rates Review: Fees Comparisons, Complaints & Lawsuits

  • March 1, 2022
  • By Payments Industry Analyst, Phillip Parker
  • 3 User Reviews
see which processors will offer you the lowest pricing and best service
see who will offer you the lowest pricing and best service

Rating

 4.3/5
Best Merchant Rates Logo
Website
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(866) 576-5757

Most Recent Comment

  • RIchard K K Poppe: says:
    April 11, 2022
    "I have tried to cancel my account with you guys for more than the last 6 months. My Merchant Accunt # is 5121 7812-0304637 I have called ..." Read More
See All User Comments

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Rating:
 4.3/5

Agree with our rating?

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Best Merchant Rates Logo
View Pricing
(866) 576-5757

Most Recent Comment

  • RIchard K K Poppe: says:
    April 11, 2022
    "I have tried to cancel my account with you guys for more than the last 6 months. My Merchant Accunt # is 5121 7812-0304637 I have called ..." Read More
Leave a Comment

Note: As of 2022, the Best Merchant Rates website appears to be down. As the company has such a generic name, it is difficult to determine whether it is still in business or not. If you have any information one way or another, please let us know in the comments below.

Shared Ownership with Payment Depot

Best Merchant Rates is a merchant account provider that has been in operation since 2005. The company is a First Data (now Fiserv) reseller that, according to Crunchbase and other sources, shares an owner (Danny Choi) and an address with Payment Depot, although it does not mention Payment Depot in its official materials. This may indicate that the 2 companies are partnered or possibly even the same entity, but we are unable to verify their exact relationship at this time.

Best Merchant Rates Payment Processing

BMR offers debit and credit card processing to, as it claims, over 10,000 businesses. It offers gateways and EMV terminals, and it also claims to be able to serve high-risk business types. Best Merchant Rates claims to be founded by a small business owner as a reaction to hidden fees in the credit card processing industry. As a result, the company presents itself as both an educational resource for merchants and a trustworthy alternative to other providers.

Best Merchant Rates Location & Ownership

The company is a registered ISO of Wells Fargo Bank, N.A., Concord, California, and is headquartered at 238 West Chapman Avenue, Suite #201, Orange, California 92866 with a second location listed at 1342 Bell Ave Ste 3C Tustin, CA 92780-6440. Danny Choi is listed as a founder of Best Merchant Rates.

Best Merchant Rates Review Table of Contents

  • Costs & Contract: Best Merchant Rates advertises a month-to-month contract through First Data with no early termination fee.
  • Complaints & Service: Best Merchant Rates has received fewer than 10 public complaints.
  • BBB Rating: Best Merchant Rates has an “A+” rating and has received 0 complaints and 0 reviews in the past 3 years. The company has been accredited by the Better Business Bureau since 2008.
  • Sales & Marketing: Best Merchant Rates does not appear to hire independent sales representatives and has not received any complaints about its sales practices.

Should You Trust Best Merchant Rates?

Lawsuits, Reviews & Complaints

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Complaint Summary

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

Low Complaint Total

There are approximately 9 Best Merchant Rates negative reviews online, none of which outright accuse the company of being a scam or a ripoff. Common complaints include processing errors, unexpected PCI compliance fees, and undisclosed 48-month equipment leases. In two of the complaints (found here and here), the company enforced the terms of the equipment leases even when merchants alleged that they had not been properly informed of the lease terms at the point of signing. Although the company’s overall complaint rate is low for its size and time in business, its grade has been lowered due to the content rather than the amount of complaints. These complaints of long-term equipment leases are especially troublesome in light of the company’s presentation of itself as a merchant advocacy group.

Best Merchant Rates Lawsuits and Fines

We have not found any outstanding class-action lawsuits or FTC complaints filed against Best Merchant Rates. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Best Merchant Rates Customer Service Options

The Best Merchant Rates website lists a support contact form and multiple dedicated support phone numbers, but these channels are not sufficient to qualify it as a top-rated payment processor for customer service at this time.

Is the BBB Rating for Best Merchant Rates 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 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

No BBB Complaints

Best Merchant Rates currently has an “A+” rating with the Better Business Bureau and has been accredited since 2008. The company’s profile has a total of 0 complaints in the past 36 months.

What Merchants Say

Though the company has received 0 complaints on its BBB profile. There have been 0 reviews in the last 36 months, but there is 1 negative informal review from before that period. It should be noted that these reviews are not subject to verification by the BBB. The review was left by a merchant named Bill’s Area Rugs regarding an unexpected charge assessed after closing its account:

After more than 2 years using their service, they charged my account $300 right after I closed my account. I called them and they said ” your bank who did this charge..!! I went to the bank (wells fargo) and asked them, they said ” we never do this, BMR is the one who did it” I called BMR again, this time they blamed the VIZA company..!! LOL They never refund my money.

Best Merchant Rates advertises that it doesn’t charge any early termination fees. Regardless, merchants should research and review how to avoid paying a fee whenever closing an account.

An “A” Performance Overall

Given the company’s clean complaint record, we agree with the BBB‘s rating at this time. Merchants should be aware, however, that there are reasons to be skeptical of the BBB’s reviews.

How Expensive is Best Merchant Rates?

Rates, Fees, and Contract Terms

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

Cost Summary

Swiped Rate Interchange + 0.10% + $0.10
Keyed-in Rate Interchange + 0.10% + $0.10
Virtual Terminal Rate Interchange + 0.10% + $0.10
Payment Gateway Fee $10 Per Month
Early Termination Fee None
PCI Compliance Fee Undisclosed
Equipment Lease Terms 48 Month (locked)

Best Merchant Rates Pricing

Best Merchant Rates advertises a month-to-month contract with no early termination fees, a monthly fee of $10, and an Interchange-plus transaction fee of interchange plus 0.10% plus $0.10 per transaction. Merchant reviews of the company confirm that it does not charge early termination fees, although PCI compliance fees and other fees may be enforced. Given the fact that Best Merchant Rates advertises that it can provide high-risk merchant accounts, it is also likely that its markup over interchange will be much higher than 0.10% plus $0.10 for high-risk businesses. This is a common practice within the industry, but it isn’t addressed in the company’s sales copy.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, Best Merchant Rates also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. The company advertises interchange-plus 0.10% plus $0.10 for pricing on all of its platforms as well as a $10 per month gateway fee. Additional fees including technical support fees and batch fees may apply to these e-commerce services.

Avoid Equipment Leases

One major red flag with the company is that a few merchant complaints claim that Best Merchant Rates offers equipment leases through First Data Global Leasing.

Although Best Merchant Rates provides the most transparent pricing structure available in Interchange-plus, the company’s partnership with First Data Global Leasing appears to be responsible for several merchant complaints regarding 48-month, non-cancellable leases that are ultimately more expensive than the equipment itself.

The company’s response to at least two of these complaints was to enforce the terms of the lease and insist that the matter should be taken up with First Data Global Leasing rather than Best Merchant Rates. Given this potential long-term agreement, merchants are advised to inquire about all possible leases before signing up for service through Best Merchant Rates. Merchants are encouraged to purchase their equipment outright when possible, as it is almost always cheaper in the long run.

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

Does Best Merchant Rates Use Deceptive Marketing?

Advertising & Sales Strategy

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Key Points

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

Unique Marketing Approach

Best Merchant Rates appears to function as both a merchant advocacy site and a credit card processor, and its marketing strategy is therefore unique for the industry. While the company does not appear to utilize independent sales agents or outside resellers, it does position itself as an authority on scams within the credit card industry. The company’s blog directly names multiple providers (Elavon, Bank of America, Intuit, Chase, Merchant One, Merchant Warehouse, BankCard USA, and Leaders) as deceptive marketers and poor service providers. This is an uncommonly aggressive sales tactic, and although many of the allegations made by Best Merchant Rates are completely valid, readers should certainly consider the source.

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

A Convoluted Strategy

The obvious conflict of interest here is that Best Merchant Rates is itself a processor, and it may even maintain undisclosed ties to another processor (Payment Depot). The company’s ongoing quest to expose fraudulent practices in the industry is somewhat undercut by the fact that it is an interested party, and it does not appear to fully disclose its own affiliations. By openly critiquing its competitors, Best Merchant Rates may be trying to create the impression that it is an independent, unbiased third party that can provide merchants with low, honest rate quotes. Merchants should understand, though, that the company has a strong financial incentive to portray its competitors in a negative light.

No Sales Complaints

There are no merchant complaints about Best Merchant Rates’s sales tactics at this time, but there are some older complaints related to undisclosed equipment leases. As a counterpoint, the company’s website does not appear to list its rate quotes for standard-risk merchants in a deceptive fashion. Taking these factors into account, we will assign Best Merchant Rates a “B” in this category for now. If you suspect that Best Merchant Rates is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden charges.

Does Best Merchant Rates Deserve Your Business?

Review Summary & Our Thoughts

A Decent Credit Card Processor

Best Merchant Rates is an above-average merchant services provider according to our rating criteria. The company offers transparent pricing and maintains a low complaint volume, but its sales tactics and equipment lease policies have lowered its grade somewhat. The company’s score may change once more becomes known about its relationship to Payment Depot, or once the BBB updates its profile for the company. For now, merchants should compare Best Merchant Rates’ offerings to top-rated processors to obtain the best deal.

5-Star Rated Best Merchant Rates 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.

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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 Best Merchant Rates

Customer & Employee Reviews

3 Responses

  1. RIchard K K Poppe says:
    April 11, 2022 at 12:57 pm
    Laser Saffety Industries

    I have tried to cancel my account with you guys for more than the last 6 months.
    My Merchant Accunt # is 5121 7812-0304637

    I have called many times, I have already returned my equipment also.
    I am being charge for the last year over $131.00 a month, and I no acctivity on my account.
    Yet you bill me!!!

    I like to get a refund for this, and have the account canceled!!!
    ASAP.
    The next time I will fill a small claims case with my local Cistte couurt and report this to the
    Depart of Commerce in Minnesota.

    Please responded and cancel this account Immedialy.

    Reply
  2. David Ryan says:
    March 3, 2022 at 11:35 am
    Ryan's Auto Repair

    Yes this company is so much a lie and RIP off I’ve never had any issues with my other catd companies signed up to them because they make it sound so good but now they’re risk department stuck they’re Jose where it dont belong and has cost me alot of money so will be getting rid of them asap this place sucks dont reccomend to anyone

    Reply
  3. Ted says:
    April 21, 2016 at 9:14 pm

    Why does there home page try showing that it’s only 39$ Per month? Doesn’t sound very forthcoming

    Reply

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