Circle Review: Is It a Safe and Reliable Payment Solution?

Launched in October 2013, Circle is a peer-to-peer payments technology company. The company offers payment processing, automatic payout services, ACH, and other related services through its online API. The company utilizes the USD Coin for all transactions, a so-called “stable coin” that is reported to be backed by actual dollar investments. Circle is the creator and primary issuer of the USD Coin.

Previously the company operated like Venmo or Square Cash, and offered a free mobile app called Circle Pay that enabled its users to pay each other via linked bank accounts, debit cards, or credit cards. Circle advertised its vision of a crypto-backed payment platform that enables transactions, investments, and financing through Bitcoin and other blockchain technologies. Since its inception, the company has come to host over 8 million customers and more than 1,000 organizations, which have made transactions totaling over $200 billion dollars worth of the 60-plus financial assets its platform supports.

In 2023, Circle acquired merchant and developer-first payments orchestration platform Elements.

Table of Contents

• • Costs & Contract: Offers month-to-month service with…

• • Complaints & Service: Has received more than…

• • BBB Rating: Has an “A” rating with the Better Business Bureau and has received…

• • Sales & Marketing: Does not appear to hire independently contracted agents and has not…

Payment Processing

Circle, known for its cryptocurrency services, now offers credit and debit payment processing as part of its Payments package, which costs $1,000 per month, plus transaction fees. This can be expensive for many businesses seeking payment processing services. However, Circle’s services might appeal to those needing a combination of crypto-based payments, ACH, and bank wire services, offering more options than some other providers. Circle also has a Payouts package for $250, though this does not include payment processing.

APIs for Developers

Circle provides a suite of APIs for developers, allowing businesses to integrate digital currency payment processing into their platforms or create custom solutions.

Wallet and Account Services

Circle allows businesses to create digital wallets and accounts to manage their digital currency transactions. This feature helps merchants store, send, and receive digital currencies securely and efficiently.

International Payments

Circle facilitates international payments by enabling businesses to accept digital currency payments from customers worldwide. Using currencies like USDC, merchants can process cross-border transactions quickly and at lower fees compared to traditional methods.

Circle Business Account

The Circle Business Account is designed to help businesses manage their digital currency transactions. It includes features such as multi-user access, advanced reporting, and transaction tracking.

Payouts and Mass Payments

Circle offers solutions for businesses needing to send multiple payments to vendors, suppliers, or other stakeholders. This feature allows merchants to distribute digital currency payments to multiple recipients simultaneously.

Security and Compliance

Circle emphasizes security and compliance, ensuring safe digital currency payments that adhere to regulatory requirements. The platform uses advanced security measures and complies with industry standards, including KYC and AML policies.

Comprehensive Review of Circle Complaints

An extensive review has uncovered over 500 negative reviews about Circle, with some users labeling the company as a scam or ripoff. Despite a previously high rating on the Google Play Store, the Circle Pay app’s removal from the Apple Store and outdated presence on Google Play have raised concerns. Users have reported issues ranging from poor customer service and fund holds to failed transactions. If you’ve had experiences with Circle, positive or negative, please share them in the comments below to help inform others.

Prevalent Issue: Fund Holds

A significant number of complaints focus on Circle’s practice of freezing accounts or withholding payments unexpectedly, a challenge not unique to Circle but seemingly prevalent within its operations. Users often report payments being placed “under review” indefinitely, with attempts to resolve these issues through customer service proving fruitless.

Diverse Circle Complaints

Additional grievances include app glitches, restrictions on cryptocurrency transactions, unexpected charges, and encounters with unhelpful customer support. Notably, dissatisfaction spiked when Circle temporarily ceased allowing Bitcoin transactions, though this decision has since been reversed.

Evaluating Circle’s Customer Support

While Circle’s complaint volume is moderate for a free service, recent feedback has necessitated a downgrade in its customer support rating. Circle provides email, chat, and limited phone support as part of its efforts to address user concerns.