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ClearPay Financial Solutions 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. I've since appeared in INC Magazine, The Atlantic, The Los Angeles Times, Detroit Free Press, Computer World Magazine, and several others. Contact me if you want help getting their hands out of your pockets.

 

 

ClearPay Financial Solutions Overview

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Rating

5/5
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  • Karli Krane:
    "These guys are the best. We now know why they are so highly regarded! There is nothing anyone can do that they can't. Their whole team fro..." Read More
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Rating:
5/5
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  • Karli Krane:
    "These guys are the best. We now know why they are so highly regarded! There is nothing anyone can do that they can't. Their whole team fro..." Read More
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Partnered With Global Payments and SecureNet

Founded in 2011, ClearPay Financial Solutions is a merchant account provider that serves a wide variety of business types. The company appears to be a reseller of Global Payments products. In 2012, ClearPay entered into a strategic partnership with SecureNet in which ClearPay agreed to operate as a reseller of SecureNet’s e-commerce suite. It is unclear whether this partnership is still active.

ClearPay Financial Solutions Location and Ownership

ClearPay Financial Solutions is a registered ISO/MSP for Wells Fargo Bank, N.A., Walnut Creek, California, and Central Bank of St. Louis, St. Louis, Missouri. Jim Visoky is the CEO of ClearPay, which is headquartered at 10000 Innovation Dr. Ste 160, Milwaukee, Wisconsin 53226.

ClearPay Financial Solutions Review Table of Contents

  • Costs & Contract: ClearPay Financial Solutions appears to offer variable contract terms based on a merchant’s business type and processing history.
  • Complaints & Service: ClearPay Financial Solutions has received fewer than 10 public complaints.
  • BBB Rating: ClearPay Financial Solutions has an “A+” rating and has received 0 complaints and 16 reviews in the past 3 years. The company has been accredited by the Better Business Bureau since 2012.
  • Sales & Marketing: ClearPay Financial Solutions appears to hire independent sales agents and has received a few complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With ClearPay Financial Solutions
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ClearPay Financial Solutions Rates, Fees, and Costs

ClearPay Financial Solutions Rates, Fees, and Costs

Cost Summary

Swiped Rate 1.00% - 4.99%
Keyed-in Rate 1.00% - 4.99%
Virtual Terminal Rate 1.00% - 4.99%
Payment Gateway Fee Undisclosed
Annual Maintenance Fee $299
Monthly Fee $10
Early Termination Fee $500 or Liquidated Damages
Setup Fee $50
Equipment Lease Terms 48 Month (locked)

Variable Contract Terms

There is very little publicly available information about the standard ClearPay contract at this time. The company does not provide pricing specifics on its website or disclose the identity of its backend credit card processor.

The company is an apparent reseller of Global Payments so it is likely that its pricing and fee structure resembles theirs. Even then, Global Payments’ rates vary from merchant to merchant depending on the size of the business, its transaction volume, and other factors. However, the company’s 2019 terms and conditions do disclose an early termination fee of $500 per location or liquidated damages, a $299 annual maintenance fee, a $10 monthly fee, and a non-cancellable equipment lease.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, ClearPay Financial Services also dedicates a portion of its website that advertises its virtual terminal and payment gateway. However, pricing on either of those services is not disclosed. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.

Few Contract Complaints

Given the general lack of complaints that describe dissatisfaction with the company’s contract terms, we will assume that most of ClearPay’s customers are satisfied with their pricing and fees. However, it does not appear that ClearPay’s standard contract terms are competitive with those offered by the cheapest merchant accounts. If you have any specific knowledge of the standard ClearPay contract, please share that information in the comment section below this review.

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ClearPay Financial Solutions BBB Rating Summary

BBB Summary

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

Clean Complaint Record

ClearPay Financial Solutions currently has an “A+” rating with the Better Business Bureau and has been accredited since October 2012. ClearPay’s BBB profile has received 0 complaints in the past 36 months.

What Merchants Say

ClearPay has also received 16 informal reviews on it’s BBB profile. 13 of those reviews were positive and 3 were negative. It should be noted that these reviews are not subject to verification by the BBB. The most recent complaint describes difficulty sales practices that sound like slamming:

These lowlifes are making cold calls to phones listed as Do Not Call. The person who called here could not explain who she was, why she was calling, or what her company did. I got the idea that she was offering payday loans to people with bad credit. I told her what she could do with her “program”, as she called it.

Aggressive sales tactics like constant phone calls can be harassing. Merchants in this situation should understand how shut down sales calls.

An “A” Performance

In light of the company’s complaint and review totals, we agree with the BBB’s rating of an “A” at this time.

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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

ClearPay appears to primarily market its products and services through an independent sales agent program. The use of independently contracted agents is typically linked to higher complaint totals in the credit card processing industry, but we can find only a few ClearPay complaints related to misconduct by an independent sales agent.

Resolving Sales Complaints

Two complaints were filed with the Better Business Bureau at the time of our previous update. The first complaint alleges that the sales agent scolded the merchant for not purchasing a POS system from that agent, effectively diminishing the agent’s commission. ClearPay resolved the situation by releasing the merchant from the contract and providing a refund. The second complaint states that a sales agent provided inadequate assistance with equipment setup and then began billing the merchant for services long before the merchant had agreed to activate the account. ClearPay responded to this complaint in a similarly comprehensive fashion by refunding the improperly charged amounts, offering a month-to-month contract to the merchant, and further reducing the merchant’s rates.

Recent Complaint Outcomes

A third complaint, which was filed in the comment section below this review, claimed that the company’s $50 setup fee was not properly disclosed. A company representative has stated that there is a set up fee from some processors that the company works with if equipment is placed for free, but it is not a start up fee from ClearPay. The company’s most recent complaint in the comment section below this review has gone unaddressed.

No Red Flags

Although complaints of this nature are typical of companies that employ independent sales agents, the positive outcomes to these issues reflect positively on ClearPay’s sales standards. We have therefore assigned ClearPay an “A” rating in this category. As an additional point in the company’s favor, we cannot find any evidence of misleading rate quotes or unrealistic guarantees in ClearPay’s marketing materials. If you suspect that ClearPay is overcharging you, you can double-check your pricing with a third-party statement audit.

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Sales & Marketing Example

Our Opinion Of ClearPay Financial Solutions

ClearPay Financial Solutions Logo

A Solid Option for Most Business Types

ClearPay Financial Solutions rates as a reliable merchant services provider according to all available information. The company has received a couple of isolated complaints related to its sales practices, but these complaints were resolved very successfully by ClearPay. Our rating may be subject to change once more is known about the company’s contract terms. For now, merchants are encouraged to compare ClearPay’s pricing to that offered by top-rated credit card processors in order to obtain the best possible deal.

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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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Leave Your Review For ClearPay Financial Solutions

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These guys are the best. We now know why they are so highly regarded! There is nothing anyone can do that they can’t. Their whole team from Krissi, Anna, Mark, and Autumn are really helping my business when it counts!

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Hi Karli, to authenticate your testimonial, please reply to this comment with your business name, location and website. Thank you!

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Came through with everything they offered. My representative out here in NC comes through whenever I need him! Two thumbs up!!!

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Hi James,

Please reply to this comment with your business name and location in order to authenticate your testimonial. Thanks!

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will tell you they do not have any start up fees. I checked my online banking yesterday morning and there is a $50.00 “start up fee” listed. I called several times and finally received a call back today saying that it is a one time fee they DO charge. Their website and paperwork clearly states NO START UP FEES. Highly deceptive. Very disappointed.

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