Note: The Conquest Financial website is no longer functioning and has not been since our last review. Additionally, the Better Business Bureau now features a note saying that they believe the company is out of business. We will maintain this review for one more cycle in case any accounts are still open, but will be archiving it after.
Conquest Financial Services Overview
Founded in 2003, Conquest Financial is a Toronto, Ontario-based merchant account provider that serves businesses in both the U.S. and Canada. The company appears to be a reseller of Elavon products and services and appears to share ownership with Admeris Payment Systems, Salt Technology, and POSConnect, Inc. Multiple merchant complaints name either Mark Shvartsman or Gerald Shvartsman as the owner of Conquest Financial, and the company has been registered in Canada under Mark’s name and in the U.S. under Gerald’s name.
Conquest Financial Services Location and Leadership
Gerald Shvartsman is listed as the CEO of Conquest Financial, while Jeremy Murray is listed as the company’s vice president of sales. Sammie Riar is also listed as CEO in other instances. Conquest Financial lists its Canadian headquarters at 326 Adelaide St West, 4th Floor, Toronto, ON M5V 1R3, Canada, and its U.S. headquarters at 11451 NW 36th Ave, Miami, Florida 33167. This is the same address provided for Source Outdoor, another company operated by Gerald Shvartsman. Conquest Financial does not list an acquiring bank on its website.
Customer Reviews & Sentiment
Low Complaint Total
We are currently able to locate over 15 negative Conquest Financial Services reviews, some of which accuse the company of being a scam. Common themes in these complaints include aggressive telemarketing tactics, nondisclosure of contract terms by sales agents, and hard-to-reach or unhelpful customer service. A number of these complaints also mention other ventures linked to Conquest Financial Services’ management team, including Admeris Payment Systems, Salt Technology, and POSConnect. Although Conquest Financial has received complaints in the past year, most of its complaints were posted before 2013. This may indicate a slowdown in the company’s business or a change in its policy. In general, though, the complaint total and the content of the complaints has lowered the company’s score to a “B.”
Conquest Financial Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against Conquest Financial. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Conquest Financial Customer Support Options
Conquest Financial offers phone, fax, and email support to all of its merchants. However, one merchant has claimed beneath this review that the company does not reply to any inquiries via these channels. This indicates that Conquest Financial likely does not compete with the top-rated payment processors for great customer service.
Client Satisfaction Ratings
| Product & Service Complaints | 0 |
|---|---|
| Billing & Collection Complaints | 1 |
| Advertising & Sales Complaints | 0 |
| Guarantee & Warranty Complaints | 0 |
| Delivery Complaints | 0 |
Clean Complaint Record But Out of Business
The BBB is showing the following note on the CF website as of August 2021: “Believed to be out of business: According to information in the BBB files, it appears that the company is no longer in business. The phone numbers the BBB had for this company are disconnected, and directory assistance does not have a listing for this company. The BBB’s mail to this company has been returned as undeliverable. If you have an unresolved dispute with this company you may wish to seek legal advice.”
Conquest Financial currently has no rating with the Better Business Bureau and is not accredited. The company has received 1 complaint in the past 36 months. Conquest Financial has also not received any informal reviews. This complaint was left regarding an issue with billing or collections and has been unattended to by the company since it was left in January of 2020.
Not Taken Into Account
In light of the company’s lack of activity, we agree with the BBB’s rating at this time. However, merchants should be aware that there are good reasons to be skeptical of the BBB’s rating system.
Card Processing Rates & Fees
Multi-Year Contract
There is very little publicly available information about the standard Conquest Financial Services contract at this time. According to various merchant complaints, Conquest Financial typically offers a multi-year agreement through Elavon with an early termination fee of up to $700.
Though there are no confirmed details regarding any PCI compliance fees, monthly minimum fees, statement fees, or per-transaction rates charged by the company, merchant’s can get some insight into the company’s pricing by reviewing that of Elavon, whose services are being resold. A typical Elavon contract charges a swipe rate of 2.65% + $0.19 and a keyed-in rate of 3.50% + $0.19 per transaction. Additionally, those contracts include a PCI compliance fee of up to $59 a month and a monthly fee of $10.
Merchants also complain of being locked into long-term equipment leases through Northern Leasing Systems at the same time that they sign up for a Conquest Financial merchant account.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Conquest Financial Services also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. However, pricing is nor disclosed on either of those services. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
Higher-Than-Average Pricing
We have located a blank copy of the company’s merchant funding application, but this document does not provide much information about the company’s pricing or fees. The available merchant feedback indicates that Conquest Financial’s pricing does not compete with that offered by budget-friendly merchant account providers. In the absence of clear documentation, we have assigned the company a “C” rating in this category.
Bottom Line
An Average Option for Most Businesses
Conquest Financial rates as an average merchant services provider according to our rating criteria. The company’s contract terms appear to be more expensive than industry averages, but it has received a low number of complaints over the past few years. However, the company seems to be out of business. For now, merchants are encouraged to compare Conquest Financial’s pricing and services to those offered by top-rated merchant account providers.
Conquest Financial Services Rating
