Dynamic Payment Solutions Review: Fees, Complaints & Lawsuits
Note: As of October 2021, the Dynamic Payment Solutions website appears to be offline, and we can find no evidence that the company is still in business. We will leave this review up for now, and if you have any information about Dynamic Payment Solutions’ status, please leave it in the comments below.
A Division of Vision Bankcard
Founded in 2004, Dynamic Payment Solutions is a merchant account provider that specializes in merchant accounts for small to mid-sized businesses. The Dynamic Payment Solutions website formerly described the company as a division of Vision Bankcard, and DPS appears to be a reseller of Global Payments.
Dynamic Payment Solutions Location and Ownership
The company’s headquarters are located at 5252 Edgewood Dr Ste 100 Provo, UT 84604. Dynamic Payment Solutions is a registered ISO/MSP for Deutsche Bank AG, New York. Jeff Knowles is listed as the CEO of Vision Bankcard and may therefore also serve as CEO of DPS. Joe Emig is listed by the BBB as the contact for Dynamic Payment Solutions.
Dynamic Payment Solutions Review Table of Contents
- Costs & Contract: Dynamic Payment Solutions appears to offer variable contract terms depending on each merchant’s business type. The company advertises Authorize.Net as its payment gateway.
- Complaints & Service: Dynamic Payment Solutions has received fewer than 10 public complaints.
- BBB Rating: Dynamic Payment Solutions currently has an “A+” rating with the Better Business Bureau and has received 0 complaints in the past 3 years.
- Sales & Marketing: Dynamic Payment Solutions does not appear to hire independent sales representatives and has not received any merchant complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Dynamic Payment Solutions
Dynamic Payment Solutions Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
Clean Complaint Record
As noted above, we were unable to locate any negative Dynamic Payment Solutions reviews on this website or any other consumer protection websites. This seems to suggest that Dynamic Payment Solutions has a readily available and responsive customer support team. The company’s affiliate, Vision Bankcard, appears to have received very few complaints as well.
Dynamic Payment Solutions Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against Dynamic Payment Solutions. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Dynamic Payment Solutions Customer Support Options
We will assign Dynamic Payment Solutions an “A” in this section until we see a reason to alter this grade. The DPS website offers a dedicated phone line and an email address for merchants. All signs indicate that these channels perform nearly as well as the top-rated merchant accounts for customer service.
Dynamic Payment Solutions Online Ratings
Here's How They Rate Online
Online Ratings Summary
|Product & Service Complaints||0|
|Billing & Collection Complaints||0|
|Advertising & Sales Complaints||0|
|Guarantee & Warranty Complaints||0|
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
No BBB Complaints
Dynamic Payment Solutions currently has an “A+” rating with the Better Business Bureau and is not accredited. The company has received 0 complaints about the company in the past 3 years. Dynamic Payment Solutions also has not received any informal reviews with the BBB, although it should be noted that these reviews are not subject to verification.
An “A” Performance
In light of the information presented, especially the company’s years in business and low complaint total we agree with the BBB’s rating of an “A”. However, merchants should be aware that there are reasons to be skeptical of the BBB’s reporting.
Dynamic Payment Solutions Fees, Rates & Costs
A Closer Look at The Contract
|Swiped Rate||1.00% - 4.99%|
|Keyed-in Rate||1.00% - 4.99%|
|Virtual Terminal Rate||$2.90% + $0.30|
|Payment Gateway Fee||$25 Per Month|
|Annual Maintenance Fee||$299|
|Early Termination Fee||$500+|
|Equipment Lease Terms||48 Month (locked)|
Variable Contract Terms
As of this update, there is very little specific information available about the standard Dynamic Payment Solutions contract. It’s possible that the company may have the same contract as Vision Bankcard, which is a Global Payments agreement.
Vision Bankcard’s contract includes an early termination fee of $500 per location or Liquidated Damages, whichever is greater, which is as expensive as termination fees get. However, it appears that the service length agreement and early termination fee can be avoided by entering into a month-to-month agreement for the company’s services. Additionally, merchant reviews have claimed to have been charged an undisclosed $299 annual maintenance fee. These agreements also include long-term equipment leases through Global Direct, the equipment leasing division of Global Payments.
The company has not received any pricing complaints, which indicates that the majority of the company’s clients are satisfied with the terms of their contracts. Merchants are advised to carefully examine the terms of any contract they sign and compare them to the cheapest merchant account providers.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Dynamic Payment Solutions also dedicates a portion of its website to advertising its virtual terminal and payment gateway services through Authorize.Net. A standard Authorize.Net agreement includes a rate of 2.90% plus $0.30, a monthly gateway fee of $25, and a batch fee of $0.10. However, Dynamic Payment Solutions reserves the right to alter these terms and conditions as a reseller. As such, merchants are able to negotiate lower fees than those offered directly by Authorize.Net
Send Us Your Contract!
If you have any knowledge of the standard Dynamic Payment Solutions contract (including any PCI compliance fees or early termination fees), please leave that information in the comment section of this review.
Dynamic Payment Solutions Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Mixed Sales Approach
Dynamic Payment Solutions does not appear to hire independent sales agents, but its affiliated company, Vision Bankcard, does seem to hire them. Regardless, we are able to locate zero complaints about the company’s agents on all non-BBB consumer protection websites, so it seems as if the company markets its services in a fair and transparent manner.
No Deceptive Rates
Dynamic Payment Solutions does not appear to engage in any deceptive advertising strategies in its official marketing materials. This inclines us to award the company an “A” in this category. If you suspect, however, that Dynamic Payment Solutions is charging you undisclosed fees, we recommend seeking a third-party statement audit to eliminate hidden costs.
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