Mercury Payment Systems Review
We take our role in providing guidance and education regarding the card payment industry very seriously. At our own expense, we have vigorously defended our right to continue expose unethical and predatory practices in the industry, successfully defeating every attempt to silence us. However, fending off frivolous lawsuits is costly. To sustain these efforts, one of the ways we generate revenue is through affiliate partnerships with ethical providers. This means that some of our outgoing links connect business owners to trustworthy, low-cost payment processors, which is what most of our readers seek. We see this revenue channel as a win-win-win for everyone involved. Business owners find good processors, processors get good clients, and we are able to continue to provide a valuable service to the small business community. We also recommend and link to many services that do not compensate us. Our priority is to guide you to the best solutions for your needs, regardless of potential revenue. If you have questions, please feel free to contact us.
All mentions of rate and fee costs are estimations based on publicly available information and client feedback. Actual costs may vary based on a variety of factors unique to your business.
Mercury Payment Systems
Rating
Customer Reviews & Sentiment
Mercury Payment Systems has a moderate volume of complaints filed online for its size and time in business, some of which accuse the company of being a ripoff. The majority of problems appear to originate with agents and resellers who failed to verbally disclose important terms of the merchant account agreement prior to setting up the account. Nearly all complainants report nondisclosure of the $295 cancellation fee, $150 annual PCI Compliance fee, or other additional fees. Many of these fees appear to be buried in the fine print of the contract, but Mercury Payment Systems is quick to point out the fact that they were technically disclosed in its public rebuttals.
Other common complaints that merchants have reported are of sudden rate increases without notice, deceptive rate quotes by agents, and hidden fees. Several reports indicate that agents regularly quote the Qualified Discount Rate without also stating the Downgrade Fees. Mercury’s grade has been lowered to a “C” in this section due to both the content and quantity of complaints. You can learn everything you need to know about rates and fees in “Fee Sweep.”
Industry Scores & User Ratings
| Product & Service Complaints | 21 |
|---|---|
| Billing & Collection Complaints | 49 |
| Advertising & Sales Complaints | 3 |
| Guarantee & Warranty Complaints | 0 |
| Delivery 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.
As of this update, the Better Business Bureau has awarded Mercury Payment Systems BBB accreditation as of December 2012. The BBB is giving the company an “A+” rating despite 73 complaints filed in the last 36 months, which is up from 54 complaints as of our last update. Of the total, 21 are regarding problems with service, 49 are due to billing and collection disputes, and three with advertising or sales issues. Twenty-seven of these complaints were resolved to the satisfaction of the merchant, while 46 either were not resolved to the merchant’s satisfaction or did not receive a final response from the merchant. In many of the unresolved complaints, Mercury has responded by quoting terms and conditions of the merchant account contract. Given the company’s complaint count and resolution efforts, we are adjusting its rating to a “B-” for the purposes of this review.
Processing Rates & Fees
Rates and fees of a Mercury Payment Systems merchant account will vary based on a merchant’s business type, processing volume, and the agent setting up the account. The company’s standard service agreement (available below) is a one- to three-year term that requires merchants to give 30 days’ notice before ceasing processing or switching to a new processor. Merchants who fail to abide by this requirement may be subject to an Early Termination Fee ranging from $295 to $495; however, a few complaints report cancellation fees of up to $900. These higher termination fees are likely to have been set by independent agents or by Mercury’s software partners. The company also charges an annual PCI Compliance fee reported to be $150, which is well above average. Several merchants have complained about experiencing other unexpected fees, so businesses considering Mercury Payment Systems are strongly encouraged to read and understand their merchant account agreements before signing any documents. See the Mercury Payment Systems Terms and Conditions.
Mercury Payment Systems Competitors
Compare Mercury Payment Systems to competitors that earned top marks.
Bottom Line
Overall, Mercury Payment Systems scores as an average merchant services provider. The company can improve its rating in this review by drastically lowering or eliminating its PCI Compliance fee, eliminating its cancellation fee, and preventing future complaints about hidden and undisclosed fees.
