Headquartered in Orlando, Florida, Fattmerchant (fattmerchant.com) is a subscription-style merchant account provider that was established in 2013 but began operations in early 2014. Like Payment Depot or Transparent Merchant Services, Fattmerchant specializes in charging merchants a flat monthly fee and a fixed per-transaction fee with no percentage-based rates. The company was previously known as “Sunshine Payment Services” and is a reseller of NPC/Vantiv. Fattmerchant is a registered ISO/MSP of Fifth Third Bank, Cincinnati, Ohio, and is headquartered at 100 S Orange Ave #400, Orlando, Florida, 32801. Suneera Madhani is the founder and CEO of Fattmerchant.
- Sales & Marketing: Fattmerchant does not appear to hire independent sales agents and has not received any complaints about its sales practices.
- Costs & Contract: Fattmerchant offers a month-to-month contract through Vantiv with no early termination fee.
- Complaints & Service: Fattmerchant has received fewer than 10 public complaints.
- BBB Rating: Fattmerchant has an “A+” rating with the Better Business Bureau and has received one complaint in the last three years.
- Rates & Fees: How Merchants Got The Best Rates With Fattmerchant
Sales & Marketing
Key Points - Sales & Marketing
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||Yes|
Fattmerchant appears to utilize conventional advertising and an in-house sales team to market its services. There is no evidence that Fattmerchant is a typical industry “hiring mill,” and we cannot find any Fattmerchant complaints that accuse the company’s sales reps of unethical conduct. Fattmerchant provides a link to its contract terms on its website, and it lists its full pricing details for anyone to review. There is no indication that these fees are quoted in a misleading way. Fattmerchant’s commitment to transparency is uncommon within the industry and has earned it an “A” in this category.
Fattmerchant Marketing Example
Costs & Contract
Key Points - Costs & Contract
|Early Termination Fee||None|
|PCI Compliance Fee||None|
|Equipment Lease Terms||None|
The standard Fattmerchant contract (available in part below) is a three-year agreement through NPC with automatic renewal for two-year terms and a Liquidated Damages early termination fee. A company representative has informed us that the company’s early termination fee is actually $0, and that this is specified on the company’s merchant application. The Fattmerchant website also states that the company provides a month-to-month contract with no cancellation penalty. Due to the punitive terms in the company’s boilerplate contract, merchants should ensure that their supplementary documentation lists an early termination fee of $0 or otherwise negates the language of the NPC contract. The Fattmerchant website also states that the company does not charge statement fees, PCI compliance fees, annual fees, batch fees, or monthly minimum fees.
Fattmerchant offers two pricing plans: a $99 per month standard plan for businesses that process less than $1 million annually and a $199+ per month enterprise plan for businesses that process more than $1 million annually. The standard plan does not charge a percentage-based markup above interchange, but it does charge either $0.08 per transaction (for countertop, mobile, and third-party integration sales environments) or $0.15 per transaction (for online shopping cart, virtual terminal or API-based sales environments). This plan includes analytics and 24/7 technical support with no statement fees, annual fees, batch fees, or long-term contracts.
The $199+ per month plan also does not charge a percentage-based markup above interchange, but its per-transaction rates are either $0.05 per transaction (for countertop, mobile, and third-party integration sales environments) or $0.10 per transaction (for online shopping cart, virtual terminal or API-based sales environments). It includes the same features as the $99 tier plus risk monitoring, a dedicated account manager, and chargeback assistance. The Fattmerchant pricing page notes that its enterprise plans “start at” $199 per month, so it’s possible that merchants processing well over $1 million per year will be quoted higher monthly fees.
The savings under each plan will vary depending on each merchant’s credit card processing profile, but certain business types can save a large amount of money under Fattmerchant’s pricing structure. We cannot find only one complaint about Fattmerchant’s rates and fees, and this merchant describes pricing that is exactly consistent with the company’s advertised pricing. In general, it appears that most of the company’s merchants are satisfied with their pricing. We have accordingly assigned it an “A” rating in this section for the time being. See the Fattmerchant Merchant Agreement.
Complaints & Service
Key Points - Complaints & Service
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
We can find only a few negative Fattmerchant reviews, and there is no indication that the company is a scam or a ripoff. Fattmerchant provides phone and email contact information on its website, and a company representative has informed us that Fattmerchant offers its own in-house after-hours support. Fattmerchant hasn’t been in the industry for very long, so it may start accumulating complaints over time. However, its clean complaint record over its first three years is impressive enough to warrant an “A” in this category for now.
Key Points - BBB
|Product & Service Complaints||1|
|Billing & Collection Complaints||0|
|Advertising & Sales Complaints||0|
|Guarantee & Warranty Complaints||0|
Fattmerchant currently has an “A+” rating with the Better Business Bureau and has been BBB-accredited since August 2015. The company has received one complaint since its BBB profile was created, and this complaint was related to a product or service issue. The lone complaint either was resolved to the dissatisfaction of the merchant or did not receive a final response from the merchant. Fattmerchant also has received four positive reviews, although it should be noted that these reviews are not subject to authentication by the BBB. Given the fact that there is only one complaint filed against Fattmerchant, we agree with the BBB’s rating at this time.
About Phillip Parker
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Related: Phillip’s Top All-Purpose Merchant Account Picks
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