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Fattmerchant 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.

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Fattmerchant Overview

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Rating

5/5
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Website
(866) 397-9826

Most Recent Comment

  • Brad L.:
    "This is the first processor where I understand my fees. I also have been paying about half of what I was paying with my previous processor.
    Reply Leave Your Own Comment
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Rating:
5/5
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View Rates & Fees
(866) 397-9826

Most Recent Comment

  • Brad L.:
    "This is the first processor where I understand my fees. I also have been paying about half of what I was paying with my previous processor.
    Reply Leave Your Own Comment
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A Pioneer of Value Pricing

Headquartered in Orlando, Florida, Fattmerchant 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 (now Worldpay). Fattmerchant is a registered ISO/MSP of Fifth Third Bank, Cincinnati, Ohio. Suneera Madhani is the founder and CEO of Fattmerchant.

Looking for a Processor That Integrates With QuickBooks?

Fattmerchant’s Omni Payments Platform can connect to QuickBooks Online with just a few clicks. This two-way integration automatically updates your customers, payments, and invoices across both apps throughout the day, eliminating the need for any manual reconciliation. Omni can also build an online store in minutes through a fully integrated e-commerce platform or sync additional hardware as needed.

Mobile & E-Commerce Products for Small Business

Fattmerchant offers merchant accounts via mobile phone payment processing as well as a robust virtual terminal for e-commerce merchants. The Fattmerchant mobile app is available on iOS with a just-released Android app. It can be used as a standalone solution or as part of an integrated omnichannel platform that includes both card present and card not present processing. Additionally, all transactions, drafts, catalog items, and inventory updates made in the mobile app are synced in real-time across all devices, including Fattmerchant’s virtual terminal.

A Powerful Competitor to Stripe

Fattmerchant’s e-commerce solution offers many of the same features as the popular payment aggregator Stripe but with several notable improvements. While both services offer an API for developers, a month-to-month contract, and integrated mobile payment options, only Fattmerchant provides a lower per-transaction fee, a customer support phone line, next-day funding, and QuickBooks integration. Fattmerchant’s linked mobile solution supports invoicing, manually keyed-in transactions, saved payment methods, and camera-scanned cards. Merchants are also able to add on a Bluetooth reader or terminal if they choose to accept card present transactions.

Fattmerchant Review Table of Contents

  • Costs & Contract: Fattmerchant offers a month-to-month contract through Vantiv/Worldpay 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 14 complaints and 17 reviews in the last 3 years.
  • Sales & Marketing: Fattmerchant does not appear to hire independent sales agents and has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Fattmerchant
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Fattmerchant Rates, Fees, and Costs

Fattmerchant Rates, Fees, and Costs

Cost Summary

Countertop Interchange + $0.06 - $0.08 Per Transaction
Virtual Terminal Interchange + $0.15 Per Transaction
Mobile Interchange + $0.12 - $0.15 Per Transaction
Shopping Cart Interchange + $0.12 - $0.15 Per Transaction
API Interchange + $0.12 - $0.15 Per Transaction
Third-Party Integrations $0.06 - $0.08 Per Transaction
Early Termination Fee $0
Standard Plan $99 Per Month
Enterprise Plan $199 Per Month
PCI Compliance Fee $0
ACH $0.25 - $1.50 Per Transaction

Month-to-Month, No Termination Fee

The standard Fattmerchant merchant agreement is a three-year agreement through Vantiv 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.

Pricing for Businesses of All Sizes

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, virtual terminal, and third-party integration sales environments) or $0.15 per transaction (for online shopping cart, mobile, 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.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, Fattmerchantalso dedicates a portion of its website that advertises its virtual terminal and payment gateway services. The company charges its monthly plan fees of $99 for its Standard Plan and $199 for its Enterprise Plan. Additionally, boths plans charge merchants a rate of interchange plus $0.15.

ACH Payments

You can accept direct bank-to-bank payments through Fattmerchant for a flat rate of either $0.25 per transaction (standard) or $1.50 per transaction (expedited). This pricing and service is included with all Fattmerchant accounts.

Enterprise-Level Options

The $199+ per month plan also does not charge a percentage-based markup above interchange, but its per-transaction rates are either $0.06 per transaction (for countertop and third-party integration sales environments), $0.12 per transaction (for online shopping cart, mobile, or API-based sales environments), and $0.15 per transaction for virtual terminal. It includes the same features as the $99 tier plus risk monitoring, a dedicated account manager, integrated analytics reporting, 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 Potential for Huge Savings

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 can find only two complaints about Fattmerchant’s rates and fees, and these merchants describe pricing that is exactly consistent with the company’s advertised pricing. In general, it appears that Fattmerchant is one of the cheapest payment processors we’ve reviewed. We have accordingly assigned it an “A” rating in this section for the time being.

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Fattmerchant BBB Rating Summary

BBB Summary

Product & Service Complaints 1
Billing & Collection Complaints 10
Advertising & Sales Complaints 3
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Very Low BBB Complaint Total

Fattmerchant currently has an “A-” rating with the Better Business Bureau and is not currently BBB-accredited. The company has received 14 complaints in the last 36 months,  11 of which were closed in the last 12 months. with 1 related to product or service problems, 10 related to an issue with billing or collections, and 3 related to an advertising or sales issue. 11 complaint was resolved to the satisfaction of the merchant, with 3 complaints either were resolved to the dissatisfaction of the merchant or did not receive a final response from the merchant, and the BBB determined that Fattmerchant failed to make a good faith effort to resolve the 1 remaining complaint.

What Merchants Say

In addition to those 14 complaints, Fattmerchant has also received 17 informal reviews, although it should be noted that these informal reviews are not subject to authentication by the BBB. Of the 17 informal reviews only 3 were negative in tone. The most recent review, from a dissatisfied merchant:

I engaged them for merchant processing services for two locations , my sales rep was Andrew spears and my account onboarding was conducted by Larissa ********. Both accounts were opened September 30th agreed for 250$ per month when the business reopens from Covid and 25$ per month for keeping the account active just dormant. No charge for credit terminals. I confirmed this with both reps October 8th. They also said there would be one month free service. The terminal arrived Mid October. October 30th both accounts were charged 250$ and one was charged 120$ more for terminals (total 620$). I brought it to the attention of their customer service department and showed the emails confirming my situation as well as told both reps. NO action was taken and they charged me again at the end of November. I had to close my bank accounts because they would not respond and continued to charge. I had those accounts for over 20 years, it was a truly depressing situation. I still have their machines, their one month free starts before you even get the machines.

Though FattMerchant does not assess any early termination fees, calling an account can result in paying other costs. To avoid their cost, merchant’s should familiarize themselves with how to cancel their account without paying any fees.

A Well-Deserved “A”

Given the fact that there are only 6 formal complaints filed against Fattmerchant, we agree with the BBB’s rating at this time.

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers No
Advertises Deceptive Rates No
Discloses All Important Terms Yes

Keeping Sales In-House

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. Two complaints from the past few years do mention aggressive telemarketing tactics by Fattmerchant sales representatives, but this does not seem to be a widespread issue at the company.

Full Disclosure

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, as well as a spot on our top-rated all-purpose processors list.

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Sales & Marketing Example

Our Opinion Of Fattmerchant

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High Savings and Quality Service

Fattmerchant rates as a reliable merchant services provider according to our rating criteria. The company is showing very few complaints and appears to offer competitive, transparent contract terms. Fattmerchant offers the unique value of being ideal for both newly established businesses and enterprise-level processing alike. Merchants are encouraged to request and review all documentation, even when dealing with top-rated credit card processors.

For more information about Fattmerchant, call (866) 397-9826 or visit Fattmerchant.com.

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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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This is the first processor where I understand my fees. I also have been paying about half of what I was paying with my previous processor.

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