Finical Inc. Overview

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Serving Standard- and High-Risk Merchants

Formerly known as Prudential Payment Systems, Finical Inc. is a merchant account provider that serves standard-risk and high-risk businesses throughout the U.S. and Canada. In November 2016, the company acquired Safeguard Bankcard, LLC., an Atlanta, Georgia-based credit card processor.

There is evidence to suggest that Finical Inc. was at one point a reseller of  which is itself a reseller of iPayment (now Paysafe). We have also found evidence to suggest that CardPayment Solutions and Finical are still partners, as the footer of Finical’s now-defunct “Careers” page contains a link to CardPayment Solutions’s merchant access portal and both companies use identical copy across some official materials. The CEO of Finical has stated that the company has no affiliation with iPayment or CardPayment Solutions.

Location and Ownership

Finical is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, California. Aaron Nasseh, a former vice president of sales at iPayment, is the CEO of Finical, which is headquartered at 638 Lindero Canyon Rd. Suite 252 Oak Park, California 91377. While a handful of sources suggest that the company has been operating 1999, the California Business Registry and the company’s LinkedIn page list Finical’s founding date as November 2012.

Finical Inc. Review Table of Contents

  • Costs & Contract: Finical offers a month-to-month contract through Pivotal Payments that may or may not include an early termination fee.
  • Complaints & Service: Finical has received fewer than 10 public complaints.
  • BBB Rating: Finical has an “A” rating with the Better Business Bureau and has received 2 complaints in the past 3 years.
  • Sales & Marketing: Finical hires independent sales representatives and has received one complaint about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Finical
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Products & Services Offered

Types of Businesses Served

  • Retail
  • Mobile
  • E-commerce

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Finical Inc. Rates, Fees, and Costs

Key Points

Swiped Rate 1.00% - 4.99%
Keyed-in Rate 1.00% - 4.99%
Virtual Terminal Rate 1.00% - 4.99%
Payment Gateway Fee Undisclosed
Monthly Minimum Fee $25
Early Termination Fee Undisclosed
Equipment Lease Terms 48 Month (locked)

Month-To-Month Agreement

The standard Finical Inc. contact is a month-to-month agreement through Pivotal Payments with a $25 monthly minimum fee and a built-in equipment lease through First Data Global Leasing. This contract does not specify whether the company charges an early termination fee, which may indicate that Finical leaves this decision up to the agent or ISO boarding the account.

Two Separate Agreements

In general, the company’s month-to-month agreement is a much more competitive offer than Pivotal Payments’ typical contract terms. However, the built-in equipment lease through First Data is a separate, non-cancellable agreement that survives the term of the Pivotal Payments contract. Merchants should therefore be very careful that they understand that they are consenting to two separate agreements that may not have matching durations. We are currently unable to locate any reports that Finical or its agents have taken advantage of this provision, but this is a common tactic within the credit card processing industry.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, Finical also dedicates a portion of its website that advertises its virtual terminal and payment gateway services. However, pricing on either of those services is not disclosed. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.

Lack of Contract Complaints

As with the above section of this review, we must weigh the company’s lack of complaints against the potentially negative aspects of its actual contract. Finical’s contract terms aren’t currently competitive with the cheapest merchant accounts, but it is worthy of a “B” in this category for the time being.

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Response from Finical Inc.

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Finical Inc. Complaints & Customer Reviews

Key Points

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

Low Overall Complaint Total

We have found only a couple of negative Finical Inc. reviews, and one complaint accuses the company of being a scam or a ripoff. The negative reviews cite issues with the company’s “Cash Discount Program,” deceptive sales tactics, and difficulty cancelling service. Finical has a number of traits that are typically associated with poorly rated companies (affiliation with Pivotal Payments, previous use of “teaser” rate quotes, independently contracted sales team, “slamming” complaint, built-in equipment lease), so its generally clean complaint record is a bit of a surprise. This may be a product of Finical’s corporate culture, or it may be due to a small base of merchants.

Finical Lawsuits

Public records indicate that Prudential Payment Systems was involved in a lawsuit with iPayment over unpaid commissions, residuals, and bonuses. The full details of the case are not publicly available, but it appears to have been resolved in 2015. There is no indication that Finical and iPayment terminated their relationship following this lawsuit, but some documentation indicates that the company is now a reseller of Pivotal Payments.

Finical was also involved in a 2017 civil suit with a company named First Connect Inc. and its principal, Kent Kuszajewski. However, we have not found any outstanding class-action lawsuits or FTC complaints filed against Finical Inc regarding its merchant services. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

Finical Customer Support Options

We have lowered the company’s score in this section to a “B” due to the allegation of slamming, which is an incredibly deceptive sales practice, and to the merchant’s claim that they were referred to a legal team and offered no recourse for the deception. However, there is not a large enough body of complaints to justify lowering the company’s score any further. Finical offers phone and email assistance, but it’s unclear what the hours of operation are for these channels. Finical’s support options aren’t sufficient to qualify it as a top-rated merchant account provider for customer service.

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Response from Finical Inc.

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Finical Inc. BBB Rating Summary

Key Points - BBB

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

Under 5 BBB Complaints

Finical Inc. is not an accredited business of the Better Business Bureau and currently maintains an “A” rating. The company has received 2 complaints in the past 36 months. 1 complaint was related to a product or service problem and 1 pertained to billing or collections issues. Each of the 2 complaints was resolved to the dissatisfaction of the merchant.

A “B” Performance

Given the company’s low complaint total, we agree with the BBB’s rating of a “B” at this time. Merchants should note that there are good reasons to be skeptical of the BBB’s rating system.

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Response from Finical Inc.

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Truth In Marketing & Advertising

Key Points

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

Independent Sales Agents

Finical Inc.’s salesforce is 100% composed of independently contracted sales agents, and the company does not maintain a direct sales channel. This independent agents-only approach is uncommon for the industry, and it tends to result in increased complaint totals for the companies that use it. We have received one complaint that accuses a Finical representative of a deceptive sales tactic known as “slamming“. The merchant states that the independent sales agent posed as a representative of their current merchant services provider and switched the merchant to Finical without their knowledge or consent. The merchant further states that Finical did not respond to his requests to be released from the agreement and referred him to the company’s legal department.

Misleading Rate Quotes

At the time of a previous update, the Finical homepage advertised “[r]ates as low as 1.10%.” This is almost certainly the company’s qualified credit card rate, and the page made no mention of the mid-qualified and non-qualified rates that merchants will pay on the majority of transactions. We consider this type of rate quote to be deceptive because it could give merchants an unrealistic expectation of the rates they will pay. The rate has since been removed.

Some Cause for Concern

After weighing Finical’s generally clean complaint record with its reported sales approach and previous rate quoting tactics, we have given the company a “C” rating in this section. If you suspect that Finical is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden fees.

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Response from Finical Inc.

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Finical Inc. Marketing Example

Finical Logo

Our Opinion of Finical Inc.

An Average Option for Merchants

Finical rates as an average merchant services provider according to our rating criteria. A number of factors suggest that the company will not offer competitive contract terms to most merchants, but there are very few public complaints to be found regarding its service. Our rating may be subject to change as more merchant feedback becomes available about Finical. Merchants are encouraged to fully read and review all contract terms before signing up for service and to compare the company’s pricing to the top-rated merchant account providers.

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Thank you for reading my review. I hope that it has helped you with your research.

Why I'm Qualified to Write About Credit Card Processing and Merchant Account Services

I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.

From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers on this website.

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7 Reviews Leave Your Review for Finical Inc. Below

  1. Marcus says:

    I previously used another card processing company for my law firm. That company would charge all sorts of extra fees, forcing me to perform extra calculations in order to determine what to charge my clients in order to cover fees. Worse, at the end of every month, the company would take its fees from my account as a lump sum, which would require even more math to determine if the proper amount was charged.

    With Finical, none of those hassles exist. I simply type in the amount of money to charge, Finical automatically calculates the additional fees, automatically forwards the fees to the client, and deposits the full amount originally charged into my bank account the next business day. There are no more monthly calculations and frustrations. Finical also offers auto charge options that make regular billing of clients smooth and simple. To top it all off, the customer service is fantastic, whether it’s responding to an email or taking a phone call. I would absolutely recommend this company to anyone looking to drastically simplify the card charging portion of their business, while still maintaining complete ease in processing.

    1. Phillip says:

      Hi Marcus,

      Please reply to this comment with your business name and location in order to authenticate your testimonial. Thanks!

  2. Sam Arnept says:

    Terrible Company, I would run. Their “president “ said he was a direct ISO when I called and they are not. I got the same run around as these other clients where an agent came in said he was from my previous company Card Payment Solutions And would lower my rate took my info and then switched me over for a MUCH higher rate INSANE AMOUNT OF FEES & when I tracked Agent down after seven months he said he did not work there and their president Aaron Is the one who told him it’s easy to get sales that way from stealing old accounts from previous employers if you can’t sell “very unscrupulous”, I also found information connecting Aarons previous employers ( card payment solutions and iPayment )those three companies together which would mean they are not a direct ISO in fact a third party iso.

    Related: Best Rated Merchant Accounts in The U.S.A.

  3. Deceived says:

    If you’re looking for a company that will make a list of promises, jack up prices and end up charging you all kinds of hidden fees.. these are your guys!!! My company took a chance with Finical, Inc at a low up front cost, low monthly costs, no contract and no early termination fees. Well, that is what we were told. Once our bill started rising month after month and we requested that our rep find us a better processing company, not only were lawsuits threatened, but we were charged for 4 month after canceling our “no contract, no term fee” account. Once these charges were disputed a highlighted copy of the agreement we signed (which had NONE of these fees) along with an *internet page.. with a laundry list of terms and conditions that were never mentioned. We have dealt with other processing companies that were all up front good or bad, but at least honest. If you’re planning on signing with Finical, Inc.. have your attorney read the contract first. You’re going to need it.

    This post will help: Cancelling a Merchant Account Without Paying a Fee


  4. Aynur Aytes says:

    As a small business owner myself, I understand how small business have to stick together. I try to have the best to instill customer service with all my employees. In August I meet this man Aaron Ozrovitz he came to my café. He works for the company name Shift Processing ( Finical INC.) he came in and said that he can help us save money with our credit card systems. He told us that the customers will pay for the credit card fees up to 4% extra, we thought maybe this could help us save some money. Credit card was sent to us, and we didn’t open or activated the credit card system. At this time, we thought we can cancel or credit card system that we have with our bank but come to find out we cannot. So, we called Aaron to say that we are sorry, but we can’t get out of contract with our bank. Can we cancel and pick up your credit card machine. When to pick up, he was angry and not with us, we apologize to him and he took the machine. As time went on maybe 2mons or so went by and my money wasn’t returned to me. On November 2nd I emailed him asking him the status of my refund. He the responded in a email stating that “when I sales the terminal then I will get out you will get a refund”. On November 21st I emailed him to check again, he told us that “once we have possession of it you cant cancel it when its been programed just for our bank account and when, he will give it back the terminal and when I have someone who wants to buy it. I will contact you”. I never had this type of experience with any company. I don’t see why I cant get my money back if didn’t activate the machine or use the system at all. He dropped off credit card machine, it looks like he kept the machine with him and didn’t do anything with it. I then called the company Finical I talked to Regeena Lucia, she sent a cancellation form for the bank. Then she said to me that as a company rule, they cant give us money back. So then I asked for the managers name his name is Mike Haina. She gave a hard time about giving his name to me. So I a writing this about this company that is not real, about their services and how they treat their customers. Please don’t use them they are a SCAM..

    Thank you,
    A Mad Business Owner
    I will keep you all updated if I get my money back.

    From The Editor
    This Post Might Help: Cancelling a Merchant Account Without Paying a Fee

  5. John Doe Agent says:

    This company has no Integrality. They stop paying residuals and stop giving you reporting. They are not a direct ISO you can get the same deal with Pivotal Payments or Paradise POS of the POS. Their Cash discount program is a joke and uses many 3rd party ISO. I would tell ISR and ISO to run from Aaron hes a crook.

  6. Independently contracted Sales Agent John Ahlf came into our business, claimed to be our new service rep for our credit card processing company. He made a phony call to our processor and told them to reduce some of our charges. We thought he was legit. Two weeks later he returns with a new card processor with a pin pad so our customer can enter their pin code and get us another reduction in rates. That day he switched us over to Finical and it was 2 weeks before we realized it. We were not aware of it and did not authorize it. He showed me a signature line on his Ipad and gave me no documents of the transaction. When I called the Finical number on the machine I was transferred twice to the “Legal” dept. They took my info, said they had to make a phone call and would call me right back. They have not called back and the direct line they gave me plays elevator music.

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