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Finical Inc. Credit Card Processing 2023: Reviews & Complaints
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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. The company then acquired Platinum Processing, LLC, DBA Zero Charge Processing in 2021.
There is evidence to suggest that Finical Inc. was at one point a reseller of CardPayment Solutions, 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’ 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.
Before we dive in, here’s a short summary of what we’ll cover:
- Finical Inc.’s various payment processing services.
- The company has received a relatively small number of complaints, and there have been fewer in recent years. The main complaints in the past focused on sales and customer service.
- Finical’s contract is through Pivotal Payments and has some decent terms but also some concerning ones, including a built-in equipment lease through First Data Global Leasing, a poorly rated company.
Finical Inc. Payment Processing
Finical Inc. offers merchant account services that enable businesses to accept various forms of payment, including all major credit and debit cards, as well as Electronic Benefit Transfer (EBT). They emphasize ease of account setup and provide free equipment for payment processing.
Dual Pricing and Security
The company provides a dual pricing model, which potentially allows businesses to offset credit card processing fees. They prioritize transaction security by encrypting data and monitoring transactions to protect against fraud.
Quick Fund Access
Finical Inc. asserts that they offer rapid access to funds, with a promise of having payments deposited in the merchant’s bank account within 48 hours. They also offer customer support and tout the use of the latest payment technology.
Beyond the standard merchant services, Finical Inc. also offers mobile credit card processing, online payment solutions, and specialized services for small businesses. They claim to provide custom account services tailored to the needs of individual businesses.
Location & Ownership
Finical is a registered ISO/MSP of Esquire Bank N.A., Jericho, NY; and Wells Fargo Bank, N.A., Concord, California. Aaron Nasseh, a former vice president of sales at iPayment, is the CEO of Finical. The company was originally headquartered in California but has moved to Texas and now lists its headquarters at 5429 Lyndon B Johnson Fwy Suite 725, Dallas, TX. 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.
Table of Contents
- Costs & Contract: Offers a month-to-month contract through Pivotal Payments that may…
- Complaints & Service: Has complaints number more than 10 on…
- BBB Rating: Has an “A+” rating with the Better Business Bureau and has received…
- Sales & Marketing: Hires independent sales representatives and has received…
Finical Inc. Customer Reviews
Here's What Their Clients Say
|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 online. At least one Finical Inc. complaint accuses the company of being a scam or a ripoff. Most negative Finical Inc. reviews cite issues with the company’s “Cash Discount Program,” deceptive sales tactics, and difficulty canceling 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 clients. If you have your own Finical Inc. review to make, please do so below.
Finical Inc. Lawsuits and Fines
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 businesses who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Finical Inc. 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 client’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 Inc. Customer Service Number
- (888) 707-7258 – Toll-Free Customer Service
Other Support Options
- Support form
- Customer service email address at [email protected]
Finical’s support options aren’t sufficient to qualify it as a top-rated merchant account provider for customer service.
Finical Inc. Online Ratings
Here's How They Rate Online
Under 5 BBB Complaints
Finical Inc. has been accredited with the Better Business Bureau since 2020 and currently maintains an “A+” rating. The company has received 2 complaints in the past 36 months. Neither complaint was resolved to the satisfaction of the client.
An “A” Performance
Given the company’s low complaint total, we agree with the BBB’s rating of an “A” at this time. Readers should note that there are good reasons to be skeptical of the BBB’s rating system.
Finical Inc. Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
|Processing Rates||1.00% - 4.99%|
The standard Finical Inc. contract 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 Global Leasing is a separate, non-cancellable agreement that survives the term of the Pivotal Payments contract. Clients 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 to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services. Additional Finical Inc. 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 Finical Inc. 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.
Still, we always encourage businesses to check out our list of the providers of the best merchant services.
Finical Inc. Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||Yes|
|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 Finical Inc. review 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 business to Finical without their knowledge or consent. The business owner 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. This does not compare favorably to our list of best credit card processors.
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 clients will pay on the majority of transactions. We consider this type of rate quote to be deceptive because it could give businesses an unrealistic expectation of the rates they will pay. This Finical Inc. rate has since been removed.
Some Causes 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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