On The Mark Payments Review

On The Mark Payments Overview

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Established in 2012 Under a Different Name

Formerly known as FSI Merchant Services, On The Mark Payments is a New Jersey-based merchant account provider. The company offers zero fee processing to merchants. According to a company representative, FSI Merchant Services was created in 2012 as the merchant services division of FSI Financial Services, a financial services provider that had been in operation since 1954. In mid-2014, just before FSI Financial Services was acquired by FIS Financial Services, FSI Merchant Services moved into a new building and changed its name to On The Mark Payments as a reflection of its independence from FSI and its partnership with a web design and development company called On The Mark Communications.

Headquartered in New Jersey

On The Mark is a registered ISO/MSP of Wells Fargo Bank, N.A., Concord, California, and is headquartered at 719 Raritan Road, Clark, New Jersey. Richard Spigai is listed as the chairman and CEO of On The Mark Payments.

On The Mark Payments Review Table of Contents

  • Costs & Contract: On The Mark Payments appears to offer variable contract terms according to each merchant’s business type.
  • Complaints & Service: On The Mark Payments has received fewer than 10 public complaints.
  • BBB Rating: On The Mark Payments has an “A+” rating and has received 0 complaints and 1 review in the past 3 years. The company has been accredited by the Better Business Bureau since 2014.
  • Sales & Marketing: On The Mark Payments does not appear to hire independent sales representatives and has received only one complaint about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With On The Mark Payments
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Products & Services Offered

Types of Businesses Served

  • Retail
  • E-commerce
  • Restaurant
  • Hospitality
  • Healthcare
  • Financial institutions

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On The Mark Payments 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
Application Fee Undisclosed
Early Termination Fee Undisclosed
PCI Compliance Fee Undisclosed
Equipment Lease Terms Undisclosed

On The Mark Contract Terms

There is very little specific information available online regarding the standard On The Mark Payments contract. The lack of complaints regarding the company’s pricing and terms indicates that the majority of its merchants are satisfied, but we do not have any clear details regarding OTM’s contract duration, early termination fees, PCI compliance fees, monthly minimum fees, statement fees, or rate structures. The company’s pricing could potentially be more expensive than industry averages or could have pricing that rivals cheap merchant account providers.

Zero Fee Processing

The company’s website dedicates a portion of its home page to advertise that it offers zero fee processing. Under this model, On The Mark offers payment processing services to merchants without cancellation fees or term contracts. However, an application fee is assessed. This pricing model applies to in-store or e-commerce payments as indicated by the virtual terminal referenced in the advertisement.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, On the Mark Payments 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. The virtual terminal is indicated to be a part of the company’s zero fee processing plan. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.

Unknown Pricing Structure

Although On The Mark Payments does advertise zero fee processing, the rates and fees of its other pricing models are undisclosed. One complaint against the company mentions unauthorized charges of $700 and $900, but it’s not clear what sorts of charges these numbers refer to. In the absence of any negative information, we will award the company an “A” at this time. If you have any knowledge of the standard OTM contract, please leave that information in the comment section below this review.

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Response from On The Mark Payments

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On The Mark Payments Complaints & Customer Reviews

Key Points

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

Low Complaint Total

We are currently able to locate just 3 negative On The Mark Payments review on the usual consumer protection websites, 1 of which calls the company a ripoff or scam operation. The complaint making an accusation of fraud is posted in the comment section below this review and accuses an On The Mark sales agent of forging the merchant’s signature in order to open an account. This incident appears to be an outlier that, even if true, would be confined to only one bad actor at the company.

On The Mark Payments Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against On The Mark Payments. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

On The Mark Payments Customer Support Options

OTM has only been offering merchant services since 2012, so it’s possible that the company has not yet done enough business to accumulate a large number of reviews. Additionally, the company’s backend processor may receive the bulk of complaints rather than OTM itself. Due to the general absence of complaints, we will assume that OTM’s low complaint total is the product of outstanding customer service. The company provides a direct phone line on its website in addition to an email address, and these channels appear to offer support levels that are on par with top payment processors for great customer service.

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Response from On The Mark Payments

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On The Mark Payments BBB Rating Summary

Key Points - BBB

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

No BBB Complaints

On The Mark Payments currently has an “A+” rating with the Better Business Bureau and has been accredited since November 2014. The company has received 0 complaints through the BBB since the profile was opened in October 2014. OTM has also received one positive informal review on its BBB profile, although it should be noted that these reviews are not generally subject to verification by the BBB.

What Merchants Say

On the Mark Payments has received 1 informal review on its BBB profile. Unsurprisingly given its complaint total of 0, the lone review is positive. The review gives the company acclaim for its customer service:

Fantastic service! I thought my rate was good before I was approached by OTM. Very professional staff willing to go the extra mile and do what it takes to earn my business. Now I’m saving money and I’m so happy!

Great customer service is the hallmark of a top merchant account provider. Issues invariably arise over the course of a contract term, making responsive customer service essential to achieving an effective resolution to whatever problems merchants face.

An “A” Performance Overall

In light of the company’s clean complaint record, we agree with the BBB’s rating at this time. However, merchants should be aware that there are good reasons to view the BBB’s information with skepticism.

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Response from On The Mark Payments

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Truth In Marketing & Advertising

Key Points

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

Partnerships and Inside Sales Staff

On The Mark appears to market its services primarily through a W2-employed inside sales team and also through strategic partnerships. There is no indication at this time that the company utilizes independent sales agents or “hiring mill” practices, and we have located only one On The Mark complaint that accuses the company’s sales representatives of deceptive conduct. This particular complaint, located in the comment section below this review, claims that an On The Mark representative fraudulently forged the merchant’s signature and opened an unwanted account under the merchant’s name. This is an extreme accusation, but it is the only one of its kind.

No Deceptive Advertising

In addition, the company does not appear to engage in misleading advertising in its official materials. In light of these factors, OTM has retained an “A” in this category, but if you suspect that On The Mark is charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden charges.

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Response from On The Mark Payments

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On The Mark Payments Logo

Our Opinion of On The Mark Payments

No Red Flags

On The Mark Payments rates as a reliable merchant services provider according to all available information. The company is showing very few total complaints across all consumer protection websites at this time, and there is no evidence that it engages in deceptive sales tactics. Our rating for the company may change once more is known about its contract terms. For now, merchants should compare On The Mark’s rates and terms to top overall credit card processors.

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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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2 Reviews Leave Your Review for On The Mark Payments Below

  1. Shawn F says:

    On the mark payments is a fraudulent company they forged my signature on documents and opened a fraudulent account after explicitly advised them that I did not want their services. STAY AWAY FROM THEM. My company has filed a complaint with the FTC against them

  2. On the Mark Payments, LLC started out in April of 2012 as FSI Merchant Services, a independent division of FSI Financial Services which was a privately owned family company founded in 1954 and has recently been acquired by FIS Financial Services, the largest financial services company in the country.
    Prior to that acquisition, in July of 2014, FSI Merchant Services’ management decided to change course by becoming completely independent and moving in to its own building in Clark, New Jersey – changing its name to On the Mark Payments, LLC. This strategic move enabled management to align more closely with On the Mark Communications, a full service marketing company established in October of 2000. Now, On the Mark Payments and On the Mark Communications work under one roof in mutual support of each other while complimenting each other’s clients with both state-of-the-art credit card processing and customized marketing solutions.

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