Agree with our rating?
Tell us about your experience with Global Payment Source in the comment section below.
(888) 885-4375 Note: As of 2022, the Global Payment Source website is down. However, there is at least one merchant review dating from the second half of 2022. It is currently unclear what this means for the status of the company. If you have any information, please let us know below.
Company Overview
Launched in 2018, Global Payment Source is a merchant account provider that provides credit and debit card processing services to small businesses within the United States. The company is a DBA of Merchant Industry, which also appears to do business under the name National E-Payment, Inc. and is a reseller of Clover. In May 2017, Merchant Industry launched a DBA called “Swipe4Free” that exclusively promotes a cash discount pricing program. Global Payment Source itself offers a zero-fee processing program.
Global Payment Source Point of Sale
Global Payment Source offers a wide variety of in-person and point-of-sale equipment options. These include Verifone, Dejavoo, Ingenico, and PAX card swipers and the Clover family of POS and mobile terminal solutions.
Comprehensive Credit Card Processing Services from Global Payment Source
Global Payment Source provides robust credit card processing services for businesses of all sizes. It ensures swift and safe transactions regardless of whether they are in-person, online, or via mobile platforms.
Mobile Payment Solutions at Global Payment Source
Recognizing the rising demand for mobile payment solutions, Global Payment Source provides reliable and speedy mobile payment services. This is ideal for businesses that operate on-the-go or away from traditional storefront settings.
E-commerce Payment Gateway by Global Payment Source
For businesses that operate online, Global Payment Source has developed an e-commerce payment gateway. This service supports a wide range of online payment methods, securely processes transactions, and ensures a smooth checkout experience for customers.
Security Assurance with Global Payment Source
Global Payment Source places high importance on transaction security. The company utilizes advanced encryption technologies and fraud detection systems to ensure all transactions are secure. It adheres to Payment Card Industry Data Security Standard (PCI DSS) to protect sensitive customer data.
Customer Support at Global Payment Source
Customer support is a priority for Global Payment Source. The company provides 24/7 support for their clients to ensure any issues or concerns related to their payment processing services are resolved promptly and efficiently.
Location & Ownership
Global Payment Source is a registered ISO/MSP of Esquire Bank N.A., Jericho, New York, and Wells Fargo Bank, N.A. of Concord, California. Its corporate offices are located at 36-36 33rd St., Suite 206, Long Island City, New York, 11106, which is also the headquarters of Merchant Industry. Leo Vartanov is the founder and CEO of Merchant Industry, while the BBB lists Paul Kanevsky as the CEO of GPS.
Global Payment Source Pros and Cons
pros
- Few
cons
- Probable aggressive sales techinques
- Poor contract terms
Table of Contents
- Costs & Contract: Offers a 48-month contract with an early termination fee of…
- Complaints & Service: Complaints number more than 10 on…
- BBB Rating: Currently has a “B-” rating with the Better Business Bureau and has…
- Sales & Marketing: Appears to hire independent sales agents and has…
Global Payment Source Customer Complaints & Reviews
Here's What Users Think
Complaint Summary
|
Total Online Complaints
10+
|
Live Customer Support
Yes
|
Most Common Complaint
Sales Tactics
|
|
Recent Lawsuits
No
|
Moderate Complaint Total
We are currently able to locate over 10 negative Global Payment Source reviews, some of which accuse the company of being a scam or a ripoff. Common Global Payment Source complaints include deceptive sales practices, excessive billing, difficulty canceling service, poor customer support, and expensive hidden fees. Most of the complaints express confusion over the company’s cash discount pricing plan, as there seems to be a disconnect between clients’ expectations and the exact way that this plan is billed. Global Payment Source has responded to some of these complaints with different degrees of success. If you have your own Global Payment Source review to make, please do so below.
Global Payment Source Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Global Payment Source. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Global Payment Source Customer Support
Global Payment Source offers general phone, email contact information, and live chat features to all merchants.
Global Payment Source Customer Service Number
- (888) 885-4375 – Toll-Free General Customer Service
Other Support Options
- Live chat
- Customer support form on its website
- Customer service email at [email protected]
This falls short of the service offered by top-rated merchant accounts for great customer support.
Global Payment Source BBB Rating and Report
Our Better Business Bureau Profile Assessment
BBB Summary
|
BBB Reports
1
|
Under 5 Complaints
As of this review, Global Payment Source holds a “B-” rating with the Better Business Bureau. Global Payment Source has had 1 complaint filed within the last 36 months. This complaint was resolved to the dissatisfaction of the client or received no final response.
What Merchants Say
Global Payment Source has also received 0 negative informal reviews in the past 3 years. A former review described unresponsive communications and missing equipment:
stay away from these guys, they are crocks. they have plenty of hidden fees and they send you a shady device instead of the clover they promise. They charged me tons of money from my account even though I didn’t use their device. stay away from them just pic up a ****** reader from **** *** so much cheaper and better
Clients can avoid getting trapped in deceptive contracts by understanding where processors hide fees in your merchant agreement.
A “B” Performance
Global Payment Source Fees and Rates
A Closer Look at the Contract
Cost Summary
|
Processing Rates
Variable
|
Monthly & Annual Fees
Yes
|
Cancellation Penalties
Yes
|
|
Equipment Leasing
Yes
|
Three-Year Contract
As a DBA of Merchant Industry, it is likely that the standard Global Payment Source is simply the standard Merchant Industry contract. Merchant Industry’s contract is a three-year agreement through First Data (now Fiserv) whose typical terms include a swiped rate of 2.69% plus $0.19 and a keyed-in rate of 3.69% plus $0.19. The Merchant Industry terms and conditions also include an early termination fee of $395 or liquidated damages (whichever is greater), a PCI Compliance fee of $79.99 per year, PCI non-compliance fees of $19.95 per month, an annual fee of $99.95, a $9.95 statement fee, and a monthly minimum fee of $25. We would encourage business owners to check out our list of the providers of the best merchant accounts.
Global Payment Source Pricing
Perhaps the biggest difference between Global Payment Source and Merchant Industry is that Global Payment Source prominently advertises its “No Fee” cash discount program. This program collects a 4% surcharge from all of a business’ customers in order to offset the interchange fees and transaction fees charged to the merchant. Global Payment Source claims not to charge an annual fee, statement fee, terminal maintenance fee, online access fee, TIN/IRS fee, express funding fee, or authorization fee, but any other fees charged by Merchant Industry could possibly also be included as Global Payment Source fees. We have also seen Global Payment Source complaints that mention a $700 early termination fee, which is higher than Merchant Industry’s $395 fee.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Global Payment Source also dedicates a portion of its merchant agreement to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those merchant services. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
Global Payment Source Lease Terms
Global Payment Source also provides four-year, non-cancellable equipment leases through First Data Global Leasing. We do not recommend these leases because they often cost far more than the purchase price of the equipment. Global Payment Source’s website doesn’t stipulate any specific pricing for leases, but Merchant Industry’s prices for monthly lease charges are as high as $113 per month. This means that a business could end up paying over $1200 for an equipment lease in only a year for credit card terminals that could be purchased outright for under $500. Non-cancellable, long-term leases mean a business owner can pay thousands for that same equipment making them a contract term to avoid.
Contract and Pricing Complaints
As of this update, there are numerous client complaints filed against Global Payment Source and its subsidiaries that express frustration with the company’s undisclosed costs, specifically its early termination fees and per-transaction fees. The company appears to enforce these charges even when they may have been deceptively presented by sales agents. Although these expenses are higher than budget-friendly merchant accounts, the company might not score so poorly in this section if these costs were more consistently disclosed to clients upon signup.
Global Payment Source Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
Key Points
|
Uses Independent Resellers
Yes
|
Telemarketing
Likely
|
Misleading Marketing
Yes
|
|
Discloses All Important Terms
No
|
Outside Sales Team
Global Payment Source appears to rely on numerous sub-ISOs and independent sales agents to market its services. There is evidence that the company operates under multiple business names, which may make it difficult for potential clients to determine which entity they are working with. We are currently able to locate multiple negative Global Payment Source reviews that describe nondisclosure and misrepresentation by the company’s sales agents, higher fees than were agreed to upon signup, and failure by the company’s sales team to deliver on promises made at the point of signing. This does not compare favorably to our list of best credit card processors.
Global Payment Source Fee Comparisons
The Global Payment Source website lists many types of fees common to the industry and claims that, while it is common for merchant services providers to charge all of these fees, Global Payment Source does not charge them. The company does not mention several other large, common fees that it does charge, such as PCI compliance fees and early termination fees. This is consistent with advertising seen on Merchant Industry’s website, and Global Payment Source rates may also use the same incomplete rate quotes that Merchant Industry uses.
A “D” Rating
Overall, it is our opinion that the company’s sales approach is no better than Merchant Industry’s sales approach, and there are multiple Global Payment Source reviews supporting this interpretation. If you believe that Global Payment Source is overcharging you, we recommend seeking a third-party statement audit to eliminate hidden fees.
Global Payment Source Review Summary
Our Final Thoughts and Opinions
Global Payment Source rates as a substandard credit card processing provider according to all available information. Business owners report a consistent pattern of deceptive practices from the company’s sales agents, and the company’s contract terms do not appear to differ from Merchant Industry’s in any meaningful way. These issues have resulted in the company receiving a moderate-to-high complaint rate for its size and short time in business, and the company’s public responses to these complaints have not demonstrated any serious commitment to customer service. For now, businesses can expect to be better served by a top-rated merchant account provider.
If you found this article helpful, please share it!
Brian Austin
Brian Austin
Fish Tails & Story Trails
419 Durham Road East
Walkerton ONT
N0G 2V0 519-507-7026
Global Payments February 16, 2023
The money grab of $346.62 without any communication, attempted on February 1, would probably have been possible for me if I had received advanced notice. I almost always manage, even though it means scrambling between multiple accounts. Just grabbing that money, or attempting to do so, was totally unethical. Locking down my account because the Grab didn’t work – but still never communicating – added to the lack of ethics. The $45.00 NSF Fee the first attempted Grab cost me is a fee totally the responsibility of Global Payments.
It is apparent that Global Payments has the power to do this. It also appears that I foolishly granted that power. Still, it seems appropriate to expect communication and expect ethical business practices.
With deposits from February 9 & 10 still waiting, and with many of the deposits from the days following not matching the daily summary so extremely difficult to account for, I have been unable to deal with bills I was prepared to pay. I’ve made multiple calls to Global Payments, each time spending upwards of an hour on the phone, each time hearing all the “right” language, but still not seeing the issues resolved.
I’m quite sure your intent has NOT been to make me despise the name of Global Payments – BUT – that has increasingly been the results. ANY company that assumes it has the right to take control of my bank accounts but doesn’t even show the courtesy of communicating with me – IS NOT A COMPANY I’M WILLING TO DEAL WITH! It’s that simple.
It’s a small amount of money, but I am struggling as a Small Business just to survive. Global Payments – supposedly – is there to help me, not to force me out of business.
Deposits showing on “Detail Reports” that have still not found their way into my Bank account are as follows:
Detail Report for February 9, 2023 TID A7951878 Batch # 528
4 Debit Card Transactions
Deposit of 20.95 Visa
Deposit of 264.21 Debit card
Detail Report for February 10, 2023
2 Debit Card Transactions
Deposit of 181.39
Global Payments 1-800-263-2970 Choose Questions, Customer Service
Barry Berger
Bank owes me $15,000. 5 customer service people agree. No one can issue refund. Still waiting.