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Before You Sign with Global Payment Source: Contracts, Costs & Customer Feedback

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Maintained Since: July 25, 2019

We take our role in providing guidance and education regarding the card payment industry very seriously. At our own expense, we have vigorously defended our right to continue expose unethical and predatory practices in the industry, successfully defeating every attempt to silence us. However, fending off frivolous lawsuits is costly. To sustain these efforts, one of the ways we generate revenue is through affiliate partnerships with ethical providers. This means that some of our outgoing links connect business owners to trustworthy, low-cost payment processors, which is what most of our readers seek. We see this revenue channel as a win-win-win for everyone involved. Business owners find good processors, processors get good clients, and we are able to continue to provide a valuable service to the small business community. We also recommend and link to many services that do not compensate us. Our priority is to guide you to the best solutions for your needs, regardless of potential revenue. If you have questions, please feel free to contact us.

All mentions of rate and fee costs are estimations based on publicly available information and client feedback. Actual costs may vary based on a variety of factors unique to your business.

Global Payment Source
Rating
D
2/5
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Pros

Comprehensive services.
Interchange-plus option.
International support.

Cons

High complaint volume.
No pricing disclosure.
High early termination fee.
Complex sales approach.
Expensive for low-volume.

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.

Overview

In this review of Global Payment Source, we examine a merchant services provider launched in 2018 that offers credit and debit card processing, POS systems, virtual terminals, mobile readers, and e-commerce gateways. The review looks closely at its advertised “zero-fee” or cash discount program, contract terms including early termination fees, and the complaint volume from business owners about hidden charges and lack of pricing disclosure. We also assess customer support, equipment lease agreements, and the company’s suitability for different types of merchants. By the end, you’ll have a solid understanding of whether Global Payment Source delivers on its promises or comes with more risk than reward.

About Global Payment Source

Founded in 2018 and headquartered in Long Island City, New York, Global Payment Source is a merchant services provider catering to small and mid-sized businesses.The company offers a range of payment processing solutions, including credit and debit card acceptance, point-of-sale (POS) systems, virtual terminals, mobile card readers, and e-commerce payment gateways.Its services support various transaction types, such as card-present, card-not-present, and contactless payments.Global Payment Source also provides additional features like recurring billing, invoicing, and multi-currency processing.The company is known for its cash discount program, which adds a 4% surcharge to customer transactions to offset processing fees.Contract terms typically span three years and may include early termination fees and equipment lease agreements.Global Payment Source serves a diverse clientele across industries like retail, hospitality, healthcare, and e-commerce.

Products & Merchant Services

Point of Sale

Global Payment Source offers a variety of in-person and point-of-sale equipment options, including Verifone, Dejavoo, Ingenico, and PAX card swipers, as well as the Clover family of POS and mobile terminal solutions.

Credit Card Processing Services

Global Payment Source delivers comprehensive credit card processing services suitable for businesses of all sizes. These services ensure fast and secure transactions, whether they occur in-person, online, or via mobile platforms.

Mobile Payment Solutions

Acknowledging the growing need for mobile payment options, Global Payment Source offers dependable and efficient mobile payment services.

E-commerce Payment Gateway

For online businesses, Global Payment Source provides an e-commerce payment gateway that supports various online payment methods.

Transaction Security

Global Payment Source prioritizes the security of transactions by employing advanced encryption technologies and fraud detection systems. The company adheres to the Payment Card Industry Data Security Standard (PCI DSS).

Customer Support

Global Payment Source offers 24/7 customer support to address any issues or concerns related to their payment processing services.

Customer Reviews & Sentiment

Moderate Complaint Volume

We have identified more than 10 negative reviews of Global Payment Source, with some customers alleging deceptive practices or fraudulent behavior. Common grievances include concerns about deceptive sales tactics, excessive billing, challenges in canceling services, subpar customer support, and unexpected hidden fees. Many complaints also highlight confusion surrounding the company’s cash discount pricing plan, with clients expressing dissatisfaction over discrepancies between their expectations and the actual billing process. While Global Payment Source has responded to some complaints, the efficacy of these responses varies. We invite individuals to share their own experiences with Global Payment Source below.

Customer Support Offered by Global Payment Source

Global Payment Source provides general phone, email, and live chat support options for all merchants.

Global Payment Source Customer Service Number

  • (888) 885-4375 – Toll-Free General Customer Service

Other Support Options

  • Live chat
  • Customer support form
  • Customer service via email at info@globalpaymentsource.com

While Global Payment Source offers multiple avenues for customer support, it’s important to note that its service may not meet the standards set by the best merchant accounts renowned for exceptional customer support.

Industry Scores & User Ratings

Online Ratings Summary
PaymentPop5
BBB RatingN/A
Average RatingN/A

PaymentPop Rating for Global Payment Source

Negative Feedback

There are no negative reviews published about Global Payment Source on the PaymentPop website.

Positive Feedback

Global Payment Source got us set up fast and gave us the flexibility we needed to accept payments both online and in store. Their team made the process easy, and anytime we’ve needed help, support has been quick and knowledgeable. It’s been a great fit for our business.

Global Payment Source BBB Rating

Global Payment Source, listed on the Better Business Bureau (BBB) website, currently does not have any customer reviews or complaints. The business is not BBB accredited. This absence of reviews and complaints makes it challenging to determine common themes or customer sentiments about the company’s services.

Negative Feedback

There are no negative reviews published about Global Payment Source on the BBB website.

Positive Feedback

There are no positive reviews published about Global Payment Source on the BBB website.

Processing Rates & Fees

Three-Year Contract

As a DBA of Merchant Industry, it is probable that the standard Global Payment Source contract aligns closely with Merchant Industry’s terms. Merchant Industry’s contract spans three years through First Data (now Fiserv), featuring a swiped rate of 2.69% plus $0.19 and a keyed-in rate of 3.69% plus $0.19. Other terms include an early termination fee of $395 or liquidated damages, a PCI Compliance fee of $79.99 annually, PCI non-compliance fees of $19.95 monthly, an annual fee of $99.95, a $9.95 statement fee, and a monthly minimum fee of $25. Business owners are encouraged to explore our list of the best merchant accounts.

Global Payment Source Pricing

A significant distinction between Global Payment Source and Merchant Industry is Global Payment Source’s prominently advertised “No Fee” cash discount program, which imposes a 4% surcharge on all customer transactions. Global Payment Source claims exemption from various fees common in the industry, although there have been complaints mentioning a $700 early termination fee, higher than Merchant Industry’s $395 fee.

Virtual Terminal and Payment Gateway Pricing

Apart from its storefront payment services, Global Payment Source also offers virtual terminal and payment gateway services, but pricing remains undisclosed. Typically, additional rates and fees, including gateway fees, technical support fees, batch fees, and extra transaction rates, apply to e-commerce services.

Global Payment Source Lease Terms

Global Payment Source provides four-year, non-cancellable equipment leases via First Data Global Leasing. While specific lease pricing isn’t outlined on Global Payment Source’s site, Merchant Industry’s monthly lease charges can reach up to $113. Non-cancellable, long-term leases can result in substantial costs for equipment that could be outright purchased for less.

Contract and Pricing Complaints

There are numerous complaints against Global Payment Source regarding undisclosed costs, especially early termination fees and per-transaction fees. These charges seem to be enforced even if they were ambiguously presented by sales agents. Although these expenses surpass those of budget-friendly merchant accounts, improved disclosure could enhance the company’s reputation in this aspect.

Lawsuits & Legal History

At present, there are no outstanding Global Payment Source lawsuits or FTC complaints. Clients seeking recourse outside of litigation are encouraged to report their concerns to relevant supervisory organizations.

Employee Reviews & Sales Practices

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 Competitors

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Bottom Line

Based on all available information, Global Payment Source rates as a substandard credit card processing provider. Business owners consistently report deceptive practices from the company’s sales agents, and the contract terms offered mirror those of Merchant Industry, providing no notable improvements. This pattern of unethical practices has contributed to a moderate-to-high complaint rate despite the company’s relatively short time in business. Furthermore, Global Payment Source’s public responses to these complaints have not shown a strong commitment to customer service or transparency. As a result, businesses are advised to seek out a top-rated merchant account provider instead. The enhanced service quality and customer support found among leading providers will likely offer a better and more reliable processing experience, ensuring businesses avoid the pitfalls associated with subpar contracts and hidden fees.

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.

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