Global Payments Overview
A Major Credit Card Processor
Global Payments Inc. (globalpaymentsinc.com) is one of the largest credit card processors in the payment processing industry and has been in business since the 1960s. The company has partnerships in 31 countries worldwide. It’s also one of the few merchant account providers to be publicly traded on the New York Stock Exchange (NYSE: GPN) as part of the S&P 500. In December 2015, the company announced its acquisition of Heartland Payment Systems, another very large credit card processor based in the U.S. The acquisition came a year after Heartland Payment Systems filed a lawsuit against Mercury Payments, an ISO of Global Payments, alleging that the company has committed false advertising and other tactics to damage Heatland’s reputation as a competitor.
Global Payments Headquarters and Ownership
The company’s headquarters are located at 3550 Lenox Road, Suite 3000. Atlanta, Georgia 30326, Global Payments supplies nearly every service a merchant would need, from setting up the merchant account to supplying the processing hardware. Through its OpenEdge division, the company also provides integrated merchant account software. The CEO of Global Payments is Jeffrey S. Sloan. The company announced the departure of its former president and COO David Magnum. A press release regarding Magnum’s exit stated that Sloan and Cameron Bready, the company’s Senior Executive Vice President and Chief Financial Officer will assume Magnum’s former roles while extending their respective employment agreements until August 2021.
“Phantom Debt” Scheme
In March 2015, the Consumer Financial Protection Bureau (CFPB) filed a complaint against Global Payments, Electronic Merchant Services, Frontline Processing, and Pathfinder Payment Solutions in connection with a “phantom debt” scheme that allegedly attempted to collect nonexistent debts from consumers. The CFPB’s complaint alleges that these four payment processors facilitated transactions for multiple debt collection companies owned by Marcus Brown and Mohan Bagga. According to the complaint, these debt collection companies used robocalls to target millions of consumers, who they then threatened in order to obtain debt payments that were not actually owed or that didn’t even exist. The CFPB further alleges that Global Payments “ignored numerous red flags of the debt collectors’ illegal conduct, including consumer disputes that described the scheme and communication problems with the debt collectors.” The case was dismissed in 2017 after the CFPB was sanctioned for misconduct during the discovery process.
Global Payments Review Table of Contents
- Costs & Contract: Global Payments offers a multi-year contract with a variable early termination fee.
- Complaints & Service: Global Payments has received more than 100 public complaints.
- BBB Rating: Global Payments has an “C-” rating with the Better Business Bureau and has received 37 complaints and 5 negative reviews in the past three years.
- Sales & Marketing: Global Payments hires independent sales agents and has received complaints about deceptive rates, poor customer service, and its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Global Payments
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