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Gravity Payments 2023: Card Processing Reviews & Complaints
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Gravity Payments is a small merchant account provider based in Seattle, Washington. The company was founded in 2004. According to a representative of Gravity Payments, the company primarily uses First Data and Cynergy Data as its processors but services the accounts directly. Gravity Payments markets its services nationally, but most of its customers are in the state of Washington. The company made headlines when it announced that it would pay all of its salaried employees at least $70,000 per year.
Location & Ownership
Gravity Payments is a registered ISO/MSP for Citizens Bank, N.A., and Wells Fargo Bank, N.A., Concord, California, and is located at 5601 22nd Ave NW, Suite 200, Seattle, Washington 98107. Dan Price is the CEO of Gravity Payments.
Table of Contents
- Costs & Contract: Offers variable contract terms that may take the form…
- Complaints & Service: Has received approximately 10…
- BBB Rating: Has an “A+” rating and has received 2 complaints and 0 reviews…
- Sales & Marketing: Does not appear to hire independent sales representatives and has not received…
Gravity Payments Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
Low Complaint Volume
We are currently able to locate approximately 10 negative Gravity Payments reviews, none of which accuse the company of being a scam or a ripoff. Most complainants report fund holds, denied applications, frustration with the early termination fee, misleading advertising, or poor employee support. Two of these complaints received identical responses from a company representative within minutes of each other, and it is unknown whether the merchants’ complaints were resolved.
Fund Hold Complaints
The Gravity Payments complaints related to fund holds suggest that merchants who expect sudden, large jumps in revenues or who operate in high-risk sectors should avoid Gravity. High risk merchants are likely to be better served by selecting a top-rated high risk merchant account. In general, though, the company’s low complaint volume and lack of a consistent theme lead us to believe that most Gravity Payments clients are satisfied with the service they receive.
Gravity Payments Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against Gravity 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.
Gravity Payments Customer Support
According to a company representative, Gravity services customer accounts directly rather than outsourcing support to its processors. In keeping with this approach, the company offers a dedicated phone number and email address on its website.
Gravity Payments Online Ratings
Here's How They Rate Online
|Product & Service Complaints||0|
|Billing & Collection Complaints||2|
|Advertising & Sales Complaints||0|
|Guarantee & Warranty Complaints||0|
Under 10 Complaints
As of this review, the Better Business Bureau is reporting accreditation since 2005 and an “A+” rating for Gravity Payments with 2 complaints filed in the last 36 months. Both complaints are related to billing and collection disputes and were either resolved to the dissatisfaction of the merchant or did not receive a final response from the merchant.
What Merchants Say
At the time of our last review, Gravity Payments had also received 1 negative informal review through the BBB. The review described difficulties serving high risk merchants:
They discriminate according to what the risk may be, based on their ’emotional’ evaluation of a business, not based on facts, credentials, degrees, certificates etc. What they do, is considered ILLEGAL in Massachusetts and they should be careful in how they assess high and low risk businesses. In 16 years that I have been in business and merely based on $500.000 in the past few years, I have only had one dispute of $200 (two hundred) yet they decided to discriminate and assess my business as high risk, despite credentials, licensing and degrees and certificates. Shame on you Gravity, shame on you to discriminate in this way.
Merchants who have a similar experience may benefit from researching reasons why your application can be denied.
An “A” Rating
Given the company’s low complaint volume and resolution ratio, we agree with the BBB’s rating at this time.
Gravity Payments Fees, Rates & Costs
A Closer Look at The Contract
|Swiped Rate||1.00% - 4.99%|
|Keyed-in Rate||1.00% - 4.99%|
|Virtual Terminal Rate||1.00% - 4.99%|
|Payment Gateway Fee||Undisclosed|
|Early Termination Fee||$495|
|Monthly Minimum Fee||$35|
|PCI Compliance Fee||$85 Per Year|
|Equipment Lease Terms||Undisclosed|
Gravity Payments Pricing
According to a company representative, Gravity Payments sets contract length and cancellation fees on a case-by-case basis. We have located one sample contract provided by the company that outlines a three-year agreement through First Data with an early termination fee of $495. This agreement also includes a minimum monthly fee of $35 and flat rate pricing of 4%, and the Gravity Payments website mentions a PCI Compliance program that costs $85 annually.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Gravity 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. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
Overall, these contract terms are more expensive than industry averages and cannot compete with the cheapest merchant accounts, but it may be that the merchant in question could not qualify for more competitive terms. At this time, we will take the company’s representative at his word and assume that Gravity Payments offers contract terms that can range from very competitive to very costly depending on a merchant’s business type, size, and time in business. The few available complaints about the company’s contract terms express frustration with its early termination fee.
Gravity Payments Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||No|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Inside and Outside Sales Staff
Gravity Payments appears to hire W2-employed inside and outside sales agents to market its services, although it is possible that the company also employs independent sales reps in some cases. We are currently unable to locate any Gravity Payments merchant complaints that accuse the company’s agents of unethical conduct, but we have found one complaint from a former employee who felt that she did not receive adequate support from her employers. However, this complaint appears to be an isolated instance.
It also appears that the company actively markets Interchange Pass-through rate pricing to all of its merchants, which is the most transparent pricing model available. As an additional point in its favor, the company does not appear to engage in deceptive advertising strategies in its official materials. However, if you suspect that Gravity Payments is charging you hidden fees, we recommend a third-party statement audit to eliminate undisclosed charges.
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