In this article of Group ISO, a merchant account provider based in Newport Beach, California, we’ll examine their operations and services. We’ll cover details of the company’s rates and fees, and discuss the impact they could have on your business. Understanding contract terms with Group ISO is important, so we provide insights to guide you through their specifics. We’ll also look at common complaints against the company, giving you a clear picture of potential challenges. Industry ratings and employee reviews are assessed to offer a rounded view of the company’s reputation and workplace environment.
We will evaluate Group ISO’s marketing tactics and how they affect consumers and businesses. User reviews are examined to understand real customer experiences. A section on Group ISO’s payment processing capabilities highlights their range of services, including EMV card readers, POS systems, and e-commerce solutions. We will investigate the company’s history, ownership, and connections with other entities in the industry.
A balanced view of the pros and cons of partnering with Group ISO is provided to help you weigh their services against your business needs. We will also address the recent Visa & MasterCard lawsuit settlement and its impact on merchants. Group ISO’s approach to customer support is critiqued, along with a detailed look at their processing costs. Lastly, we give an overview of Group ISO’s online ratings and legal history, including their handling of high-risk clients and fund-hold issues. Our analysis culminates in a verdict on whether Group ISO is a good choice for your business’s credit card processing needs.
About Group ISO
Group ISO is a merchant account provider headquartered in Newport Beach, California. The company is a reseller of Merrick Bank‘s merchant services.
Group ISO Homepage
Group ISO Products and Services
Payment Processing
Group ISO processes all major debit and credit cards for a variety of business types.
EMV Card Readers and Swipers
Group ISO provides EMV card readers and swipers to enhance payment security. These devices read the chip embedded in EMV cards, reducing fraud and improving the safety of credit card transactions.
POS Systems
Group ISO offers Point of Sale (POS) systems that cater to the needs of different businesses. These systems help with transactions, inventory management, and customer engagement.
Mobile Solutions
Group ISO’s mobile solutions enable businesses to process payments while on the move. This includes mobile payment processing and management tools, allowing businesses to operate beyond traditional retail environments.
Access to Virtual Terminals
Group ISO provides access to virtual terminals, which allow businesses to securely process payments online or over the phone. This option is convenient for businesses that do not require a physical terminal, such as those handling remote or mail-order transactions.
Other E-commerce Solutions
Group ISO offers various e-commerce solutions to help businesses optimize their online sales. This includes shopping cart integration, secure payment processing, and tools for managing orders and inventory.
Recurring Billing
Group ISO offers recurring billing solutions to automate regular customer charges. This is useful for subscription-based businesses or those providing ongoing services.
Level II and III Processing
Group ISO provides Level 2 and 3 processing for businesses that handle large transaction volumes or need detailed transaction data. This service helps businesses qualify for lower interchange rates by providing additional transaction information.
EBT and NFC Payments
Group ISO supports businesses in accepting Electronic Benefits Transfer (EBT) and Near Field Communication (NFC) payments. EBT is used for government assistance programs, while NFC enables contactless transactions via smartphones or other NFC-enabled devices.
Group ISO Customer Reviews
Here's What Their Clients Say
Customer Reviews Summary
Total Online Complaints
15+
Live Customer Support
Yes
Most Common Complaint
Fund-Holds
Recent Lawsuits
No
Low-Moderate Complaint Volume
Our search has revealed over 15 Group ISO reviews, with some labeling the company as a ripoff or a scam. Common complaints include fund-holds during service and after termination, rate increases, and abrupt account cancellations. Many of these complaints seem to originate from high-risk business types who may not have fully grasped Group ISO’s reserve account policy. While this doesn’t constitute a breach of contract or unethical behavior by Group ISO, improved merchant education on the cash reserve policy could potentially mitigate some of these grievances. If you have your own Group ISO review to share, please feel free to do so in the comments below.
Group ISO has been an accredited business with the Better Business Bureau since 2009. As of this review, the company is showing an “A+” rating. Group ISO has received just 1 complaint to its BBB profile in the past 36 months. This complaint was resolved to the dissatisfaction of the client or received no final communication.
An “A” Performance Overall
The company is also not showing any informal reviews on its BBB profile, although it should be noted that these reviews are not subject to verification by the BBB. Given this information, we agree with the BBB’s rating.
Group ISO Fees, Rates & Costs
A Closer Look at The Contract
Rates & Fees Summary
Cancellation Penalties
Yes
Monthly & Annual Fees
Yes
Processing Rates
1.00% - 4.99%
Equipment Leasing
Yes
Group ISO Contract Terms
The standard Group ISO merchant application and program guide outline a three-year agreement with First Data (now Fiserv), involving a $300 early termination fee, a $25 monthly minimum fee, a $0.20 batch fee, a $25 chargeback fee, and a $10 monthly statement fee. Although a company representative suggests the potential waiver of the early termination fee, the contract typically remains three years. Moreover, Group ISO’s rates don’t incorporate a PCI compliance fee, and the monthly fee is negotiable based on business volume. While standard terms may vary, it’s advisable for business owners to negotiate for favorable conditions. Group ISO recently transitioned from First Data (Fiserv) to Merrick Bank as its primary backend processor, which might affect standard pricing and fees.
Virtual Terminal and Payment Gateway Pricing
In addition to storefront payment processing, Group ISO promotes its virtual terminal and payment gateway services on its website. However, specific pricing for these services isn’t disclosed. Generally, additional rates and fees, including gateway fees, technical support fees, batch fees, and transaction rates, apply to e-commerce services.
Level 2 and Level 3 Processing Services
Group ISO offers Level 2 and Level 3 processing for B2B and B2G transactions, relying on different interchange rates than consumer credit transactions. These services require specialized payment processing technology to transmit the necessary data for such transactions, catering to corporate credit card usage in B2B and B2G transactions.
Fund-Hold Issues
Online complaints regarding Group ISO mainly revolve around fund-hold concerns. While not prominently advertised, Group ISO extends services to high-risk and offshore merchant accounts, prone to chargebacks and fraud. Consequently, establishing a cash reserve by the processor is customary. However, Group ISO sometimes fails to adequately inform clients about reserve account establishment, leading to misunderstandings and dissatisfaction.
High-Risk Client Expectations
Group ISO exercises discretion in determining whether to establish large reserve accounts for high-risk clients, a common practice in the industry. Businesses operating in high-risk sectors should anticipate fund withholding under certain circumstances. In such cases, businesses may benefit from partnering with a reputable high-risk merchant account provider.
Check Out the Best Merchant Services
We encourage business owners to explore our curated list of the best merchant services to make informed decisions for their businesses.
Group ISO Employee Reviews & Sales Tacitcs
Should You Work For Them?
Jobs & Marketing Summary
Uses Independent Resellers
Yes
Telemarketing
Possible
Misleading Marketing
No
Discloses All Important Terms
No
Independent Sales Agents
Group ISO advertises that it employs a network of independent sales agents to market its services. A central tenet of the company’s mission statement appears to be its dedication to providing adequate training and support for its independent agents, which suggests that Group ISO may avoid many of the problems that generally accompany this hiring practice.
We are currently able to locate a handful of Group ISO reviews that describe sudden rate increases above the figures initially quoted, but this does not appear to be a major problem for the company. Overall, people are not accusing Group ISO agents of unethical sales practices, and the company does not appear to engage in deceptive advertising in its official materials. Still, if you suspect that Group ISO rates are not as advertised or they are charging you undisclosed fees, we recommend seeking a third-party statement audit to find and eliminate hidden charges.
Our Group ISO Review Summary
Our Final Thoughts
Group ISO, as a reseller of Merrick Bank’s merchant services, exhibits a relatively low volume of customer complaints, which suggests a satisfactory level of service for many of its clients. Nevertheless, concerns such as unexpected fund holds and unexplained fee increases highlight a need for more transparent communication from the company. The pricing structure is often considered higher than the industry average, a significant factor for cost-conscious businesses.
The support provided to Group ISO’s customers likely leverages Merrick Bank’s infrastructure, ensuring a dependable level of service due to Merrick’s extensive resources. However, this may also result in less personalized support tailored to the unique aspects of Group ISO’s offerings. For businesses contemplating Group ISO’s services, it’s crucial to conduct a thorough review of the contract terms, comparing them against those offered by top-rated providers in the industry, focusing not just on pricing but also on the specifics of the service, flexibility of the contract, and quality of customer support.
Contact Group ISO
Contact & Customer Support
CEO
Mike Segura
Headquarters
20062 SW Birch St. #300, Newport Beach, CA 92660
Client Support
(800) 960-0135
Sales Support
(800) 722-4476
Agent Support
(800) 960-0135
Website
https://www.groupiso.com/
Testimonials & Complaints
How Did Group ISO Treat You?
2 User Reviews
Sam Ilaian
I had this company for my courier company for years. their rates are high. I closed the account but still got charged $195 because they require 30 days notice. After I gave them notice in writing they still Charge me. It takes them months to cancel the account, they keep withdrawing the fees even after the cancelation. I would not recommend them to anyone. I’m glad to be out of it.
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Sam Ilaian
I had this company for my courier company for years. their rates are high. I closed the account but still got charged $195 because they require 30 days notice. After I gave them notice in writing they still Charge me. It takes them months to cancel the account, they keep withdrawing the fees even after the cancelation. I would not recommend them to anyone. I’m glad to be out of it.
This post will help: Best-Rated Merchant Account Providers
– Phillip
Petr Sorma
Rosalyn with Group ISO is the real deal! I am thankful to have found someone with her knowledge and experience.
Thanks Rosalyn!
-Petr
Client Protection Group LLC