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Hero Payments Review
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Cannabis Payment Processing
Launched in March 2018, Hero Payments is a merchant account provider that primarily serves cannabis-related industries. The company claims to offer PIN debit payment solutions for marijuana vendors, but it may also provide CBD merchant accounts and hemp payment processing. The company markets itself as a solution to the various regulatory issues faced by companies in the cannabis industry. In addition to that focus, the company advertises that it also serves high risk merchants, though it does not expound upon which particular industries it may cater to.
Founded By Former Executives of Chyp and Merchant Club of America
The founding partners of Hero Payments are Mychol Robirds and Mathryn Eversole, who were previously employed as the former president of Chyp and president of business development of Merchant Club of America, respectively. Mychol Robirds also formerly served as the president of Securus Payments, and Mathryn Eversole is a former vice president of underwriting at Payment Systems Corporation. Taken as a whole, this group of processors includes some of the lowest-rated providers on CPO. Securus and Chyp, specifically, have received hundreds of complaints related to deceptive sales conduct and expensive contract terms.
Hero Payments Location and Ownership
Hero Payments does not disclose the name of its acquiring bank, but it was at one time a reseller of iPayment. It lists two addresses on its website and social media profiles: 1515 SW 5th Ave, Portland, Oregon 97201, and 1840 West Dr Suite #204, Vista, California, 92803. It is worth noting that Securus Payments and Chyp are both located in Portland. Mychol Robirds is the president of Hero Payments, and Mathryn Eversole is the company’s COO.
Hero Payments Review Table of Contents
- Costs & Contract: Hero Payments offers variable contract terms that may include a long-term equipment lease.
- Complaints & Service: Hero Payments has received fewer than 10 public complaints.
- BBB Rating: Hero Payments does not have a profile with the Better Business Bureau at this time.
- Sales & Marketing: Hero Payments appears to hire independent sales agents but has not received any complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Hero Payments
Hero Payments Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||No|
|Most Common Complaint||N/A|
No Public Complaints
We are unable to locate any negative Hero Payments reviews that accuse the company of being a ripoff or a scam. This is surprising considering the very high complaint totals for its affiliated companies. Hero Payments has only been active for a short period of time, so it may accumulate reviews as it continues to grow. For now, we will interpret its lack of merchant complaints as evidence that the company is operating ethically.
Hero Payments Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against Hero 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.
Hero Payments Customer Support Options
Hero Payments does not provide a phone number or email address on its website. This falls short of the minimum level of service that we expect from top-rated payment processors for great customer service.
Hero Payments Online Ratings
Here's How They Rate Online
No Profile Available
The Better Business Bureau does not maintain a profile for Hero Payments at this time. A company named “Rate Lock” at the same address as Hero Payments does have a Better Business Bureau profile, but we are unable to determine whether Rate Lock is related to Hero Payments. We therefore will not factor a BBB rating into this review.
Hero Payments Fees, Rates & Costs
A Closer Look at The Contract
|Swiped Rate||1.00% - 4.99%+|
|Keyed-In Rate||1.00% - 4.99%+|
|Early Termination Fee||Variable|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||48-month (locked)|
Variable Contract Terms
Hero Payments does not disclose its pricing to the public, and there are no complaints that mention specific rates or fees charged by the company. As a high risk payment processor, it’s likely that the company’s contract terms and pricing will vary dramatically depending on each merchant’s business type, location, and processing history. The company’s PIN debit merchants will likely pay low rates due to the comparatively lower cost of debit transactions. Hero Payments does lease credit card processing equipment, so it’s possible that agents can set their own pricing for long-term equipment leases. Merchants are advised to purchase their own equipment whenever possible to avoid getting locked into long-term, non-cancellable equipment leases.
High Risk Means High Fees
High risk merchants who sign up with Hero Payments should expect to pay higher-than-average fees, and they may also be subject to cash reserves on their accounts. This is standard practice within the industry due to the elevated risk of chargebacks posed by many high risk merchants. High risk merchants can reduce their risk of fund holds and chargebacks by being open and transparent with Hero Payments about their business type and product lineup from the start.
No Pricing Complaints
We cannot find any Hero Payments complaints related to the company’s pricing. The company’s close ties to Chyp suggest that its standard pricing will not be competitive. It is possible that Hero Payments offers a wide range of potential contract types, so merchants should understand how to spot undesirable terms in their contract.
Hero Payments Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Inside/Outside Sales Team
Hero Payments appears to rely on a combination of in-house and external sales agents in order to market its services. The use of independent sales agents is commonly linked to elevated complaint rates, and it was a major factor behind the poor reputations of Securus and Chyp. However, we have not found any Hero Payments sales complaints that mention deceptive conduct or misrepresented fees. This may be related to the short amount of time that the company has been in business.
No Rate Quotes
The Hero Payments website does not list any rate quotes, promotions, or guarantees. It does advertise “No Leasing of Equipment“, which contradicts a post on the company’s Facebook page informing agents that “you can now offer equipment leasing to your customers.” If you suspect that a Hero Payments sales agent has misled you about your rates or equipment, you can double-check your monthly bill with a third-party statement audit.
Founded by Veterans
In addition to their previous executive roles in the merchant account industry, both Mychol Robirds and Mathryn Eversole are veterans of the United States Military. The Hero Payments name alludes to that, as well as dedicating a portion of its website to this facet of the company’s ownership, stating:
Hero Payments is a Veteran-owned merchant processing company providing low, medium, and high risk payment processing solutions for small, medium, and large businesses.
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