Should You Sign Up With Ironwood Payments? Everything You Need to Know

Founded in 2015, Ironwood Payments is a merchant account provider that was created via the acquisition of ElitePay Global‘s merchant portfolio. The owners of Ironwood Financial (Ironwood Payments’ parent company) did not realize at the time of purchase that there were severe issues with the structure, culture, and business practices of ElitePay Global. As a result, Ironwood Payments received a high number of complaints over approximately one year that were similar to the complaints filed against ElitePay Global (one of the worst-rated providers on CPO). Our rating for Ironwood Payments was very low during this period due to the company’s prior dealings with ElitePay Global, documented proof that many of Ironwood’s employees were former ElitePay Global employees, and many Ironwood Payments complaints that described exorbitant leasing fees and deceptive sales tactics.

Efforts to Fix Problems

Eventually, Ironwood hired a third party to conduct a full review of the company’s practices and suggest necessary changes. Ironwood also began to reach out directly to dissatisfied clients and attempt to resolve their issues. Ironwood has contacted CPO to offer a significant amount of background information about the company and insight into its practices, and CPO has separately verified as much of this information as possible. CPO is now satisfied that Ironwood Payments has severed all ties with ElitePay Global and is committed to a total reform of its business practices. In fact, Ironwood Payments has taken proactive steps (documented in this review) to become a highly transparent and dependable merchant account provider.

Payment Processing

Ironwood Financial handles transactions for all major debit and credit cards, accommodating various business types. Their services encompass point-of-sale (POS) systems, mobile payments, EMV card readers and swipers, business-to-business (B2B) transactions, mail order/telephone order (MOTO) payments, and e-commerce solutions.

Point of Sale Systems

Ironwood Financial provides an array of POS systems aimed at enhancing operational efficiency and customer service. These range from traditional countertop terminals to advanced touchscreen systems. Some systems offer integrated inventory management and reporting features, serving as comprehensive tools for business management.

Mobile Payment Solutions

Acknowledging the rise in mobile commerce, Ironwood Financial offers a mobile payment solution. This service enables businesses to process credit and debit card payments via mobile devices.

E-Commerce Payment Gateway

For online businesses, Ironwood Financial provides an e-commerce payment gateway. This secure platform facilitates online payment processing and supports multiple payment methods and currencies.

Payment Security and Compliance

Ironwood Financial prioritizes security in payment processing, offering advanced measures like encryption and tokenization. They also assist businesses in meeting complex compliance requirements, ensuring adherence to the Payment Card Industry Data Security Standard (PCI DSS).

Business Funding Solutions

In addition to payment processing, Ironwood Financial offers business funding solutions, including merchant cash advances. This financing option provides a lump sum in exchange for a percentage of future credit card sales.

Reviewing Ironwood Payments Customer Feedback

Our latest analysis of Ironwood Payments reviews uncovers approximately 10 negative accounts on consumer protection sites, which is fewer than previously noted. Ironwood Payments has shown a commitment to resolving past issues, as evidenced by their direct interaction with complainants. The main complaints, which are over a year old, often cite high fees and extended leases. The decline in recent complaints is a positive indicator of Ironwood Payments’ efforts to improve its practices. We encourage individuals with their own experiences to share their Ironwood Payments reviews in the comments section for a comprehensive perspective.

Ironwood Payments’ Legal Status

In December 2016, Ironwood Financial was involved in a lawsuit (case number 1:16-cv-11223, “Wang et al v. Wells Fargo, NA et al”) over allegations of unauthorized recording of phone calls. Although Ironwood anticipated a successful defense, the case was allowed to proceed in April 2018. This legal challenge is associated with practices linked to ElitePay Global and may not reflect the current standards of Ironwood Payments.