Leap Payments 2023: Card Processing Reviews & Complaints
Leap Payments is a merchant account provider that was founded in 2005 according to the Better Business Bureau. Leap Payments is a former reseller of Elavon contracts, but it appears they are associated with WorldPay now. This is likely due to a conflict between Elavon and Leap Payments in 2020 over a large number of merchant losses. Leap is capable of placing both traditional and high-risk business types, but its marketing is much more focused on high-risk merchant accounts. According to the company’s website, it also offers merchants the option to choose a cash discount program.
Before we dive in, here’s a short summary of what we’ll cover:
- Leap Payments’ various payment processing services.
- The company has received some complaints but not many in recent years. Past complaints often mention unexpected fees.
- The Leap Payments contract is through WorldPay and may include some expensive fees.
Leap Payments Payment Processing
Leap Payments offers credit card processing solutions for various types of businesses, including those considered high-risk. They provide retail merchant accounts, enabling businesses to process debit and credit card payments efficiently. Their services are designed to offer convenient payment options for customers without excessive transaction charges for the merchants.
High-Risk Merchant Accounts
The company specializes in high-risk merchant accounts, catering to businesses that are often deemed too risky by banks for credit card processing. Leap Payments aims to support the growth of these businesses by providing them with the necessary tools to process credit card payments securely and efficiently.
E-Commerce Merchant Accounts
For e-commerce companies, Leap Payments offers solutions to accept credit cards online without incurring high additional costs. This service is tailored to make online payment processing easy for customers and affordable for merchants.
Rate Lock and Transparent Pricing
Leap Payments guarantees a lifetime rate lock, ensuring that their rates will not increase for the life of the account. They use interchange plus pricing, which is presented as a transparent way to process credit cards. This approach reflects their commitment to straightforward and honest pricing.
Leap Payments offers a range of additional services, including mobile processing, next-day funding, online invoicing, point-of-sale systems, and a virtual terminal. They also provide equipment for businesses and cater to a variety of industries, particularly those in high-risk categories.
Location & Ownership
The company is a registered MSP/ISO of WorldPay, an FIS Global company, and lists its headquartered at 2100 Double Creek Drive, Suite 430, Round Rock, TX. However, other sites including the BBB list 5115 Clareton Dr UNIT 150, Agoura Hills, CA 91301. Will Detterman is the founder and CEO of Leap Payments and Jill Detterman is the CFO.
Table of Contents
Leap Payments Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||High Fees|
Low Complaint Total
We have located around 10 negative reviews about Leap Payments. At least 1 of these complaints accuses the company of being a scam. That Leap Payments review was left by a client who contends the company charged higher fees than they initially promised. Common themes among the company’s few public complaints include fund-holds on high-risk accounts, unauthorized fees being charged after an aborted signup process, undisclosed monthly and termination fees, and difficulty with the account setup process. These appear to mostly be caused by industry-standard protocols rather than intentional deception by the company, and most of these cases have received positive resolutions from Leap Payments. In addition, there are a wide number of positive Leap Payments reviews on the company’s website and several third-party review sites. If you have your own Leap Payments review to make, please do so in the comment section below.
Leap Payments Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against Leap Payments. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Leap Payments Customer Support Options
The company offers phone and email support to its clients.
Leap Payments Customer Service Numbers
- (800) 993-6300 – Toll-Free Customer Support
- (800) 993-9635 – Fax
Other Support Options
It appears that Leap Payments generally offers helpful customer support and maintains a low complaint total, but it does not quite rank among the top-rated payment processors for great customer service.
Leap Payments Online Ratings
Here's How They Rate Online
Online Ratings Summary
Under 5 Complaints
Leap Payments currently has an “A+” rating with the Better Business Bureau. The company has received 1 complaint on its BBB profile in the past 36 months.
What Merchants Say
It has also received 0 negative informal reviews although it should be noted that these reviews are not subject to verification by the BBB. A past review described odd requests for sensitive information:
I contacted Leap Payments for processing for my medical marijuana doctors referral business. Christopher Flores sent me a list of the required documents needed to apply. I submitted everything asked. First Mr. Flores never contacted me back. When I emailed him asking about the application, he wanted MY LOGIN DETAILS TO MY SQUARE ACCOUNT. YES, login such as my password *** user name (i have the email to prove it). I explained that i could send them a Square report but felt like after they received my information including my drivers license when has a photo, they increased requirements that wasn’t apart of what was initially requested. When I told him I have NEVER been asked for my account details and do not feel comfortable providing them, I never heard back from him. Now i have to change my bank account information, because they have it all. I have had to spend money on credit monitoring because they have all my personal and business informaton. All a waste of time and not a common courtesy to a least say that i wasnt approved. I **** not stop here to make sure this doesnt happen to anyone else.
Readers should understand which contract terms should be avoided so that they don’t end up in a situation like this.
An “A” Performance
Given the company’s nearly spotless complaint record, we agree with the BBB’s rating at this time.
Leap Payments Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
Variable Contract Terms
There is not a great deal of information available regarding the standard Leap Payments contract. The company promotes the fact that it offers interchange-plus pricing, but it does not specify the typical markup that it charges on each transaction. The company also does not disclose its standard contract length, PCI compliance fees, monthly minimum fees, or early termination fees, so these figures may vary for each client. Leap Payments sells rather than leases its processing equipment, which is a better deal for most businesses.
As a reseller of WorldPay contracts, business owners considering the company’s services should familiarize themselves with that rate and fee structure. A typical WorldPay contract features rates of 2.90% plus $0.30 for swiped transactions and 3.30% plus $0.30 for those that are keyed in. The company’s qualified rate is slightly lower at 2.70% plus $0.30.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Leap Payments also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. The company lists Authorize.Net, NMI, BridgePay, and other gateway providers as payment processors for its virtual terminal. Pricing will depend upon which gateway provider a business utilizes. Additional Leap Payments rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
Merchant Pricing Reports
We have located one Leap Payments complaint about the company’s pricing that mentions a three-year contract with an early termination fee of $295, but these figures are not confirmed by any other third-party reports. However, that early termination fee is in line with those included in a standard merchant agreement with Elavon.
Given the fact that Leap Payments offers high-risk merchant accounts, it’s likely that the company’s standard pricing does not compete with budget-friendly merchant accounts. We have found far more positive testimonials than negative reviews related to Leap Payments’ pricing and fees, so we will assign the company an “A” in this category for the time being. If you have any specific knowledge of the standard Leap Payments contract, please share that information in the comment section below this review. We also encourage business owners to check out our list of the providers of the best merchant accounts.
Leap Payments Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||No|
|Discloses All Important Terms||No|
Inside Sales Team
Leap Payments appears to primarily market its services via a combination of in-house sales and strategic partnerships. There is no indication at this time that the company employs independently contracted sales agents, and we have found only a few Leap Payments complaints that accuse sales reps of failing to disclose fees. In one Leap Payments review (originally reported to the Better Business Bureau but since removed), the client stated that Leap Payments did not properly disclose its three-year contract term or early termination fee. The company responded by waiving the early termination fee and releasing the business from the agreement. Another Leap Payments review, found in the comment section below, states that the company’s effective transaction rate is much higher than the rates quoted. This does not compare favorably to our list of best credit card processors.
No Deceptive Quotes
In light of Leap Payments’ response to the first complaint, as well as the presence of a large number of positive testimonials about the company’s pricing and sales process, we will assign Leap Payments an “A” in this section. To its credit, the company advertises interchange-plus pricing to all of its businesses and does not appear to list any deceptive promotions in its official marketing materials. If you suspect that you are being overcharged by Leap Payments, you can double-check your pricing with a third-party statement audit.
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