A Banc Certified Merchant Services Reseller
Founded in 2014, Magothy Payments is a merchant account provider that is capable of serving most standard-risk business types. The company is a reseller of Banc Certified Merchant Services, which is a registered ISO/MSP of Elavon. The company is one of the most positively reviewed payment processors on CPO. Magothy Payments focuses on companies that require ‘card not present’ payment processing as well as businesses that utilize lots of reoccurring billing for services or membership. Magothy’s largest client base is contractors in home and commercial, but also works with ecommerce companies, B2B, and other companies with recurring and card-on-file billing. Magothy Payments is also an Authorize.Net reseller.
Commitment to Industry Reforms
Magothy Payments dedicated a portion of its website to Maryland House Bill 777. The section details the company’s support of the legislation, which sought to reform practices contractually enforcing early termination fees and liquidated damages clauses in standard merchant agreements. The bill was signed into law in 2019 and took effect on October 1 of that year. Under the new law, the length of the contract, the cancellation fee(s), liquidated damages, contract renewal date must be apparent and written into a merchant agreement in 12-point bold font. Furthermore, the bill caps early termination fees at $500 for contracts signed on or renewed after October 1, 2019. The company’s advocacy on behalf of the passage of this law conveys its standard of ethics to prospective merchants considering their services.
Magothy Payments Location and Ownership
Magothy Payments is headquartered at 517 Benfield Rd, Suite 101A, Severna Park, Maryland 21146, and Jaron Rice is the owner and CEO of Magothy Payments.
Magothy Payments Review Table of Contents
- Costs & Contract: Magothy Payments offers month-to-month contracts through Elavon with no early termination fees and interchange-plus rates. The company uses NMI as a payment gateway.
- Complaints & Service: Magothy Payments has received fewer than 10 public complaints and a high number of positive testimonials.
- BBB Rating: Magothy Payments has received 0 complaints and 29 reviews and has an “A+” rating. The company has been accredited by the Better Business Bureau since 2016.
- Sales & Marketing: Magothy Payments does not appear to rely on independent sales agents and has not received any complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Magothy Payments
ClimateCare HVAC has used Magothy Payments for several years. I highly recommend Jaron Rice and his team to handle your merchant services account. Professional, prompt and offer competitive rates. If you ever get involved in a transaction dispute, you will be well served by having Jaron and his team on your side.
I met Jaron at a chamber event and was instantly impressed by his enthusiasm and knowledge of the credit card processing world. Since switching my dance studio’s credit card processing to Magothy Payments and Jaron I have saved so much time and money with my new system. Not to mention the stellar customer service this company gives. I highly recommend them.
Jaron and the team of Magothy payments have been very professional and educated on everything we needed at Eleven Courses Catering. They were very informed and had great response time as well. Highly recommend!
Magothy Payments is AWESOME! My wife and I opened a retail CBD store and Jaron at Magothy Payments has been such a joy to work with! His support and service is unmatched and he worked hard to get us the best equipment and rates. I highly recommend them!
After being with a big bank for my credit card processing I met with Jaron at Magothy Payments and discussed my needs for my Home Inspection Business. I was tired of paying hefty fees and losing my profits. Magothy payments has saved me an impressive amount of money each month and has given me all of the tools and services I need to make the payment process for my customers very streamlined. I am very happy with the change and I highly recommend Magothy Payments to any business big or small who wants to service their customer but also retain a healthy ROI.
Such a great company. They have amazing customer service, easy to use programming, and the best part is they save me so much money.
I am new with Big Boys Rigging, taking over for someone who was here 25+ years and didn’t understand the system. Jaron is exceptional. He walked me through how to maneuver the software and answered any questions that I had. Whenever I reach out to him with questions or help, he answers right away. No matter what he is doing he takes time to help. Not only is he building and exceptional company, taking care of all of our needs, he always takes time to build relationships. Whenever I speak with him he always makes me feel as though I am his only customer – he listens – then he delivers – even though he is swamped. I would recommend all companies needing this service to reach out to Jaron! He is really a pleasure!
Magothy Payments is 100% a top notch company. Not only am I saving tons of money each month, anytime I have a question I call and actually speak to a real person. Fast, friendly and accurate service. Magothy makes my business their #1 priority every single day.
Great customer service, and it’s so nice saving money.
From the moment you meet Jaron and interact with the company you know they will make processes smooth and painless. The process is upfront and very professional. The service definitely puts the mind at ease with a good relationship being first followed by a side effect of growth. Glad we made the switch and got a referral to them.
Hi Oscar,
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