Magothy Payments Overview
Magothy Payments May Have Overcharged You
If you accepted credit cards through Magothy Payments or any other credit card processing company between 2017 and 2019, recent changes to the law may entitle you to refunds of certain debit card and credit card processing errors and overcharges. See this post to find out if your were among the businesses affected and to learn how you can get your money back.
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.
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
Highly Rated Industry Competitors
Our unbiased reviews are supported, in part, by helping you find highly rated merchant accounts. You can learn more here.
Our Opinion of Magothy Payments
A Top-Rated Merchant Account Provider
Magothy Payments rates as an exemplary provider according to our rating criteria. The company advertises competitive contract terms and appears to place a high premium on transparency and customer service. Our rating may be subject to change depending on merchant feedback, and merchants are still encouraged to scrutinize the terms of any contract they are asked to sign. For now, Magothy is an option on par with the highest-rated processors on CPO.
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About Phillip Parker
Thank you for reading my review. I hope that it has helped you with your research.
Why I'm Qualified to Write About Credit Card Processing and Merchant Account Services
I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.
From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers on this website.
Phillip Parker
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.
Jaron reached out to me regarding a new way of accepting payment from clients but I was reluctant to make the switch because I dreaded what that day would look like. Let me just say that Jaron made this the most easy transition from my bank to his system, and a very easy system to use! Not only is he a very honest businessman but now I have what I consider, a good friend!
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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Jaron and his team at Magothy Payments have been TOP NOTCH. It is great to have that local touch when you need it, especially when you are dealing with other people’s credit cards in today’s world! Thanks for all you do to support our small business…keeping our customers safe!
I was going to wait until after things have been set in stone with our business and the new way of operating before leaving a review for Magothy Payments. But, I feel the need to do it now, and I may edit as time goes on… the service that this company provides is exceptional. Jaron reached out in the middle of a family emergency to make sure that we have what we needed. He has been very easy to reach any time that we need him with a quick response rate. We aren’t using our new machine yet, because we are about to reopen for the season, but the rates that he provided us with, along with his customer service are the best.
Hi Lyndsay,
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Joe’s Seafood
Severna Park, MD
Magothy is wonderful and they really do live by their phrase that relationships are more important than transactions. They are also constantly working to help improve their customers experience. Customer service is A+.
Hi Ellen,
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Jaron worked with my previous employer so when I opened up my own business, I knew where to go. Jaron has always been there to answer all my whestjons with processing and walked me through step by step when setting everything up. I wouldn’t use anyone else!
Jaron reached out to us and gave us pricing which was much better than where we were at that point. We switched over to Magothy payments and have had some small issues with the setup but Jaron came out several times to make sure everything was up and running smoothly. Any problems, I don’t hesitate to reach out and get a response within minute.
Magothy Payments have been excellent. Jaron has saved me thousands of dollars. Jaron is hands on and is always there if needed. Highly recommend Magothy Payments and Jaron.
I’ve been using Magothy Payments for a while and am very satisfied with the service that is provided.
Jaron is great
Perfect in every way!!! Always there if we have a question and saved us a ton!!!
Hi Chris,
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Great owner, great company, saved us alot of money and the online portal works great for us!*****
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A1septic service of Pasadena md
8209 varnedoe lane Pasadena md 21122
410 437 5115
We give 5*
I’ve used other merchant services and Magothy Payments is beyond the best. Not only was it the beat rate around, but they network you with other clients, and I have actually made more money from their referrals alone, then I have paid in fees. They take the time to take care of you on a personal level even after you sign, I’m yet to see another company that comes close.
Jaron reached out to me several times offering his services and I was hesitant to switch. Ultimately gave it a shot and made the switch and noticed immediate reduction in my credit card processing fees.
What impressed me the most about Magothy Payments was the transparency of the fee structure and the commitment to customer service.
Tony Ferrer
Warriors of Grace Karate
We have been doing business with Magothy Payments since Feb. 2017 and are very please with the personal attention and savings!!! I was never able to reach my other company without being on hold for 20 min. Thank You Magothy Payments! We look forward to continuing our relationship with you.
One of my favorite things about Magothy Payments is their hand-on approach. I am too busy to try to figure out a new system or tackle a payment processing problem. Jaron and his team understand this and help me through every step of the way. Time really is money. I appreciate that Magothy gets that.
Magothy Payments takes the confusion out of merchant services and delivers a straight forward approach to handling C/C processing. Their team brings integrity to an industry that most feel otherwise about. Quality people, quality service and rates that save you money! Can’t recommend them enough.
Magothy Payments and Jaron Rice are great! We are a fairly new business with no prior knowledge of credit card processing and all of it’s intricacies. Jaron has walked us through every detail, each step of the way. He is always available to answers questions and to problem solve. Best of all, we are saving a lot of money too! I highly recommend Magothy Payments to any business who wants exceptional customer service and wants to save money!
We save money every month since switching to Magothy Payments. And Jaron provides excellent customer service as well!
Magothy is great. Jaron makes merchant services easy and is a trustworthy gentleman. This is refreshing for the merchant service industry as a whole. I would recommend Magothy to any business.
Magothy Payments is the only solution for a business that is looking for reliable, trust worthy, and quality business provider! We are ecstatic that we made the move!
So grateful to have come across Magothy Payments . After 12 years of being charged ridiculous fees and not have the personable contact person to reach out when things seem “off” , this was a HUGE breathe of fresh air ! It was so easy to learn and navigate the platform and the best part is that Jaron comes with it . He’s one of a kind as a person and a businessman . Wish there were more business people like him still around !
This company is great and beat any other rate that we searched
Hi Jen,
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This company Beat any other rate that we searched including a rate given to us by our own bank. We are located in Pasadena Maryland