Magothy Payments Overview
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. According to the company’s CEO, Magothy Payments has redirected its business operations to target high ticket card-not-present transactions. As such, the company offers level 2 and level 3 processing to merchants who specialize in b2b transactions. Magothy Payments 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 as well as level 2 and level 3 processing 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
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