Merchant Bankcard Review


Updated 12/7/2018: The Merchant Bankcard website is not available at this time, and public reports indicate that the company is no longer responding to merchant complaints filed with the Better Business Bureau. At this time it is unclear whether Merchant Bankcard is simply experiencing a site outage or is no longer an active business. If you have any information about Merchant Bankcard’s current status (including any rebrandings or DBAs), please share it in the comment section below this review.

Founded in 2015, Merchant Bankcard ( is a merchant account provider that claims to offer “wholesale” payment processing to businesses. The company does not disclose the identity of its backend processor, but it appears likely that First Data fulfills this role. Merchant Bankcard is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, California, and is headquartered at 71 S Central Ave #200, Valley Stream, New York 11580. Sam Schwed is the co-founder and CEO of Merchant Bankcard.

Key Points

  • Sales & Marketing: Merchant Bankcard does not appear to hire independent sales representatives but has received a few complaints about its sales practices.
  • Costs & Contract: Merchant Bankcard offers a month-to-month contract with no early termination fee.
  • Complaints & Service: Merchant Bankcard has received fewer than 10 public complaints.
  • BBB Rating: Merchant Bankcard has an “A-” rating with the Better Business Bureau and has received 12 complaints in the past three years.
  • Rates & Fees: How Merchants Got The Best Rates With Merchant Bankcard

Merchant Bankcard Products and Services

  • Debit and credit card processing
  • EMV-compatible mobile phone reader
  • Online payment gateway
  • POS equipment
  • Recurring billing
  • QuickBooks integration


  • Retail
  • Mobile
  • E-commerce

Response from Merchant Bankcard

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Sales & Marketing

Key Points - Sales & Marketing

Employs Independent Resellers No
Advertises Deceptive Rates Yes
Discloses All Important Terms No

Merchant Bankcard appears to primarily market its services via an in-house sales team, strategic partnerships, and traditional advertising. The company does not appear to employ independently contracted sales agents, although we cannot rule this possibility out at this time. We are currently able to locate a few Merchant Bankcard complaints that mention nondisclosure of fees and misrepresentation of the company’s capabilities. Specifically, one merchant was dismayed to see a monthly charge of $17 after being informed that there would be no monthly fees, while another was disappointed that the equipment provided by Merchant Bankcard lacked basic functions required for their business.

At the time of our last update, Merchant Bankcard’s website featured a “savings calculator” that didn’t even ask what merchants currently pay in processing fees. Without obtaining a merchant’s current rates and fees, it is impossible for Merchant Bankcard to provide a valid savings estimate. We therefore considered this calculator to be an unreliable and potentially misleading marketing tactic. The calculator appears to have been removed from the website for now, but links to it are still visible.

The Better Business Bureau has identified a few other marketing pitches made by Merchant Bankcard that it considers questionable. In June 2016, the BBB contacted Merchant Bankcard to ask that it substantiate the following claims:

  • “MERCHANT BANKCARD OFFERS WHOLESALE PAYMENT PROCESSING Which is the reason we can save you on average up to 40% over the competition.”
  • “How Does Merchant Bankcard Save You Up To 40% On Credit Card Processing?”
  • “Wholesale Pricing”
  • “90% of clients of Merchant Bankcard award a score of 8 or higher out of 10 in terms of satisfaction.”

Merchant Bankcard did not respond to the BBB’s inquiry, and some these claims are still visible in Merchant Bankcard marketing materials. Given the seemingly unsubstantiated figures provided by the company’s sales calculator, merchants are advised to disregard the other promotional language on the company’s website. Due to its few scattered complaints and its use of these types of ad copy, we have lowered Merchant Bankcard’s score in this section to a “C.”

Response from Merchant Bankcard

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Costs & Contract

Key Points - Costs & Contract

Swiped Rate Interchange + 0.25%/0.45% + $0.10/$0.05
Keyed-in Rate Interchange + 0.35% + $0.10
Early Termination Fee None
PCI Compliance Fee Variable
Equipment Lease Terms Variable

Merchant Bankcard discloses some of its contract terms on its website. The company claims to offer a month-to-month contract with no early termination fees and three potential interchange-plus pricing tiers. The “Retail” tier includes an EMV-compatible credit card terminal and charges $5 per month and interchange plus 0.25% plus $0.10 per transaction. The “Mobile” tier includes an EMV-compatible mobile card reader, charges interchange plus 0.45% plus $0.05 per transaction, and does not charge a monthly fee. The “Keyed In” tier charges a $9.95 monthly fee and a per-transaction fee of interchange plus 0.35% plus $0.10.

These posted prices are fairly competitive for the industry, as the company’s slightly high interchange-plus rates are offset by low or no monthly fees. However, two separate merchant complaints mention that the company charges an undisclosed $17 monthly fee, and one complaint states that there is also a periodic fee of $45.80. The addition of unlisted fees calls into question the actual cost of a Merchant Bankcard contract. Merchant Bankcard’s actual pricing is further called into question once the unsubstantiated sales figures on its website are factored in.

In general, the pricing listed on Merchant Bankcard’s website appears to be reasonably competitive for the industry. However, merchants are encouraged to review all paperwork to ensure that this is, in fact, the pricing they will receive. If you have any specific knowledge of the standard Merchant Bankcard contract (including any PCI compliance fees or monthly minimum fees), please share that information in the comment section below.

Response from Merchant Bankcard

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Complaints & Service

Key Points - Complaints & Service

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

We are currently able to locate a handful of negative Merchant Bankcard reviews, none of which accuse the company of being a scam. Commonly cited issues include nondisclosure of fees, misrepresentation of rates, and poor customer service. In general, it seems that the company’s unconventional pricing model has confused some merchants about the rates they should have been charged. Given the questionable ad copy on the Merchant Bankcard website, we advise merchants to heed the advice of their peers and ask about any and all possible fees. Merchant Bankcard states that it offers 24/7/365 support.

Response from Merchant Bankcard

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Key Points - BBB

Product & Service Complaints 8
Billing & Collection Complaints 3
Advertising & Sales Complaints 1
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.

Merchant Bankcard currently has an “A-” rating with the BBB and is not BBB-accredited. The company has received 12 complaints since its profile was opened in July 2015. Eight complaints were related to product or service issues, three were due to billing or collection disputes, and one had to do with an advertising or sales issue. Merchant Bankcard resolved two complaints to the satisfaction of the merchant, while the other 10 complaints either were resolved to the merchant’s dissatisfaction or did not receive a final response from the merchant.

As noted above, the BBB has also raised some questions about sales language on Merchant Bankcard’s website. The BBB states that Merchant Bankcard is currently compliant with its demands. As of this review’s publication, however, the disputed language is still visible on some of Merchant Bankcard’s advertising materials.

Response from Merchant Bankcard

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Merchant Bankcard Logo

Merchant Bankcard Bottom Line

Merchant Bankcard rates as an average merchant services provider according to our rating criteria. The available evidence at this time suggests that the company’s pricing model may not be as competitive as advertised. Merchant Bankcard Merchant Bankcard should not be confused with Merchants Bancard Network, an unrelated payment processor. We will continue to monitor merchant feedback about this company and adjust our rating as necessary.

Phillip Parker is a former merchant services sales agent who believes the industry has been overrun by people who engage in fraud and deception in order to steal from hard working business owners. He created this website to help you avoid the bad players, save money on fees, and to get peace of mind with your merchant account. If you would like to help support his work, learn more about our cost reduction service. We can evaluate your statement, tell you exactly how much you're overpaying, and then help you dramatically reduce your fees with your current credit card processor. Looking to switch instead? See our list of the best merchant account providers.

Schedule a Consultation with Phillip

3 Reviews Leave Your Review for Merchant Bankcard Below

    Eliminate hidden fees and mistakes without switching merchant accounts. Get a free statement audit today to see how much you are overpaying.

  1. Bob says:

    I would not recommend using this company. I signed a contract based on the claim that the amount I would pay would beat Heartland as well as the promise that they would integrate with my POS at no cost to me. After I cancelled the service and returned their equipment (because I had added a clause in my contract for both of these items) they continued to charge my Bank!
    They are dishonest and I would recommend you stay away!

  2. Aaron Alt says:

    Run away from Merchant Bankcards deceptive practices!
    We tried using Merchant Bankcard and Paysafe for processing payments from customers in the field during and after a couple remodeling projects. The mobile processing was convenient and went fairly well. The problem came with the fees. When I tried to get an accurate rate to compare fees with my banks credit card processing fees, I was given the runaround. After a few long phone calls and emails I gave up and stopped using the mobile processing.

    However, the monthly $18.95 debit from my checking account did not give up and was there every month. So I tried calling and emailing to cancel my account, and to get the $100 gift card they had promised after processing $5000 with them. But to no avail.
    The monthly debits continued and I had to go to my bank, close my checking account, and open a new checking account.

    Amazingly I received a phone call shortly thereafter saying my account would be closed and that I have an outstanding balance of $43.95 for the monthly fee ($18.95) and return fee ($25). I tried to explain the situation and remind them that they owe me $100, only to receive a “first notice” in the mail from their collections department.

    I am currently in the somewhat lengthy process of dealing with their collections department.

    At this point it seems like a scam. Or at the very least a very dishonest company. I would recommend anyone thinking to use this company to run in the other direction.

  3. Eliminate hidden fees and mistakes without switching merchant accounts. Get a free statement audit today to see how much you are overpaying.

  4. spc autolase llc says:

    i don’t recommend this company if you wants to protect your money don’t use this company,in one week my company lose $320 dollars and they don’t care,also the rep never answer the complaints and the main office customer support are terrible

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