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Merchant Bankcard Review
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Updated 3/13/2019: 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 (merchantbankcard.com) 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.
- 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 Customer Reviews
Here's What Their Clients Say
|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.
Merchant Bankcard Online Ratings
Here's How They Rate Online
|Product & Service Complaints||8|
|Billing & Collection Complaints||3|
|Advertising & Sales Complaints||1|
|Guarantee & Warranty 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.
Merchant Bankcard Fees, Rates & Costs
A Closer Look at The 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.
Merchant Bankcard Employee Reviews & Sales Tacitcs
Should You Work For Them?
|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?”
- “MERCHANT SAVE, ON AVERAGE, UP TO 40% PER MONTH”
- “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.”
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