Overview
Merchant Industry, LLC (merchantindustry.com), is a merchant account provider founded in 2007 that specializes in providing credit card processing and debit card processing services to small businesses within the United States. The company also appears to do business under the name “National E-Payment, Inc.” and possibly resells the merchant services of First Data. Merchant Industry LLC is a registered ISO/MSP of First National Bank of Omaha of Omaha, NE and Wells Fargo Bank, N.A. of Walnut Creek, California, with corporate offices located at 36-36 33rd St., Suite 306, Long Island City, New York, 11106. Leo Vartanov is the founder and CEO of Merchant Industry.
Key Points
- Sales & Marketing: Merchant Industry appears to hire independently contracted agents and has received more than a dozen complaints about its sales team.
- Costs & Contract: Merchant Industry offers a three-year contract through First Data that includes a liquidated damages early termination fee.
- Complaints & Service: Merchant Industry has received more than 25 public complaints.
- BBB Rating: Merchant Industry has an “A+” rating with the Better Business Bureau and has received 27 complaints in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With Merchant Industry
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Merchant Industry Bottom Line
Merchant Industry rates as a substandard merchant services provider according to all available information. Merchants are reporting a consistent pattern of deceptive practices from the company’s sales agents, and the company’s contract terms are more expensive than industry averages. These issues have resulted in the company receiving a moderate-to-high complaint rate for its size and time in business, and the company’s public responses to these complaints have not demonstrated any serious commitment to customer service.
About Phillip Parker
Hi, I’m Phillip and I’m disgusted by the state of credit card processing in the U.S. and abroad. I believe that the industry has been overrun by people who engage in fraud and deception in order to steal money from hard working business owners. I’ve made it my mission to expose the companies and individuals who engage in predatory marketing, pricing, and contracts, or just provide terrible service. Along with uncovering the bad guys, I’ve also discovered the good guys who do stand out from the status quo. CPO is a website where you will find ratings and reviews of these companies along with advice on how to save money and which service providers consider. Together we can move the industry in a positive direction. If you would like to help support my work, please checkout “Fee Sweep” my eGuide to getting the lowest possible fees when accepting card payments. If you haven’t heard of “interchange” this advice will save you hundreds, even thousands, in processing fees.
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stay away from this company it is the worst I’ve known. if you have a small business they do not help you grow. i canceled my account but they still charging even without activity, when I called they told me that since the day i canceled it takes a month to make the cancellation effective but in the meantime they still charge you.
I was promised a one year contract with this new service, Terence Gumbs was my account manager and did a very poor job at that. I would leave several messages for him and never would get a response. Would finally have to call someone else to get my issues taken care of. Because of his lack of duty with this company they lost our credit card processing services and then have decided that they will charge me the 300 early termination, even after he assured me multiple times that we only had a 1 year contract with them. Once i was digging around tryin to find out when my one year contract was up, the date they gave me was a month later than when I actually signed the paperwork. I was just fed up with them and ready to do business with someone I know i can trust and will take care of me. so very disguisted with this company really from day 1. They hit me with an early termination fee yet they still dont show that i have cancelled my acct. REALLY???
Merchant Industry really came through for me when I needed them the most. I am a start up business owner and I needed to get all of my accounting in order as well as be able to process credit cards. I called and they provided a free credit card terminal and have the best service including cash advance if we need it. I was blown away; it just doesn’t get any better than this. It has been a great help.
Jessie (or Justin Clark according to you email address),
Please reply to this comment with your business name and location in order to authenticate your testimonial. Thanks!
Merchant Industry as well as ” Statewide Merchant” “Bank card” is the one takes your money from your bank account. they get you confused there. They gave me a contract of $39.00 dollars a month plus .3 visa and other card charges. I did around $780.00 on a credit card transaction and got a $195.00 fee!!!!
then They never paid the first company which charged me early termination fee and e maid me they can only pay $25.00 per a month . I canceled them and so far they took $250 and another $200.00 dollars out of my bank.
I kept all the e-mails and looking to find the way give them back the stress and get my hard working money back.
they are just a big scam even 100 dollars from one person think 20,000,000 people fall in to their trap. that is a lot of money which they earn with dishonesty. Some one will sue them big in future.
I needed to accept credit cards for my business and I wasn’t sure which equipment would be best for me. I called Merchant Industry in New York and they couldn’t have been more helpful. We discussed my business and what would save me the most amount of money. After comparing rates and fees with other providers, it was a no brainer. These guys are hands down the best that I found and I still use them today. HIGHLY RECOMMENDED!
Hi Thomas,
In order to verify this testimonial, please add a reply to this comment with you business name and location.
Absolute worst merchant card processing company I have had the unfortunate misfortune to deal with. Promised a lot of really great deals. Guaranteed a savings of $150 a month over my then current company. In actuality it cost me $150-$200 more per month. Promised free debit machine tape. Yes, after calling three different people I finally got the paper 4 weeks later and a whole 5 rolls of paper. I would have to call every 2 days in order to keep us in free paper. It was impossible to reach my rep. I left several messages regarding what I thought were overcharges. I never got a call back from my rep. I finally spoke with a different rep who did indeed acknowledge I had been overcharged. Promised to look at my account in more detail and call be back the next day. She never called me back and I have yet to see the credit. I was guaranteed next day batch deposits. However all deposits hit my account 2 to 3 days after I closed the batch. They then started charging extra fees. I had enough and began the process of severing the contract. I gave them their 10 day notice in writing. I closed my account in October and received an automatic deduction out of my account for $780 in early November as a one time cancellation fee. I again received another automatic deduction for $58.49 in December. I have since refused that ACH charge and am taking steps ensure they can not continue to take money from the account. I have read from others in my same position the only way to stop this from happening is to close my checking account. These guys are the worst and I HIGHLY RECOMMEND anyone looking to do business with these guys to think twice and say NO.