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MerchantPlus Review

Phillip Parker
Phillip Parker

I was tired of watching unethical merchant services companies take advantage of unsuspecting business owners, so I built this website and wrote hundreds of reviews to expose their shady business practices.

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MerchantPlus Overview

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Rating

3.5/5
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Most Recent Comment

  • Garry Marino:
    "Taking $196 from me 2 months in a row, over and above all of my authnet fees ($30), Merchant Plus ($30 monthly) and fee and about $70 in perc..." Read More
    Reply Leave Your Own Comment
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Rating:
3.5/5
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Most Recent Comment

  • Garry Marino:
    "Taking $196 from me 2 months in a row, over and above all of my authnet fees ($30), Merchant Plus ($30 monthly) and fee and about $70 in perc..." Read More
    Reply Leave Your Own Comment
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Serving Multiple Business Types

MerchantPlus, founded in 2003, is a U.S-based merchant account provider focusing primarily on multi-platform, enterprise solutions, small-businesses, mobile payments, and global currency. The company offers its own payment gateway which is compatible with Authorize.Net.

MerchantPlus Location and Ownership

The company website lists its headquarters at 30 Vesey St., 9th Floor New York, New York 10007. MerchantPlus, LLC is a registered ISO/MSP of Wells Fargo Bank, N.A., Concord, California. Its international/high risk processing is offered through Global Card Solutions. Zachary Smith is listed as the founder and president of MerchantPlus.

MerchantPlus Review Table of Contents

  • Costs & Contract: MerchantPlus offers 2 plans without any contracts and interchange-plus pricing through its proprietary payment gateway which is compatible with Authorize.Net
  • Complaints & Service: MerchantPlus has received fewer than 10 public complaints.
  • BBB Rating: MerchantPlus currently has a “C” rating with the Better Business Bureau and has received 4 complaints in the last 3 years.
  • Sales & Marketing: MerchantPlus does not appear to rely on independent sales agents and has received a few complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With MerchantPlus
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MerchantPlus Rates, Fees, and Costs

MerchantPlus Rates, Fees, and Costs

Cost Summary

Swiped Rate Interchange + 0.30% + $0.25
Keyed-in Rate Interchange + 0.30% + $0.25
Enterprise Plan Rate Interchange + 0.20% + $0.20
Payment Gateway Fee Undisclosed
Advance Plan Fee $30 Per Month
Enterprise Plan Fee $299 Per Month
Early Termination Fee $295+
PCI Compliance Fee Undisclosed
Equipment Lease Terms 36 Month (locked)

Virtual Terminal and Payment Gateway Pricing

The Merchant Plus advertises its virtual terminal and payment gateway services called the NaviGate Gateway. Though the gateway is compatible with Authorize.Net, the pricing listed on the company’s website discloses interchange-plus pricing in place of the 2.90% plus $0.30 rate charged by Authorize.Net. The Plans & Pricing page on the MerchantPlus website lists two tiers of service for different monthly rates. For $30 per month, merchants can receive the Advanced plan, which offers interchange-plus pricing at a markup of 0.30% plus $0.30 per transaction. For $299 per month, large merchants can receive the Enterprise plan, which charges a smaller Interchange-plus markup beginning at interchange plus 0.20% and $0.02 According to the company, neither plan comes with a contract or early termination fee.

Both plans are also subject to MerchantPlus’ RateAssure program, which gradually reduces merchants’ interchange-plus markup from 0.30% for merchants processing under $100,000 per month down to 0.10% for merchants processing over $5,000,000 per month. The program terms and conditions also enforce a long-term, non-cancellable equipment lease.

Industry-Average Pricing

Overall, the company’s terms appear to hover around the industry average, and a good portion of available MerchantPlus reviews specifically complain about unexpectedly pricey contract terms. The low overall number of complaints suggests that many merchants do not encounter difficulties with their service, but the terms themselves have lowered the company’s score in this category. We do not consider MerchantPlus to be competitive with the cheapest merchant accounts at this time.

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MerchantPlus BBB Rating Summary

BBB Summary

Product & Service Complaints 2
Billing & Collection Complaints 2
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 0

Unaddressed Complaints

MerchantPlus is not an accredited business of the Better Business Bureau and scores a “C” rating at the time of this review. 4 complaints have been filed against the company in the past 36 months, with 2 relating to billing/collection disputes and 2 due to problems with a product or service. 1 complaint was resolved to the merchant’s satisfaction while 3 was either resolved to the complainant’s dissatisfaction or did not receive a final response from the complainant. However, the 1 remaining complaint received no response whatsoever.

A “C” Performance Overall

It appears that the unaddressed complaints and the lack of accreditation are most responsible for the BBB‘s rating at this time. While we do not look favorably upon a company that fails to address complaints, we agree with the BBB’s rating of a “C” in light of the company’s low complaint volume.

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Truth In Marketing & Advertising

Key Points

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

Some Sales Complaints

MerchantPlus appears to utilize an affiliate program and its website to market its services. It is unclear as of this review whether the company employs independent sales agents. We are currently able to locate a handful of negative MerchantPlus reviews that accuse the company’s sales agents of nondisclosure of fees.

Issues with iPayment

In most of the company’s sales complaints, it seems as if the MerchantPlus sales agents were helpful and forthright when setting up the account, but once it was handed over to iPayment, the merchants saw a dramatic shift in quality of service and rates. This would seem to reflect poorly on iPayment more so than MerchantPlus, but it must be noted that MerchantPlus is the party that is actively setting up merchants with these accounts. Complaints that mention iPayment tend to be over three years old; it is possible that MerchantPlus only resells for BluePay now that iPayment has been absorbed into Paysafe.

Interchange-Plus Pricing

As a point in its favor, MerchantPlus promotes interchange-plus pricing for all merchants, which is the most transparent pricing model available. However, if you suspect that MerchantPlus is charging you undisclosed fees, we recommend seeking a third-party statement audit to eliminate those costs.

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Sales & Marketing Example

Our Opinion Of MerchantPlus

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An Average Processor for Most Merchants

MerchantPlus rates as an average merchant services provider according to our rating system. The company’s use of iPayment as its credit card processor appears to be responsible for the bulk of its complaints, and the BBB has dramatically lowered its grade for the company in the last two years. The company’s overall rating could improve once it corrects the issues cited on its BBB profile and elsewhere. MerchantPlus does not qualify as a top-rated merchant account provider at this time.

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Why I'm Qualified to Write About Credit Card Processing

I’m a small business owner who previously worked in the credit card processing industry. I started this blog in 2009 to help other business owners by exposing credit card processors that engage in unethical marketing, rate and fee trickery, and fine-print-contract schemes. Over the last decade, I’ve reviewed hundreds of merchant services providers which has helped to educate over 5 million businesses on the nuances of credit and debit card acceptance. I’ve appeared in the New York Times, Los Angeles Times, Inc. Magazine and a host of other publications to offer insight on the subject of card acceptance. 

I offer merchant account and credit card processing consultation for the following needs:

  • Selecting the right credit card processing services for your business.
  • Reducing credit card processing fees with your current merchant account provider.
  • Negotiating credit card processing fees when changing merchant accounts.
  • Strategies for reducing and recovering funding holds and chargebacks.

 

Schedule a call with me today!

 

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Taking $196 from me 2 months in a row, over and above all of my authnet fees ($30), Merchant Plus ($30 monthly) and fee and about $70 in percentage charges. Then out of no where $196. Have called and left 3 messages with this office in NY
Merchant Plus, LLC
30 Vesey Street, 9th Floor
New york, NY 10007
(800) 546-1997

No response. Charged my $196 2 months in a row, no explanation, no call back. Stay away from these people. Contesting the charges now.

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This Post Might Help: Let Us Eliminate Fees From Your Contract For You

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Never do business with company, lots hidden charges and you can never cancel their services. This is the second month I am trying to contact them and they are still charging me for Discovery even after closing the account with them. I mean big bucks. Zachary is a scam! I had to change my entire bank account because of these guys

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