Meritus Payment Solutions Overview
UPDATE 1/23/19: Meritus Payment Solutions was acquired by Paysafe Group (then known as “Optimal Payments“) in 2014. The company is has now been fully absorbed into the Paysafe brand. You can see up-to-date information about Paysafe in our Paysafe review.
Meritus Payment Solutions (merituspayment.com) is a merchant account provider based out of Irvine, California. The company was founded in 2008 and appears to be an independent sales organization and reseller of card processing services provided by numerous direct processors. According to an agent of the company, Meritus primarily sells the processing services of First Data and TSYS. The acquiring bank of Meritus Payment Solutions is Wells Fargo Bank, N.A., Walnut Creek, California. Alan Kleinman is listed as the president of Meritus Payment Solutions.Are you a decision maker with Meritus Payment Solutions? Claim this review.
Types of Businesses Served
- High risk
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Meritus Payment Solutions Rates, Fees, and Costs
|Early Termination Fee||$350+|
|PCI Compliance Fee||Variable|
|Equipment Lease Terms||Variable|
Pricing and contract terms with Meritus appear to vary based on a merchant’s business type and processing needs. However, an agent stated that the standard contract with most accounts is 36 months with a $395 early cancellation fee and that nearly all terms are negotiable prior to setting up the account. A copy of the company’s standard contract (available below) lists a termination fee of $350 or Liquidated Damages, whichever is greater, so it appears that Meritus may sometimes charge a very large early termination fee. This is confirmed by merchant complaints alleging termination fees in the thousands of dollars, which is far above the industry standard.
High-risk businesses are likely to have customized contracts designed to protect both parties. Merchants considering Meritus are encouraged to carefully read their contract before signing, especially because the terms may vary depending on numerous factors like the merchant’s business type, time in business, and processing history. See the Meritus Payment Solutions Merchant Agreement.Are you happy with your Meritus Payment Solutions fees? Tell us about them before your go!
Meritus Payment Solutions Complaints & Customer Reviews
|Total Online Complaints||10+|
|Live Customer Support||Yes|
|Most Common Complaint||Termination Fees|
Meritus has approximately a dozen complaints filed online, most of which have been posted in the comment section of this review. Nearly all of these mention similar problems. Each complaint reports poor customer service, higher-than-quoted fees after signing up, and/or an extremely high cancellation fee (over $10,000). In the case of one complainant, an executive from Meritus contacted us and stated that the $7,600 they reported to be fined was not a cancellation fee but, instead, a cash reserve that the merchant would receive back once the hold had expired. Overall, Meritus has a very low complaint count in comparison to its size, but the mentions of $10,000-plus fund holds have lowered its grade in this section.
Meritus Payment Solutions BBB Rating Summary
Key Points - BBB
|Product & Service Complaints||1|
|Billing & Collection Complaints||10|
|Advertising & Sales Complaints||0|
|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.
As of this review, the Better Business Bureau assigns an “A+” to Meritus, although the profile has only recently emerged from a period of unavailability due to the shuttering of the BBB‘s Los Angeles-area branch. During its downtime, it appears that the profile removed all preexisting complaints from the record. Meritus is currently showing 11 complaints filed in the previous 36 months, with 10 related to billing issues and one due to a product or service dispute. Meritus resolved one complaint to the satisfaction of the merchant, while the remaining complaints were either resolved to the dissatisfaction of the merchant or did not receive a final assessment from the merchant. In light of the company’s complaint total and resolution ratio, we have adjusted the BBB’s rating to an “A-.”
Truth In Marketing & Advertising
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
Meritus appears to market its credit card processing services through the use of outside independent sales agents, sub-ISOs, and internal sales staff. The company does not use any deceptive marketing tactics that are apparent to this reviewer. Normally, the use of outside independent sales agents results in a high number of complaints for most merchant account providers; however, Meritus only has a handful of complaints about its agents which are not of the quantity or nature that is usually seen with other providers. The company has accordingly been assigned an “A-” rating in this category.
Meritus Payment Solutions Marketing Example
About Phillip Parker
Thank you for reading my review. I hope that it has helped you with your research.
Why I'm Qualified to Write About Credit Card Processing and Merchant Account Services
I'm a former credit card processing sales director who left the industry because I didn't like how it takes advantage of small business owners. It feeds like a leech on businesses and thrives by imposing fees that are nearly impossible to comprehend. Seeing a need for change, I left and built this website help business owners better understand the industry, research merchant services providers, and get refunds of excessive merchant account fees. My experience of working "behind the curtain" in the industry, and using that knowledge for good, has resulted in millions of dollars returned to hard-working small business owners as well as enterprise-level companies.
From the time that I starting working in the merchant services industry to when I left to create this website, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this "insider" knowledge to myself. To lift the fog, I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers on this website.