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Merrick Bank Merchant Services 2023: Reviews & Complaints
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Merrick Bank Corporation, a subsidiary of CardWorks Inc., was founded in 1997 and specializes in payment clearing and settlement of credit card transactions.
Before we dive in, here’s a short summary of what we’ll cover:
- Merrick Bank Merchant Services’ various payment processing services.
- Almost all Merrick Bank complaints we can find are about its own credit card, not its payment processing for businesses.
- The company’s contract terms could vary as it uses different ISOs. It’s likely that it resembles that of TSYS and may include some expensive fees.
Merrick Bank Corporation Payment Processing
The company relies on TSYS for its backend processing network and primarily markets its processing services through Independent Sales Organizations (ISOs) and other partnered banks. Despite the fact that the company has the word “bank” in its name, it is not a direct processor as the term is understood in this industry.
Personalized Service and Risk Management
The bank offers personalized services with a dedicated team for support and differentiated risk management services. This approach is designed to help clients expand their business and manage associated risks effective
Location & Ownership
Merrick Bank claims to sponsor over 40 ISOs and process transactions for over 91,000 merchants. Merrick Bank’s headquarters is located at 10705 S Jordan Gtwy, Ste 200, South Jordan, Utah 84095 with its primary merchant account division located in Woodbury, New York. Richard Urrutia is listed as the president and CEO of Merrick Bank Corporation.
Table of Contents
Merrick Bank Merchant Services Customer Reviews
Here's What Their Clients Say
|Total Online Complaints||<10|
|Live Customer Support||Yes|
|Most Common Complaint||N/A|
Low Complaint Total
As of this update, we are only able to locate one Merrick Bank Merchant Services review that specifically mentions the company’s merchant services division. This Merrick Bank Merchant Services complaint is found in the comment section of this review and stops short of calling Merrick Bank a scam or a ripoff. The client in this case is expressing frustration with the company’s billing practices, alleging that Merrick intentionally mishandled automated payments so as to assess repeated late charges from the client. If you have your own Merrick Bank Merchant Services review to make, please do so below.
Merrick Bank Merchant Services Lawsuits and Fines
Gunderson Amazing Fireworks, LLC v. Merrick Bank is a 2017 legal case in which Gunderson Amazing Fireworks, a fireworks company, sued Merrick Bank, a financial institution that provides merchant services. The plaintiff, Gunderson Amazing Fireworks, alleged that Merrick Bank mishandled the company’s credit card transactions and breached their contract. The case revolves around a dispute between the two parties concerning the processing of credit card transactions, which Gunderson Amazing Fireworks claims were mismanaged, leading to financial losses for the company. Gunderson Amazing Fireworks sought to recover damages resulting from the alleged misconduct by Merrick Bank.
In the case of eGumball, Inc. v. Merrick Bank Corp., eGumball, a company specializing in search engine optimization, was placed on the MasterCard Alert to Control High-Risk Merchants (MATCH) list by Merrick Bank Corporation after an investigation by Visa. Visa had used test credit cards to investigate illegal opioid sales by online pharmacies and eGumball had processed transactions with these cards. eGumball claimed it was unaware that the cards were part of a sting operation. After being placed on the MATCH list, eGumball’s merchant account was terminated, which led them to file a lawsuit. The court initially granted a temporary restraining order (TRO) to remove eGumball from the MATCH list, but upon appeal, it was determined that the evidence was insufficient to support the TRO, and it was reversed. The case details the complexities of merchant processing and the legal implications of being listed as a high-risk merchant, but it’s unlikely other companies will experience the same thing.
There are, of course, many lawsuits against the Merrick Bank Corporation, but few specifically about the Merchant Services division. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Possibility of More Complaints
It is possible that many more Merrick Bank Merchant Services complaints exist online, but it can be difficult to sort complaints related to Merrick’s merchant services from complaints about the card-issuing side of Merrick Bank. Additionally, it is possible that Merrick Bank’s complaints are scattered across the online profiles of its numerous ISOs or directed at its processor, TSYS. In the absence of any clear pattern among Merrick Bank complainants or a reliable way to sort the company’s complaints, we are assigning the company an “A” in this category. Businesses can expect varying levels of customer service depending on which reseller they work with, but they should not expect Merrick Bank to rank as a top merchant account provider for customer service at this point.
Merrick Bank Corporation Customer Support Options
Merrick Bank does not list a dedicated customer service email address or phone number on its merchant services website. It does offer a customer support form and phone numbers for executives in the division, but it is unclear what kind of support these provide. Business owners should defer to TSYS for customer service inquiries as it handles Merrick Bank Corporation’s processing.
Merrick Bank Merchant Services Online Ratings
Here's How They Rate Online
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.
Over 1,400 Complaints
Merrick Bank has been accredited by the Better Business Bureau since 2012 and currently maintains an “A+” grade despite a large number of complaints. As of this review, the BBB shows 1,448 complaints, although these are not solely linked to the company’s merchant services department.
What Merchants Say
In addition to 1,448 complaints, Merrick Bank has received 336 informal reviews on its BBB profile. However, the vast majority of the reviews reflect the company’s banking services and aren’t reflective of its merchant account services.
A “B” Performance Overall
It appears that some of these complaints are related to Merrick Bank’s merchant services branch, but without knowing exactly how many fall under this category, we will adjust the BBB’s grade only slightly down to a “B.” Readers should note that there are good reasons to be skeptical of the BBB’s ratings in general.
Merrick Bank Merchant Services Fees, Rates & Costs
A Closer Look at The Contract
|Monthly & Annual Fees||Yes|
The company’s partnership with numerous ISOs means that there is probably a high degree of variability in the Merrick Bank Merchant Services contract terms. Since Merrick Bank relies upon TSYS for its back-end processing, this review reflects their rates for transactions to approximate what to expect from Merrick Bank, though their rates will vary. TSYS offers listed a swipe rate of 2.5% plus $0.20 per transaction and a keyed-in rate of 3.5% plus $0.20 per transaction.
We are currently able to locate one Merrick Bank Merchant Services contract, sold by an ISO called Signature Card Services, which offers a three-year term that automatically renews for another three years if not canceled within the final 90 days. This agreement does not appear to include a fixed early termination fee, but it does include a liquidated damages penalty equal to 1% of a business’s gross processing volume for the remainder of the contract, to be assessed if the business processes any dollar amount through another company. In other words, it will penalize clients a potentially large amount if, without canceling the contract, they set up a merchant account with a different processor (this may even include PayPal). When it comes to terms like this, we encourage business owners to check out our list of the providers of the best merchant services.
Expect Variable Terms
Again, these terms are subject to variation depending on the agent setting up the account and a business’s type, size, and time in business. Business owners are encouraged to read their contracts carefully and strongly negotiate terms.
Merrick Bank Merchant Services Employee Reviews & Sales Tacitcs
Should You Work For Them?
|Uses Independent Resellers||Yes|
|Discloses All Important Terms||No|
Resellers Across the Country
Merrick Bank partners with ISOs, independent agents, and other banks to market its services. This is a common practice within the industry that tends to result in an elevated complaint rate. Merrick’s website claims that it is partnered with over 60 ISOs, so it is likely that sales tactics used by these independent entities will vary significantly. We are currently unable to locate any negative Merrick Bank reviews that mention the sales tactics of its merchant services sales team. This indicates that the company does not generally encourage unethical sales strategies. This compares favorably to our list of best credit card processors.
No Deceptive Quotes
Merrick also does not appear to engage in deceptive advertising in its official materials. Still, it is very difficult to assign a single grade for all of Merrick Bank’s affiliated entities. We therefore award the company a grade of “A” in this category with the caveat that individual resellers may offer dramatically different experiences. If you suspect that a Merrick reseller is charging you undisclosed fees, we recommend seeking a third-party statement audit to eliminate hidden charges.
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