Merrick Bank Merchant Services Overview
A CardWorks Subsidiary
Merrick Bank Corporation, a subsidiary of CardWorks Inc., was founded in 1997 and specializes in payment clearing and settlement of credit card transactions. 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.
Headquartered in Utah
Merrick Bank claims to sponsor over 60 ISOs and process transactions for over 100,000 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 P. Lake is listed as the president and CEO of Merrick Bank Corporation.
Merrick Bank Merchant Services Review Table of Contents
- Costs & Contract: Merrick Bank Merchant Services offers a three-year contract with a variable early termination fee.
- Complaints & Service: Merrick Bank Merchant Services has received fewer than 10 public complaints.
- BBB Rating: Merrick Bank Merchant Services has an “A+” rating and has received 384 complaints and 67 reviews in the past 3 years. The company has been accredited with the BBB since 2012.
- Sales & Marketing: Merrick Bank Merchant Services hires independent sales agents but has not received any complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Merrick Bank Merchant Services
Products & Services Offered
- Debit and credit card processing
- ACH processing
- E-commerce solutions
- Gift and loyalty programs
- Currency conversion
- Sales analytics
Types of Businesses Served
- High risk
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Merrick Bank Merchant Services Rates, Fees, and Costs
|Swiped Rate||2.50% + $0.20|
|Keyed-in Rate||3.50% + $0.20|
|Early Termination Fee||1% of Gross Volume|
|PCI Compliance Fee||$75.20 Per Year ($18.80 charged each quarter)|
|Equipment Lease Terms||48 Month (locked)|
Merrick Bank’s partnership with numerous ISOs means that there is probably a high degree of variability in its 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 2.50% plus $0.20 per transaction and a keyed-in rate of 3.50% plus $0.20 per transaction.
We are currently able to locate one Merrick Bank contract, sold by an ISO called Signature Card Services, which offers a three-year term that automatically renews for another three years if not cancelled 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 merchant’s gross processing volume for the remainder of the contract, to be assessed if the merchant processes any dollar amount through another company. In other words, it will penalize merchants a potentially large amount if, without cancelling the contract, they set up a merchant account with a different processor (this may even include PayPal).
Expect Variable Terms
Again, these terms are subject to variation depending on the agent setting up the account and a merchant’s business type, size, and time in business. Merchants are encouraged to read their contracts carefully and strongly negotiate terms (see: “Fee Sweep“).Are you happy with your Merrick Bank Merchant Services fees? Tell us about them before your go!
Merrick Bank Merchant Services Complaints & Customer Reviews
|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 complaint that specifically mentions the company’s merchant services division. This complaint is found in the comment section of this review and stops short of calling Merrick Bank a scam or a ripoff. The merchant 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 merchant.
Merrick Bank Merchant Services Lawsuits
We have not found any outstanding class-action lawsuits or FTC complaints filed against Merrick Bank Merchant Services. Dissatisfied merchants 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 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. Merchants 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 Service Options
Merrick Bank does not list a dedicated customer service email address or phone number on its merchant services website. Merchants should defer to TSYS for customer service inquiries as it handles Merrick Bank Corporation’s processing.
Merrick Bank Merchant Services BBB Rating Summary
Key Points - BBB
|Product & Service Complaints||139|
|Billing & Collection Complaints||237|
|Advertising & Sales Complaints||6|
|Guarantee & Warranty Complaints||2|
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.
Nearly 400 Complaints
Merrick Bank has been accredited by the Better Business Bureau since 2012 and currently maintains an “A+” grade. As of this review, the BBB complaint log shows a large volume of issues with a total of 384 complaints, although these are not solely linked to the company’s merchant services department. These complaints consist of 139 product or service complaints, 237 billing or collection complaints, 6 advertising complaints, 1 delivery complaint, and 2 warranty-related complaints. 78 complaints were fully resolved, while 306 were answered by the company but did not receive a response from the complainant.
What Merchants Say
In addition to 384 complaints, Merrick Bank has received 62 informal reviews on its BBB profile. Of those 67 reviews, 60 were negative while only 7 were positive. However, all 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.” Merchants should note that there are good reasons to be skeptical of the BBB’s ratings in general.
Truth In Marketing & Advertising
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|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.
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.
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.