NMI Overview

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Specializing in Payment Software and Hardware

Founded in 2000, NMI is a payment gateway provider that offers payment processing hardware and software for most business types. The company is not a merchant account provider; rather, it primarily sells its suite of products to ISOs and value-added resellers. NMI is not partnered with any specific payment processor, but it does offer out-of-the-box integration with most major proprietary point-of-sale and e-commerce systems. According to the company’s website, the NMI gateway serves 130,000 merchants and processes over $50 billion in payments from over 900 million transactions and can integrate more than 175 different online shopping carts.

NMI Location and Ownership

NMI is headquartered at 201 Main St, Roselle, Illinois, and does not require an acquiring bank. Vijay Sondhi is the CEO of NMI.

NMI Review Table of Contents

  • Costs & Contract: NMI offers variable fees to ISOs.
  • Complaints & Service: NMI has received fewer than 10 public complaints.
  • BBB Rating: NMI currently has an “A+” rating with the Better Business Bureau and has received 0 complaints in the last 3 years.
  • Sales & Marketing: NMI does not hire independent sales agents and has not received any complaints about its sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With NMI
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Products & Services Offered

Types of Businesses Served

  • ISOs
  • VARs/ISVs
  • Payment facilitators

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NMI Rates, Fees, and Costs

Key Points

Swiped Rate 1.00% - 4.99%
Keyed-In Rate 1.00% - 4.99%
Virtual Terminal Rate 1.00% - 4.99%
Payment Gateway Fee Undisclosed
Early Termination Fee Undisclosed
PCI Compliance Fee Undisclosed
Equipment Lease Terms Undisclosed

NMI Contract Terms

There is no publicly available information about the standard NMI contract at this time. NMI does not market directly to merchants, so it is unlikely that a business owner would ever enter into a direct contract with NMI. NMI’s agreements with ISOs and other resellers should not ultimately impact the pricing that a merchant receives. Merchants will likely only interact with NMI’s hardware and software offerings, which should not come with any contractual obligations imposed by NMI.

Virtual Terminal Pricing

In addition to its storefront payment processing services, NMI also dedicates a portion of its website that advertises its virtual terminal service. However, pricing on either of those services is not disclosed. Additional rates and fees, including gateway fees, technical support fees, and batch fees may apply to these e-commerce services. The company also provides merchants with shopping cart integrations with over 175 different options.

Level 2 and Level 3 Processing Services

In addition to its traditional merchant services, NMI also advertises that it provides level 2 and level 3 processing for b2b and b2g transactions. Level 2 and level 3 processing rely upon different interchange rates than traditional consumer credit transactions. Accommodating those rates requires different payment processing technology from a merchant account provider to transmit the amount of data required to facilitate the transactions. These services are reserved for b2b and b2g purchases that utilize corporate credit cards.

No Red Flags

The total absence of complaints about the company’s contract terms merits an “A” in this category, but this is primarily due to the fact that it’s not a merchant-facing product. Merchants who believe that NMI’s products would be a good fit for them are encouraged to pair their NMI payment gateway with one of the cheapest merchant accounts.

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Response from NMI

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NMI Complaints & Customer Reviews

Key Points

Total Online Complaints <10
Live Customer Support Yes
Most Common Complaint N/A

No Public Complaints

We are currently unable to locate any NMI complaints that accuse the company of being a ripoff or a scam. This seems to indicate that NMI employs a proactive and available customer support team. However, we would not expect the company to have many complaints because it does not sell to small business owners.

NMI Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against NMI. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

NMI Customer Support Options

The NMI website provides a dedicated customer support phone number in addition to general phone and email options. We will award NMI an “A” rating in this category, and the company’s current customer support options are on par with top-rated customer service processors.

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Response from NMI

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NMI BBB Rating Summary

Key Points - BBB

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

Clean Complaint Record

NMI has an “A+” rating with the Better Business Bureau and is not BBB accredited. The company has not received any complaints in the past three years. It also has not received any informal reviews.

An “A” Performance

Given the company’s clear complaint record, we agree with the BBB’s rating at this time. Merchants should note, however, that there are good reasons to be skeptical of the BBB’s rating system.

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Response from NMI

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Truth In Marketing & Advertising

Key Points

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

Inside Sales Team

NMI does not market directly to merchants and appears to rely on a combination of traditional advertising and strategic partnerships to market its services. There is no evidence at this time indicating that the company employs independent sales agents, and we are unable to locate any NMI complaints that report unethical behavior by the company’s sales staff.

No Misleading Quotes

NMI does not appear to engage in any deceptive advertising strategies in its official materials. If you suspect that NMI is charging you undisclosed fees, we recommend seeking a third-party statement audit to eliminate hidden charges.

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Response from NMI

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NMI Logo

Our Opinion of NMI

A Well-Regarded Payment Product Supplier

According to all available information, NMI rates as a dependable hardware and software provider. Merchants should not typically interact directly with NMI, so we do not expect to receive a large amount of merchant feedback regarding the company in the future. Even when dealing with companies that rate highly by our standards, we urge merchants to thoroughly examine the terms of any contract they are given and to compare their pricing to top-rated merchant account providers.

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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.

How I Can Help You

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