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NMI Review: Fees, Complaints, Comparisons, & Lawsuits

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Rating

5/5
NMI Logo
Website
(800) 617-4850

Most Recent Comment

  • Helpful Tech Group:
    "Hey there, I read your article... and am trying to understand how does this company have a A+ rating on the BBB, yet they are not even listed..." Read More
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(800) 617-4850

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  • Helpful Tech Group:
    "Hey there, I read your article... and am trying to understand how does this company have a A+ rating on the BBB, yet they are not even listed..." Read More
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NMI Payment Gateway

Founded in 2000, NMI (nmi.com) 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. The NMI payment gateway also works with multiple currencies and all major payment types, and it works with some Ingenico and Verifone in-person payment devices.

NMI Location & Ownership

NMI is headquartered at 1450 American Lane, Suite 1200, Schaumburg, Illinois 60173 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 1 complaint and 1 review in the last 3 years.
  • Sales & Marketing: NMI does not hire independent sales agents and has not received any complaints about its sales practices.
NMI payment gateway
NMI offers a proprietary payment gateway for e-commerce

How Expensive is NMI?

Rates, Fees, and Contract Terms

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Cost Summary

Swiped Rate Variable
Keyed-In Rate Variable
Early Termination Fee Variable
PCI Compliance Fee Variable
Equipment Lease Terms Variable

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.

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. We encourage merchants to check out our list of the providers of the best merchant services.

Is the BBB Rating for NMI Accurate?

Better Business Bureau Profile

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BBB Summary

Product & Service Complaints 0
Billing & Collection Complaints 0
Advertising & Sales Complaints 0
Guarantee & Warranty Complaints 0
Delivery Complaints 1

Clean Complaint Record

NMI has an “A+” rating with the Better Business Bureau and is not BBB accredited. The company has received 1 complaint in the past 3 years, which related to a delivery issue. The 1 complainant describes a failure to received a product ordered from a third-party merchant who utilizes NMI as their payment gateway. NMI has responded, clarifying that the issue is with the third-party vendor who has not delivered the item.

What Merchants Say

NMI has also received 1 informal review through the BBB, which was negative in tone. It should be noted that some of the reviews appear to refer to other services besides payment processing. A recent complaint mentions cyberattacks through the payment gateway and poor customer service:

Horrific experience. *** is dealing with constant recurring attacks on their merchants via their gateway. This has been acknowledged as a big issue by numerous employees at ***. They’ve repeatedly said, “It happens all the time.” The attacks result in extensive fraudulent charges for the merchant. *** is directly benefitting from these fraudulent charges and is not taking steps to address the issue. Shops are being charged thousands of dollars in fees as a result of these fraudulent attacks. These fees are paid directly to ***. *** is aware of these serious and extensive issues as a result of their services and yet they have not taken steps to rectify the issue. Customer service provides inaccurate unreliable information and they do not provide access to a supervisor. Customer service claims that the merchant contract lets them do whatever they want and they have no responsibility to address the problem.

Merchants would be better served with one of the processors from our list of best merchant account providers for customer service.

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.

Does NMI Use Deceptive Marketing?

Advertising & Sales Strategy

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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. This compares favorably to our list of best credit card processors.

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.

Does NMI Deserve Your Business?

Review Summary & Our Thoughts

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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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About The Author

Phillip Parker is a Payments Industry Analyst and creator of this blog, CardPaymentOptions.com. Phillip is passionate about researching merchant service providers and payment industry trends. He is often quoted as an expert source in national publications such as INC Magazine, The Los Angeles Times, Entrepreneur, and many others.

“I started this blog because I was disgusted by the business practices of the merchant services industry. I wanted to empower business owners by providing insight on how to avoid shady merchant account providers and costly credit card processing mistakes.” 

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What Others Are Saying About NMI

Customer & Employee Reviews

2 Responses

  1. Hey there, I read your article… and am trying to understand how does this company have a A+ rating on the BBB, yet they are not even listed as a profile on the BBB.

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