OLB Group Reviews & Complaints

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How did they treat you? ▼

Pros & Cons
Pros: Cons:
Good customer support. Specific industry restrictions.
Competitive processing rates. Limited international reach.
Reliable security measures. Occasional technical issues.
User-friendly interface. Variable customer experiences.
Diverse payment options. Account setup complexities.


In this article, we delve into the expansive journey of OLB Group, a key player in e-commerce and payment processing. We'll explore their strategic expansions, including key acquisitions like Excel Corporation and ventures into NFTs and cryptocurrencies. We'll also examine their 2023 decision to potentially spin off their Bitcoin mining subsidiary, DMint, and their significant stake in Cuentas SDI LLC.

Our review covers OLB Group's range of services, from payment processing to the OmniSoft business management platform, and analyzes their market impact and operational strategies. We'll provide insights into their customer reviews, contract terms, and sales tactics, offering a balanced perspective on the company's advantages and challenges in the digital payment landscape. Join us as we unravel the complexities of OLB Group's business model and its role in today's evolving e-commerce sector.

About OLB Group

An acronym for “On-Line Business,” OLB Group is a merchant account provider that sells e-commerce payment processing and retail point-of-sale solutions. The company was founded in 1993 to help businesses build online stores. In mid-2018, it dramatically expanded its operations by acquiring Excel Corporation, CrowdPay.us, and Omnisoft. They continued to expand in 2020 by acquiring DoubleBeam and in 2021 by acquiring a portfolio of CBD merchants. OLB Group announced in 2022 that they will soon be expanding into NFTs, further expanding their integration of crypto into their portfolio. Later in 2022, OLB Group announced a major partnership with payment software company Cuentas to bring “fintech solutions” to over 32,000 bodegas in the United States. The company also purchased Crowdpay.US, Inc. in 2022.

In 2023, OLB Group engaged Maxim Group LLC to provide financial advisory and investment banking services for the potential spinoff of its Bitcoin mining subsidiary, DMint. The aim is to make DMint a standalone publicly held company, and shares in DMint will be distributed to OLB shareholders after the listing process on an exchange is complete.

Also in 2023, OLB Group acquired an 80% share in Cuentas SDI LLC, a company that owns the platform of Black011.com and serves over 31,000 convenience stores. The acquisition aims to expand OLB's services to the underbanked population and will be led by a new Vice President of Sales, Jeff Jorgge.

Excel Corporation Acquisition

OLB Group's April 2018 acquisition of Excel Corporation included the full assets of eVance Processing, Chyp, and Securus Payments. According to the June 2018 SEC filing cited above, “in order to finance the Asset Acquisition, the Company executed a term loan agreement with GACP [Great American Capital Partners – ed.], for $12,500,000.” According to the same SEC filing, the net tangible assets acquired in this deal totaled $2,968,589, while the remaining $9,875,576 borrowed by OLB represented “[g]oodwill and other intangibles.” Two other passages from the SEC filing are of interest:

[…] as of June 30, 2018, [OLB Group] had a cash balance of $164,410 And a working capital deficit of $2,779,777 […]

The Company has borrowed $1,000,000 from a private investor in order to make its first scheduled payments on the Loan and Security Agreement (entered into on April 9, 2018) and is currently in the process of a capital raise of up to $5,000,000. If the full $5,000,000 is raised, the Company will have enough liquidly for the next several years. This, along with the additional acquisitions of CrowdPay.US, Inc, and Omnisoft, Inc. should provide the company with the assets and operations it requires to continue as a going concern. However, there are no assurances that we will be able to consummate the above capital raise and meet its required interest and principle payments on the loan. These factors among others, raise substantial doubt about the company’s ability to continue as a going concern.

In other words, OLB Group purchased Excel Corporation while in a state of deficit and took on two multi-million dollar loans in order to fund Excel Corporation's acquisition and ongoing operations. This is significant because Excel Corporation is the parent company of eVance Processing, Chyp, and Securus Payments, three providers that rate poorly on CPO due to deceptive sales tactics and expensive contract terms. If OLB Group intends to eventually break even on its acquisition of Excel Corporation, then it will need to see significant annual returns from Excel Corporation's merchant portfolio. Given Chyp's known business model, this may result in even more aggressive sales tactics and unfavorable contract terms intended to generate rapid profits.

OLB Group Payment Processing

OLB Group processes all major credit and debit cards for most business types. Their offerings are extensive and include the omnisoft e-commerce solution family of products, the Secure Pay payment gateway, the CrowdPay.us capital-raising service, the eVance merchant services division, ShopFast POS solutions, PayFac payment facilitation, Gift & Home Market Connect e-commerce options, and more. See our eVance review for more on their merchant processing

Business Management Platform

The company provides a cloud-based business management platform called OmniSoft. This platform offers omni-commerce solutions designed to manage various aspects of a business.

Mobile Payment Gateway

OLB Group has a mobile payment gateway known as SecurePay. This is designed to secure the processing, transmitting, and storing of payment card-related data.

E-commerce Platform

The company's e-commerce platform provides cloud-based merchant services to over 10,500 merchants across all 50 states in the U.S. It offers a comprehensive digital commerce solution, including site creation, hosting, transaction processing, order fulfillment, customer service, and sales reporting.

Private Label Shopping Solutions

OLB Group delivers fully outsourced private-label shopping solutions to highly trafficked websites. This service includes a seamless end-to-end e-commerce solution for clients.

OLB payment processing
Some of OLB's “PayFac” features.

OLB Group Customer Reviews

Here's What Their Clients Say

Customer Reviews Summary
Total Online Complaints <10
Live Customer Support No
Most Common Complaint N/A
Recent Lawsuits Yes

Clean Complaint Record

Currently, we have not found any negative reviews for OLB Group, indicating a clean complaint record. This positive track record aligns with the company’s long-standing presence in the e-commerce website supplier industry for over two decades. However, the recent acquisition of Excel Corporation marks OLB Group’s entry into the payment processing sector, potentially increasing its exposure to complaints. If you have feedback on OLB Group, please share it in the comments for further review.

The Legacy of Excel Corporation

Despite OLB Group’s clean record, its affiliated subsidiaries like Securus Payments, Chyp, Pipeline Data, and Calpian Commerce have garnered numerous serious complaints online. These grievances commonly cite deceptive sales practices, unfavorable contract terms, non-cancellable equipment leases, and challenges in contacting customer support. These issues are crucial to consider when evaluating OLB Group’s overall standing.

OLB Group Legal Involvement

In 2020, OLB Group faced a lawsuit over alleged unpaid debts by eVance, with the case ongoing. Clients with concerns may opt to report issues to appropriate regulatory bodies for resolution outside of litigation.

OLB Group Customer Support Options

OLB Group provides a contact form and a phone number on its website, but details on the type of support offered are not specified. It is possible that merchant services customers still receive support from Excel Corporation’s operations team, although this is not explicitly outlined. The current visible support options may not position OLB Group as a top-rated option for customer service. The rating assigned to OLB Group reflects its affiliations and historical context until the company establishes its own reputation.

OLB Group Customer Service Number

  • (212) 278-0900 – General Customer Support

Other Support Options

OLB Group Online Ratings

Here's How They Rate Online

Online Ratings Summary
BBB Reports 0

No BBB Complaints

The Better Business Bureau currently does not list a rating for OLB Group and does not extend BBB accreditation to the company. OLB Group has received 0 complaints nor any informal reviews in the past three years. The BBB has maintained this profile since 2008.

Score Pending

While it is normally our philosophy that “A+” ratings should be reserved for companies with 0 complaints, we agree with the BBB by not rating the company in this instance. However, we will be observing OLB Group closely to see if its new acquisitions impact its standing with the BBB. Business owners should note, however, that there are good reasons to be skeptical of the BBB’s rating system.

OLB Group Fees, Rates & Costs

A Closer Look at The Contract

Cost & Fees Summary
Cancellation Penalties Undisclosed
Monthly & Annual Fees Undisclosed
Processing Rates 1.00% - 4.99%
Equipment Leasing Undisclosed

Chyp and eVance Contract Terms

Similar to OLB Group’s sales division, it appears that the current standard OLB Group rates and contract align with those sold by Excel Corporation subsidiaries. However, detailed information about the standard Excel Corporation contract is scarce. The company doesn’t disclose its pricing or terms on its website, and there are no client complaints available to provide insight into its various fees. OLB Group rates and contract details may vary depending on the Excel subsidiary presenting the contract, with further variations possible due to the independently contracted sales agents used by eVance Processing and Chyp.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, the OLB Group also offers virtual terminal and payment gateway services. The company emphasizes its efforts to integrate in-store retail payments with supplementary e-commerce services and cater to online businesses. However, pricing information for these services is not disclosed. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates, typically apply to these e-commerce services.

Another Precautionary “C”

While concrete details about OLB Group’s standard contract terms are currently unavailable, the track records of Pipeline Data, Securus Payments, and Chyp consistently indicate average to below-average performance in this category. Hence, we provisionally assign OLB Group a “C” rating, with expectations that its pricing may not be competitive with cheaper merchant accounts. If you possess any information regarding the standard OLB Group merchant agreement (including early termination fees or PCI compliance fees), kindly share it in the comment section below this review. Additionally, we encourage business owners to explore our list of the best merchant accounts.

OLB Group Employee Reviews & Sales Tacitcs

Should You Work For Them?

Jobs & Marketing Summary
Uses Independent Resellers Yes
Telemarketing Yes
Misleading Marketing No
Discloses All Important Terms No

Independent Sales Agents for Excel

OLB’s credit card processing branch is basically the Excel Corporation organization, which uses a national team of independent sales representatives and agents, ISOs, and referring agent banks to sell its products. As a result, clients are unlikely to receive a sales call from an agent identifying themselves as a representative of “OLB Group.” Instead, it appears that eVance Processing and Chyp are responsible for growing OLB Group’s merchant base under their respective brands. This approach means that there are no public OLB Group reviews regarding specific sales agents at this time, although this may change if the company merges its new acquisitions into the OLB brand.

Poor Sales Reputation Among Businesses

There is an ample amount of client feedback regarding Excel Corporation’s current and former assets like Securus Payments, Pipeline Data, and now Chyp. Specifically, the sales tactics of these organizations have received hundreds of business complaints about the misrepresentation of rates and nondisclosure of contract terms. In recent years, clients have especially cited undisclosed long-term leasing contracts as a major point of dissatisfaction with Securus Payments. These complaints were posted with regularity both before and after Securus’s acquisition by Excel. We have seen nothing from OLB Group to indicate that these trends will be addressed. This does not compare favorably to our list of best credit card processors.

A Precautionary “C”

Given the reputations established by OLB Group’s subsidiaries, we have assigned the company a “C” rating in this section for the time being. Our grade may change if OLB Group complaints exhibit a track record independent of its subsidiaries. If you suspect that an OLB Group subsidiary is applying hidden fees to your account, we recommend seeking a third-party statement audit to find and eliminate charges.

OLB Group point of sale shopfast
OLB Group has its own point-of-sale system, ShopFast

Our OLB Group Review Summary

Our Final Thoughts

OLB Group receives an average rating as a credit card processing provider, a ranking that stems primarily from the performance and reputation of Excel Corporation and its subsidiaries. As these sub-brands have recently come under the umbrella of OLB Group, the parent company might have the opportunity to steer these entities towards greater transparency and ethical business practices. Any potential improvements in these areas remain to be seen, and a cautious approach is advisable until there is tangible evidence of positive change.

Businesses in search of reliable credit card processing services are likely to find better options among top-rated merchant account providers. These providers typically offer more proven track records of customer satisfaction and transparency. As a business owner considering OLB Group, it is imperative to thoroughly scrutinize all contractual documents provided by the company. Sharing experiences with OLB Group in the comment section below this article can provide valuable insights for other business owners and help inform our ongoing assessment of the company’s performance.

Location & Ownership

OLB Group is headquartered at 200 Park Ave #1700, New York, New York 10166, but a press release states that the operations of Excel Corporation will be based in Alpharetta, Georgia. Additionally, the OLB Group website lists 1120 6th Ave 4th Floor, New York, NY 10036 as its address. OLB Group is a registered ISO/MSP Esquire Bank Jericho, NY, and an FSP of First National Bank of Albany. eVance Inc. Excel Corporation’s subsidiary companies include registered ISOs/MSPs of Wells Fargo Bank, N.A., Walnut Creek, California; Elavon, Inc., Atlanta, Georgia; BMO Harris Bank N.A., Chicago, Illinois; and Merrick Bank, South Jordan, Utah. Ronny Yakov is the CEO of OLB Group.

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Which is Most Important for You?

If you had to pick one, which quality would you say will be the most important with your next credit card processor? Tap or click your selection to register your vote:

  1. Low Transaction Fees
  2. No Monthly Fees
  3. No Contract
  4. Reliable Customer Support
  5. Quick Signup

Testimonials & Complaints

How Did OLB Group Treat You?

1 User Reviews

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