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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.
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
OLB Group offers point-of-sale (POS) systems designed to meet the specific needs of diverse businesses. These systems come equipped with essential features such as inventory management, sales monitoring, and accounting software integration, which help facilitate daily business operations.
E-Commerce Payment Solutions
The company provides an e-commerce payment solution that enables secure online transactions for businesses. OLB Group’s payment gateway is designed to integrate seamlessly with popular e-commerce platforms, simplifying the online transaction process for both merchants and their customers.
Mobile Payment Processing
OLB Group also offers mobile payment processing services, which allow businesses to accept credit card payments through mobile devices like smartphones and tablets. This service is particularly beneficial for merchants operating in unconventional settings or those looking to expand their payment options for customers.
The virtual terminal service from OLB Group allows businesses to securely process credit card transactions over the phone or through mail orders. This feature is especially useful for businesses that lack a physical card reader or require an alternative payment method for remote transactions.
Fraud Prevention and Security
OLB Group places a strong emphasis on security and fraud prevention in their payment processing services. The company follows industry best practices and implements advanced security measures to protect sensitive data and minimize fraud risks during transactions.
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. 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.
Table of Contents
- Costs & Contract: Offers variable contract terms that may come down to the…
- Complaints & Service: Complaints number fewer than…
- BBB Rating: Currently has no rating with the Better Business Bureau and has received…
- Sales & Marketing: Appears to hire independent sales agents and its subsidiaries have received…
OLB Group Reviews and Complaints
Here's What Their Clients Say
Total Online Complaints
Live Customer Support
Most Common Complaint
Clean Complaint Record
We are currently unable to locate even one negative OLB Group review, which is likely a product of the brief period of time that the company has owned Excel Corporation. OLB Group has been active for more than two decades as an e-commerce website supplier, and there are no negative OLB Group reviews during that time. This is a very positive sign. However, the company’s acquisition of Excel represents a much firmer step into the payment processing industry, which is sure to expose it to a higher risk for complaints. If you have an OLB Group review to make, please leave it in the comments below for us to review.
The Legacy of Excel Corporation
In total, OLB Group’s newly acquired subsidiaries like Securus Payments, Chyp, Pipeline Data, and Calpian Commerce have amassed hundreds of serious complaints online. It seems reasonable to take these complaints into consideration when assessing OLB Group. The complaints filed against OLB Group’s affiliates generally describe deceptive sales practices, costly contract terms, non-cancellable equipment leases, and unreachable customer support.
OLB Group Lawsuits and Fines
OLB Group was sued in 2020 over allegedly not paying debts owed by eVance. The case is ongoing. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
OLB Group Customer Support Options
OLB Group offers a contact form on its website and a phone number, but there is no indication of what kind of support they provide through either. It’s possible that the company’s merchant services customers will still receive support from Excel Corporation’s operations team, but this is not apparent. The visible options for customer support would not qualify OLB Group as a top-rated option for customer service at this time. We will assign OLB Group a rating that reflects its organizational affiliations and history until the company develops a reputation of its own.
OLB Group Customer Service Number
- (212) 278-0900 – General Customer Support
Other Support Options
- Customer support form
- Customer service email at [email protected]
OLB Group BBB Rating and Report
Our Better Business Bureau Profile Assessment
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.
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 and Rates
A Closer Look at the Contract
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Monthly & Annual Fees
1.00% - 4.99%
Chyp and eVance Contract Terms
As with OLB Group’s sales division, it appears that the current standard OLB Group rates and contract are simply the same as the contract sold by Excel Corporation subsidiaries. There is very little publicly available information about the standard Excel Corporation contract at this time. The company does not provide its pricing or terms on its website, and there are no client complaints to shed any light on its various fees. It is very likely that OLB Group rates and contract details will vary depending on which Excel subsidiary is presenting the contract. Further variation beyond that is possible due to the fact that eVance Processing and Chyp use independently contracted sales agents.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, the OLB Group also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. The company emphasizes its efforts to synthesize in-store retail payments with supplemental e-commerce services, as well as catering to online businesses. However, pricing is not disclosed on either of those services. 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”
Despite our inability to obtain concrete details about OLB Group’s standard contract terms at this time, the track records of Pipeline Data, Securus Payments, and Chyp are consistently average to below average in this category. We will therefore assign OLB Group a “C” for now, and we would not expect the company’s pricing to compete with cheaper merchant accounts. If you have any information about the standard OLB Group merchant agreement (including any early termination fees or PCI compliance fees), please share that information in the comment section below this review. We also encourage business owners to check out our list of the providers of the best merchant accounts.
OLB Group Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
Audit Your Current Statement To Find Its Hidden Fees
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Uses Independent Resellers
Discloses All Important Terms
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 Review Summary
Our Final Thoughts and Opinions
OLB Group rates as an average credit card processing provider due almost entirely to the reputation of Excel Corporation and its subsidiaries. The company may ultimately prove to be more transparent and ethical than its newly acquired sub-brands, but we will wait until we have concrete proof of this before changing our rating. For now, businesses will likely be better served by working with top-rated merchant account providers. Business owners who engage with OLB Group are encouraged to request and review all documentation prior to signing, and to report their experiences in the comment section below this article.
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